Benefit Plan For ND Bakken Oil Company 089314

Benefit Plan For Nd Bakken Oil Companyb

This paper discusses the comprehensive benefit plan implemented by ND Bakken Oil Company, examining its key components, strategies, and the alignment with organizational goals. It explores the company's total rewards system, health and wellness initiatives, benefits offerings, and human resources policies designed to attract, retain, and motivate employees. The analysis emphasizes the importance of integrated benefits in fostering a healthy, productive, and engaged workforce within the context of a dynamic oil industry environment.

Paper For Above instruction

ND Bakken Oil Company recognizes that its most valuable asset is its workforce, and thus, it has devised a strategic benefit plan aimed at enhancing employee satisfaction, well-being, and organizational performance. The company's benefit plan is multifaceted, integrating various elements such as compensation, health and wellness programs, development opportunities, and employee support initiatives, aligned with its mission to attract, retain, and motivate talented personnel.

The foundation of ND Bakken Oil’s benefit strategy is its total rewards program, which encompasses base salary, benefits, work-life balance, and career development opportunities. This holistic approach ensures that employees perceive their compensation package as competitive and supportive of their overall well-being. In particular, the benefits component is tailored to deliver health coverage, financial security, and personal developmental resources that meet the diverse needs of a technically skilled workforce operating within the oil and energy sector.

One central aspect of ND Bakken Oil’s benefits is its insurance plans, which provide comprehensive coverage to eligible employees. All full-time employees working at least 20 hours per week become eligible for medical, dental, vision, and life insurance benefits, which are crucial in mitigating the health-related risks associated with the physically demanding nature of oil industry jobs. The company offers three medical insurance plans, each catering to different employee needs and financial considerations. The Core Medical Plan provides broad access to healthcare providers with an 80% reimbursement rate after a modest deductible. The Optional PPO plan offers greater flexibility and benefits within a network, with a lower out-of-pocket maximum. The Consumer Choice plan combines lower premiums with incentives such as wellness program reimbursements and free generic drugs, supporting both cost-effective and health-promoting behaviors (Madsen & Persson, 2013).

Beyond insurance, ND Bakken Oil's benefits include a robust retirement plan. The company contributes to employee retirement accounts, fostering long-term financial stability. Additionally, tuition reimbursement programs are designed to promote continuous professional development, with eligible employees receiving up to $10,500 annually to pursue accredited education programs relevant to their roles. Such initiatives not only enhance individual competencies but also benefit the organization by cultivating a more skilled and adaptable workforce (Brannick & Levine, 2002).

Holistic health management is a critical element of ND Bakken Oil’s benefit plan. The company partners with Heath First to implement a comprehensive health management program that emphasizes preventive care, lifestyle modifications, and risk reduction. Employees are encouraged to complete health risk questionnaires, which generate personalized reports suggesting behavioral changes to improve health outcomes. Incentives such as cash rewards of up to $1,000 motivate employees to participate actively in health initiatives. Such strategies are supported by wellness committees comprising employees from various departments, responsible for organizing health-related events and promoting wellness themes that reinforce healthy lifestyle choices (Jones, 2014).

Work-life balance initiatives further support employee well-being. ND Bakken Oil offers flexible work arrangements, paid time off, and family support programs to address the demands of the oil industry workforce. The company’s commitment to creating a supportive environment is reflected in its policies that recognize the importance of mental health, personal time, and family commitments. These programs help reduce burnout, improