8/2/2019 Rami m Alzahrani - Thegrahamcompany.fall2011
1/24
Benefits Analysis:
The Graham Company
Part 1: Benefits Matrix
Part 2: Inventory of Benefits
Team Members:
(911348328)
(914892722)
8/2/2019 Rami m Alzahrani - Thegrahamcompany.fall2011
2/24The Graham Company
Page | 1
Benefits Matrix:
Loss Exposure Covered? Coverage/Benefit Provided
Medical Expenses
Hospital/Physician Yes Independence Blue Cross: Personal Choice HSA, Personal
Choice PPO; Healthcare FSADental Yes *Aetna Freedom of Choice Dental, FSA
Vision Yes *Independence Blue Cross - Davis Vision, FSA
Prescription Yes *Independence Blue Cross: Personal Choice HSA, PersonalChoice PPO; FSA
Long Term Care NoRetiree Health Care Yes Medicare, COBRA
Loss of Income Due to Death
Non- Accident, Not-Occupational Death
Yes Prudential: Basic Life Insurance , Supplemental LifeInsurance; Fidelity Investments- 401(k) Profit Sharing Plan;
OASDIAccident Death Yes Prudential: Basic Life Insurance, AD&D Insurance,Supplemental Life Insurance; Fidelity Investments- 401(k)Profit Sharing Plan, , OASDI
Occupational Death Yes Prudential: Basic Life Insurance, Supplemental Life Insurance;Fidelity Investment: 401(k) Profit Sharing Plan, OASDI,Workers Compensation
Loss of Income Due to Unemployment
Unemployment Yes Unemployment Insurance, Severance Pay
Loss of Income Due to Disability
Not-Occupational,
Short-Term
Yes Paid Time Off, Fidelity Investment: 401(k) Profit Sharing
Plan; OASDI; Prudential: AD&D InsuranceNot-Occupational,Long-Term
Yes UNUM: LTD; Fidelity Investment: 401(k) Profit Sharing Plan;OASDI, Prudential: AD&D Insurance.
Occupational, Short-Term
Yes Paid Time Off, Fidelity Investment: 401(k) Profit SharingPlan; OASDI, Prudential: AD&D Insurance; WorkersCompensation
Occupational, Long-Term
Yes UNUM: LTD; Fidelity Investment: 401(k) Profit Sharing Plan;OASDI, Prudential: AD&D Insurance; Workers Compensation.
Loss of Income Due to RetirementRetirement Yes Fidelity Investment: 401(k) Profit Sharing Plan, OASDI
Other ExposureEducationalAssistance
Yes Tuition Reimbursement
Work/Life Exposure Yes Adoption Assistance FSA, Prudential: Supplemental Term LifeInsurance, Soft benefits, TransitChek & Freedom Card
Dependent Care Yes Dependent Care FSA
Property/Liability No
Legal Expenses No*= Employees are automatically enrolled in the program with low OOP expenses
8/2/2019 Rami m Alzahrani - Thegrahamcompany.fall2011
3/24The Graham Company
Page | 2
Introduction & Company Summation:
The Graham Company may have started as a small family business with only six
employees, but their true growth began once Bill Graham took over the firm. Through his
leadership the firm has grown steadily, increasing their book of business, and becoming
one of the largest agency/brokerage firms in the United States based on revenue size. The
company recognizes the value that their employees provide to the business and its clients,
and thus when they created the current benefits offering they used the unique talents of
their employee benefits team to design and present the benefit offerings for the entire
company. Recognizing that happy and healthy employee are key to future success, the
employee benefits team created a plan that is perfectly balanced between the wants of the
employees and the financial concerns of the company. Full-time and part-time employees
are eligible for these benefits as long as they work at least three days a week or a minimum
20+ hours a week. These benefits are also available to an employees spouse or domestic
partner and their children upon the employees date of hire.
Medical Expenses:
Medical Plans:
The Graham Company offers two choices of medical plans that as part of their health
benefits, a Personal Choice HSA, and a Personal Choice PPO. The employees are
automatically enrolled in both the vision plan and dental plan upon meeting the eligibility
requirements, as well as being given the option to enroll in either the Healthcare or
Dependent Care Flexible Spending Account (FSA). This will allow them to use their FSA in
any medical plan offered with the exception of the Personal Choice Health Savings Account
(HSA).
8/2/2019 Rami m Alzahrani - Thegrahamcompany.fall2011
4/24The Graham Company
Page | 3
Personal Choice - Health Savings Account:
This benefit option is a combination of a High Deductible Health Plan (HDHP) and
Health Savings Account and is provided through Independence Blue Cross (IBC). They are
offered on a non-contributory basis with The Graham Company covering the deductible for
employees ($1500 for individual and $3000 for family) as well. Eligible employees can
participate in this program on the date of hire. Under this plan, employees also have the
option to stay within IBCs provider network or they can go out-of-network. If an employee
decides to stay in the network, they will be covered at 100% after deductible for office
visits and only pay minor co-pays for prescription drugs. On the other hand, if they decided
to go out-of-network, they will have a very high deductible, $4,000 for individual and
$8,000 for family, and higher co-insurance contribution of 30% after deductible.
Personal Choice - Preferred Provider Organization:
This plan is a fully insured plan that is offered through Independence Blue Cross,
and eligible employees can also participate on this program on the date of hire. In this plan,
employees make weekly contributions. The employees weekly contributions range from
about $20 for an individual to about $85 for family. Employees also have the option to stay
in-network or they can go out-of-network of the PPO. If an employee decided to stay in
IBCs provider network, then they pay small co-pays (under $15) for office visits and
prescription drugs with no deductible. On the other hand, if they decided to go out-of-
network, they will have larger deductible, $500 for individual and $1000 for family, and
higher co-insurance contribution of 20% for office visits and 50% for prescription drugs
after deductible.
8/2/2019 Rami m Alzahrani - Thegrahamcompany.fall2011
5/24The Graham Company
Page | 4
Vision Plan:
The Graham Company offers a fully insured, comprehensive vision plan to its
employees. The plan is provided by Independence Blue Cross and is administrated through
Davis Vision. Coverage under this plan is paid at 100% on a non-contributory basis and
employees are eligible for this plan on their date of hire for both individuals and family.
Dental Plan:
The Graham Company allows employees to choose between two fully insured dental
plans through AETNA Dental, an A rated provider by AM Best *, as part of their health
benefits. These plans are a Dental Maintenance Organization (DMO) and Passive Preferred
Provider Organization (P-PPO). Employees can move between these plans on a monthly
basis. Contributions by employees under these plans are $0 for individual and about $7 for
family and are offered to eligible employees on their date of hire.
Under the DMO plan, there is no annual benefit maximum and employees do not pay
a deductible. This plan provides employees and their dependents 100% coverage on
diagnostic and basic services. However, as dental services get more complicated, it
provides 75% coverage on major services and 50% coverage on orthodontic services.
Under the Passive PPO plan, employees have the option to stay in-network or they
can go out-of-network. The deductible is the same for in-network or out-of-network
providers: $25 per individual, with 100% coverage on preventive/diagnostic services. The
amount of coverage is reduced as the services get more extensive or complex: 80% for
basic services, 60% for major services, and 50% for orthodontic services. Employees are
also capped at an annual benefit maximum of $2,500 and lifetime orthodontic maximum of
$1500.
8/2/2019 Rami m Alzahrani - Thegrahamcompany.fall2011
6/24The Graham Company
Page | 5
Loss of Income Due to Death:
If an employee of The Graham Company passes away after the first of the month
following their date of hire, then their family would be entitled to receive a benefit from the
company provided basic life insurance coverage, as well as any supplemental term life
insurance purchased. The basic life insurance policy would pay 2x the employees annual
earning with a maximum of $1,000,000 and includes accidental death and dismemberment
coverage equal to 1x the life insurance benefit. These benefits are non-contributory to the
employee and provided through Prudential, who has A+ rating through AM Best *. If the
incident had occurred after the employee had been with the firm for over a year, then the
family would be entitled to their contribution to the companys 401(k) profit sharing plan
as well, which is provided through Fidelity Investment, rated A+ through AM Best **.
Loss of Income Due to Unemployment:
Severance Package:
The Graham Company provides a severance package to employees who are laid off, or
have their services terminated by the company. The package is determined by the title,
salary, and length of and can vary from employee to employee. This is given in addition to
unemployment insurance to alleviate the loss of income until a new job is secured.
Loss of Income Due to Disability:
If an employee of The Graham Company should happen to suffer a loss of income due
to a disability either on-the-job or off, then they would first be provided a short term
disability income equal to two weeks of sick time. If they continue to be out due to the
disability then they would be provided 60% of their base salary through long term
8/2/2019 Rami m Alzahrani - Thegrahamcompany.fall2011
7/24The Graham Company
Page | 6
disability coverage that became active 30 days after their date of hire. This coverage is
provided through UNUM, which is A rated by AM Best *, and will continue until the
employee either returns to work or reaches the age of 70 if the disability is permanent.
Retirement Benefits:
401(k) Profit Sharing Plan
The Graham Company employees are encouraged to participate in the companys
401(k) offering for their retirement. The plan is administered through Fidelity Investments,
which is rated A+ by AM Best **, and employees are allowed to make discretionary
contributions into the 401(k) up to the stated IRS limits, with the firm matching 10% of the
contribution starting on the first of the month following their hire date. In addition, The
Graham Company makes weekly discretionary contributions to the plan equal to 9% of the
employees taxable wages outside of the weekly contributions to the employees 401(k)
and employer match after one year of employment. Employees are allowed to borrow
against the plan with deductions being taken from their paychecks, and rollovers from a
prior 401(k) are accepted immediately. Included in this is a vesting period of the
percentage of the shares owned by an employee. Incentives like this reward employee
retention and only build upon the belief that a successful firm is the sum of the efforts of its
people.
Percentage Anniversary of Membership Anniversary of employment20% 1st Anniversary 2nd Anniversary40% 2nd Anniversary 3rd Anniversary60% 3rd Anniversary 4th Anniversary80% 4th Anniversary 5th Anniversary
100% 5th Anniversary 6th Anniversary
8/2/2019 Rami m Alzahrani - Thegrahamcompany.fall2011
8/24The Graham Company
Page | 7
Other Exposures:
Educational Expenses:
The Graham Company is very supportive of its employees expanding their education
in, and understanding of their professional fields. After being with the firm for 2 years,
employees are allowed up to $7500 per semester in job related courses. If they decide to
pursue education in insurance courses, then the costs are paid entirely, even going so far as
to include the costs of books, and exam fees. Since the majority of their employees never
came into the industry with degrees in Risk Management and Insurance, this benefit allows
for them to become experts in their professions and fosters the idea of always learning and
utilizing that knowledge to provide the best services to their clients.
Work/Life Exposures:
The Graham Company offers several different options to their employees to manage
the work/life exposures that may arise during their employment with the firm, such as
adoption assistance FSA, supplemental term life insurance, a variety of soft benefits, a
service called Health Advocate, and public transportation vouchers.
30 days from the date that they are hired, employees can elect to withhold up to
$13,170 from their paychecks on a pre-tax basis to pay for qualified adoption expenses
only. The plan operates with a use-it or lose-it provision, and does not include a grace
period; plan reimbursements are made on a pay as you go basis. This benefit allows for
employees to be able to set aside a portion of their weekly income for the expansion
of their family and to take advantage of the government program.
8/2/2019 Rami m Alzahrani - Thegrahamcompany.fall2011
9/24The Graham Company
Page | 8
The Graham Company also allows employees to purchase additional term life
insurance for themselves, their spouse, and their children. Employees are allowed to
purchase anywhere from one to five times their annual earnings with a maximum of
$1,000,000, while their spouse is allowed anywhere from $5000 to $100,000 in coverage as
long as it doesnt exceed 50% of what the employee has elected. Their dependent children
are allowed anywhere for $5000 to $10,000 in coverage as long as it doesnt exceed 50% of
what the employee has elected as well as long as they fall within the age range of 14 days to
19 years old, with an extension of this policy to 25 if they are full time students. This
benefit is elective, 100% contributory by the employee and available at the first of the
month following their hiring date through Prudential, which is rated A+ by AM Best *.
The Graham Company also offers a variety of soft benefits to its employees that help
to nurture and develop the corporate culture, as well as improve their health and welfare.
Some of these benefits are that employees are given the day off before their wedding, the
celebration of employee birthdays, tickets to sporting and entertainment events, time off to
volunteer for charities, and employees are given champagne and balloons when they get
promoted or reach anniversary dates. The company also provides beautiful, modern work
environments that feature ergonomic chairs and workstations, as well as offering nutrition
and stress management courses to create a healthy balance between an employees
personal life and work. The Graham Company also offers a $150 fitness club
reimbursement to employees who go to the gym 120 time or more in a year, a $200 award
if they enroll in Weight Watchers or a similar program, $200 for a smoking cessation
program which can be used for nicotine patches or gum, and even $25 for each bike helmet
they purchase for themselves and members of their family. Benefits like these give
8/2/2019 Rami m Alzahrani - Thegrahamcompany.fall2011
10/24The Graham Company
Page | 9
employees a financial incentive to change their lives for the better, helping those who may
have been on the fence about taking these steps, and improving the insurability of the risk
pool to potential carriers for better pricing in the insurance market.
Since healthcare benefits are usually the most daunting for employees to understand,
The Graham Company provides its employees access to the Health Advocate service.
Employees call the service, provide identifying information, and the service is able to offer
the employee guidance and assistance when scheduling appointments, finding doctors,
disputing billing errors, and navigating the costs and options. This service is accessible 24
hours a day, 7 days a week, and is made available to employees, their spouses, dependents,
their parents, and parents-in-law from the employees date of hire.
Since the offices of The Graham Company are located in the Graham Building, just off
of Penn Square in Center City, traffic and parking are a considerable issue for the
companys employees. In an attempt to alleviate this, the company allows employees the
ability to purchase vouchers for SEPTA through TransitChek, or fund PATCOs Freedom
Card via payroll deductions on a pre-tax basis starting on their date of hire. This
encourages them to utilize public transportation and reduce the impact that their commute
has on the environment, themselves, their vehicles, and their wallets.
Dependent Care
This benefit is contingent on the fact that the employee selected this Section 125 FSA
over the Healthcare FSA and is made available to them 30 days after their date of hire. The
terms of this benefit allow, for individual or married employees who file separate tax
returns to put aside up to $2500 into their accounts, while married employees who file
8/2/2019 Rami m Alzahrani - Thegrahamcompany.fall2011
11/24The Graham Company
Page | 10
joint tax returns can put aside up to $5000. This can be used for child care for children
under the age of 13, children of any age who are incapable either physically or mentally of
self-care, and elderly dependents over the age of 65 who live with the employee.
Legal Expenses
Though this is not a benefit offered to employees in the manner that would be
specified on the companys summary plan description, The Graham Companys corporate
culture is one in which employees are able to seek the advice and help of other employees
within the firm. During our interview, Karen Boyle spoke about her own experiences and
how employees have gone to speak with the companys vice president and legal counsel A.
Peter Prinsen about any legal issues they may have. Her experience had her asking him for
legal advice on the lease of her apartment, but Mr. Prinsen has been known to speak with
employees on a variety of legal issues.
Sources:
* www.ambest.com** www.fidelity.com
8/2/2019 Rami m Alzahrani - Thegrahamcompany.fall2011
12/24The Graham Company
Page | 11
Benefits Analysis:
The Graham Company
Part 3: Benefits Analysis
Team Members:
(911348328)
(914892722)
8/2/2019 Rami m Alzahrani - Thegrahamcompany.fall2011
13/24
8/2/2019 Rami m Alzahrani - Thegrahamcompany.fall2011
14/24The Graham Company
Page | 13
Design Considerations & Objectives in Offering Employee Benefits:
Chairman and CEO William A. Graham, IV has always wanted to provide his
employees with the highest level of benefits possible with little to no contribution on their
part. To do this, The Graham Company utilizes the expertise of its employee benefits team
in its yearly evaluations of the plan, taking employee requests that are given during an
employees yearly performance review and answers to employee satisfaction surveys very
seriously. These requests are explored thoroughly during the yearly evaluation of the
benefits offering and those that are seen to be potentially beneficial to the entire company
are immediately included into the benefits summary. We can see this in The Graham
Companys current plan with the incorporation of the adoption assistance FSA into the
benefit summary. Through this type of open communication between the firm and its
employees, The Graham Company is able to create a benefits package that will attract and
retain the best talent for its needs and compete with its rivals in areas other than just
salary.
Design Considerations & Objectives of Health Benefits:
The input from the employee benefits team is a key aspect to the current benefits
plan because the teams expertise and ability to underwrite the various aspects of the plan
with such efficiency is the reason why the firm is able to afford to do as much as it does.
The implementation of the high deductible health plan (HDHP) into the offering, and
making it non-contributory to encourage steerage, was key to reducing the rising costs that
The Graham Company was facing as a result of providing coverage exclusively through the
Personal Choice PPO. It was able to also maintain its relationship with Independence Blue
8/2/2019 Rami m Alzahrani - Thegrahamcompany.fall2011
15/24The Graham Company
Page | 14
Cross (IBC) as a result of this and that allowed them to keep costs lower as well, since IBC is
such a big player in this regional market. Right now less than 1% of the employees of The
Graham Company are still enrolled with the PPO, with that number expected to drop off
entirely once contribution levels are increased in relation to the cost of the plan rising for
the company.
Medical & Prescription Drugs & Healthcare HSA:
The main consideration when choosing how to elect the healthcare options for
employees of The Graham Company was to find a way to continue to provide rich benefits
to those employees and their dependents, while still managing the costs associated by
doing so. The Graham Company was able to do this by giving employees the choice
between a HDHP and the current PPO that it has. The HDHP would provide significant
savings for the firm, compared to the growing costs of maintaining the PPO. As a result, the
steerage strategies of now requiring a weekly contribution from employees who elected to
stay with the PPO, and providing full coverage of the deductible for those who elected the
HDHP by the company, were put into place. Since the covered lives were limited to
Philadelphia, The Graham Company was able to maintain the savings they were able to get
through IBC by electing to use them for both plans, and employees werent affected in
terms of changing doctors because their network stayed the same and they still had their
BlueCard if they needed coverage while out of IBCs coverage area. This cost mitigation
strategy also added value to the benefits that the company offered because it showed that,
unlike other firms that have elected to add a HDHP to reduce their health plan costs, The
Graham Company was willing to cover the additional expense that was expected to be put
on employees, improving its ability to attract and retain employees. This strategy was
8/2/2019 Rami m Alzahrani - Thegrahamcompany.fall2011
16/24The Graham Company
Page | 15
ingenious because it allowed for The Graham Company to have a calculated maximum risk
to assume per employee, $1500 for an individual and $3000 for a family, that it could
commit from its general assets while still being afforded all the tax and risk shifting
benefits of having a fully insured plan. This especially is true for The Graham Company in
this instance since the average HDHP participant never exceeds $500 on their medical
expenses3. This means that on average, an individual who is covered under the HDHP
would save the company $1000 in its general assets, as well as save it the difference in cost
of coverage for the same medical services under the PPO while still providing the employee
the same level and type of coverage.
Dental Plan:
The choice of using Aetnas Freedom of Choice Dental Plan allowed for The Graham
Company to provide comprehensive benefits to its employees with only a minor weekly
contribution of $7.21 from employees who elect for family coverage while those who elect
individual paid none. This allows for employees to receive the coverage needed so they
could schedule their annual check-up and teeth cleaning without any cost to them if they
stayed within the Dental Maintenance Organization (DMO) and $25 deductible per
individual, no matter what doctor they chose in Aetnas Passive PPO (P-PPO). Though not
encouraged, employees also have the ability to switch between the DMO and P-PPO at the
beginning of each month. The DMO would be ideal for younger individuals who may only
want this as a covered option, as well as for families who may elect to use the plan to
contain and reduce costs, while the P-PPO would be idea for families or individuals who
may have a preferred dentist and value the coverage.
8/2/2019 Rami m Alzahrani - Thegrahamcompany.fall2011
17/24The Graham Company
Page | 16
Vision Plan:
This part of the healthcare benefit is offered through IBC and administered through
Davis Vision, but without any employee contribution for both individuals and families.
Coverage that is provided through Davis Visions contracted providers is very high in
quality as verified by the National Committee for Quality Assurance, and it even contains a
retail allowance so the cost of eye wear is either partially or completely covered, depending
on employee choice. This just expands upon the comprehensive and extensive benefits
offering by The Graham Company to current and potential employees and showcases the
value in an area that may easily be neglected by other competitors.
Impact of Regulatory Compliance in Benefit Plan Design and Operation:
PPACA:
The Graham Company is not worried about failing to be compliant with the Patient
Protection and Affordable Care Act(PPACA) because the employee benefits team has been
designing plans for its clients around these constraints for some time now. PPACA
regulation and compliance was a key consideration in the healthcare aspect of the benefit
plan offering since 2009, when the major change was made to include the HDHP and the
limits were set for the FSA at $2500, as well as coverage being extended for dependents
until age 26. The issue of PPACA compliance is addressed during the yearly plan evaluation
and the necessary changes are made and communicated to employees. The future of
employee healthcare benefits is going to be even more complicated once all the parts of
PPACA take effect, but The Graham Company has taken the stance that it will be ready for
them as they come and to make sure that it will continue to provide its employees with the
richest employee benefits offering while doing so.
8/2/2019 Rami m Alzahrani - Thegrahamcompany.fall2011
18/24The Graham Company
Page | 17
HIPAA:
Since the companys employee benefits team is responsible for the entire benefits
offering, this can usually create a tense scenario in regards to the Health Insurance
Portability and Accountability Act of 1996 (HIPAA) when dealing with most healthcare
carriers. This though is not that big of an issue for The Graham Company because IBC uses
demographic rating for their underwriting purposes. Therefore, only limited amounts of
sensitive information must be collected and processed for their premium to be determined.
If the instance should arise that The Graham Company should decide to change to a
national carrier or self-insure in the future though, close attention must be made to handle
this sensitive information with care since the information could be compromised as a result
of involvement from the companys own employee benefits department.
ERISA:
Because of the Employee Retirement Income Security Act (ERISA), The Graham
Company is responsible for maintaining fiduciary responsibility, communicating plan
changes, and conducting discrimination testing on its benefit plan offerings so it will
continue to enjoy favorable tax treatment. The Graham Company currently maintains its
fiduciary responsibility by making sure that the coverage provided through the HDHP
matched, if it was not better than, that provided through the existing PPO, before
implementing the steerage strategies that caused the majority of employees to switch
plans. The big switch for employees from their PPO to the HDHP was a bit slow at first, but
picked up once the firm conducted mandatory meetings where employees received
8/2/2019 Rami m Alzahrani - Thegrahamcompany.fall2011
19/24The Graham Company
Page | 18
informational plan material, were explained the difference in plans, and employees were
given the opportunity to ask any questions that they had. The Graham Company followed
this up by allowing employees to speak with a plan specialist about the HDHP and the
differences between it and the PPO, during scheduled blocks of time during the first couple
of months of introducing the plan. Discrimination testing has never been an issue for the
Graham Company since employees have always been given a non-contributory option for
the healthcare benefit, and coverage does not differ between the average worker and
upper-level management. This also is true with its 401(k) plan since The Graham Company
is matching employee contributions and offering profit sharing for eligible employees in a
market where most other companies have stopped, and thus has encouraged employees to
participate in large numbers.
Problems, Concerns, and Considerations in the Design of Health Benefits:
Since most of the issues with this plan are addressed yearly based on the feedback
that employees give during their performance reviews, any concerns and shortfalls are
quickly resolved. But The Graham Company will have to constantly weigh cost in
relationship to its offerings, and may have to offer specific carve outs for benefits that are
too expensive to offer as a whole single entity. Figuring out what those are, how they will
affect employees, and how much the savings will reduce the amount of cost that will be
shifted onto the employee will be critical aspects to balancing future cost containment and
rich benefit offerings.
8/2/2019 Rami m Alzahrani - Thegrahamcompany.fall2011
20/24The Graham Company
Page | 19
Design of Other Types of Non-Retirement Benefits:
Employees are offered non-retirement benefits as part of the attract and retain
methodology. Through our analysis, we divided these benefits into two parts: wellness
programs and soft benefits. Wellness programs offer incentives and discounts to
employees of The Graham Company once they meet certain criteria. For example,
employees at The Graham Company have stress and nutrition brown bag lunches where
they can learn about way to reduce stress and have a healthy lifestyle. To further the focus
on a healthy lifestyle, The Graham Company also offers $150 fitness club reimbursement to
employees who go to the gym 120 or more times in a year, as well as $200 to an employee
who participates in a weight management program like Weight Watchers. Employees who
smoke are also eligible for up to $200 to enroll in smoking cessation programs and if the
program costs less than this, they can use the money for smoking cessation aids like
nicotine patches or gum. Initiatives like these within the wellness program are designed to
give employees a financial incentive to better their lives, in turn increasing their
productivity, and lowering their impact on the company provided health plan.
Soft benefits are open to all employees and develop the friendly, family-like
environment that employees are encouraged to feel. Employees are given the day off before
their wedding, offered soft pretzels and water ice as in office treats during hot days, and are
given sports/concert tickets as rewards for their hard work and contribution to the overall
success of the company. These small rewards may not seem like a key piece in the
employee attraction/retention puzzle, but these soft benefits are reminders to the
8/2/2019 Rami m Alzahrani - Thegrahamcompany.fall2011
21/24The Graham Company
Page | 20
employees that they are a part of an organization that cares about their welfare without the
expectation of achievement.
Conclusion:
The Graham Company is an exemplary example of a company that values its
employees and has shown it through its benefits plan. Through the companys stance of
wanting to provide the richest benefits without much contribution from employees, the
firm has used its expertise to implement unique strategies that provide the best value with
the least cost. The benefit plan is often brushed aside as something that must be composed
so that firms are able to stay competitive with each other when attempting to lure and
acquire the best talent, but for The Graham Company this is the embodiment of who they
are. The firm is the product of hard work and effort by employees who see the impact that
their work has on the lives of their clients, and so they excel and exceed expectations.
Employees are not confined to the way that the industry looks at things, but rather have an
incredibly creative and supportive structure throughout the company that is willing to
listen to and evaluate employees ideas. This benefit plan reflects this by giving employees
the most for the least cost to them, while also showing that not everything must be
sacrificed in order for a business to continue to thrive in this economic climate, just that
creative solutions must be implemented.
8/2/2019 Rami m Alzahrani - Thegrahamcompany.fall2011
22/24The Graham Company
Page | 21
Works Citied
1- "William A. "Bill" Graham IV: Chairman of the Board/Chief Executive Officer, CPCU, CLU."
The Graham Company. The Graham Company. Web. 08 Dec. 2011.
.
2- "Awards." The Graham Company. The Graham Company. Web. 07 Dec. 2011.
.
3- The Bancorp Bank Health Savings Account. The Bancorp Bank HSA, 2011. Web. 08 Dec.
2011. .
8/2/2019 Rami m Alzahrani - Thegrahamcompany.fall2011
23/24The Graham Company
Page | 22
23 November 2011
A. Peter Prinsen, Esquire, CPCU, RPLU, ASLI, AIC
Vice President and General Counsel
The Graham CompanyOne Penn Square West
Philadelphia, PA 19102
Dear Mr. Peter Prinsen
On behalf of my partner, Rejo Mathew, I am writing to thank you for all the help you havegiven us with our project in your company.
I especially appreciate the contacts you have shared with us. Your assistance has been veryvaluable to us while do this project. My partner and I are certain that the experience thatwe will gain by doing this project and the contacts that we will make at the end willincrease our educational knowledge and skills and that it will impact us positively in ourfuture carrier.
Again, thank you so much. We greatly appreciate your time and consideration.
Sincerely,
Rami M. AlzahraniPresident, Saudi Students Association
Risk Management & Insurance - Healthcare Management
Fox School of Business
Temple University, Philadelphia, PA
Tel: 310.779.1666
E-mail: [email protected]
*This is a copy of the Thank you letter that we have sent to Mr.A. Peter Prinsen
mailto:[email protected]:[email protected]:[email protected]8/2/2019 Rami m Alzahrani - Thegrahamcompany.fall2011
24/24
08 December 2011
Karen Boyle
Human Resources Specialist
The Graham CompanyOne Penn Square West
Philadelphia, PA 19102
Dear Ms. Boyle,
We are writing to thank you for all the help and advice that you have given us with
our project on The Graham Company. The information that you provided was crucial to the
project, and we sincerely appreciate all that you have done to assure our success. Welearned a great deal from this experience, and it allowed us a more in depth understanding
of the course material, the services that The Graham Company provides its clients, and how
those two were interrelated. We will make sure to stay in contact with you in regards to
any developments with this, as well as send you a hard copy of the entire assignment.
Kindly feel free to contact us with questions, concerns, or feedback that you may have, as
we believe that it will help us improve our future work.
Again, thank you so much. We greatly appreciate your time and consideration.
Sincerely,
Rami M. Alzahrani
Rejo Mathew
*This is a copy of the Thank you letter that we have sent to Ms. Karen Boyle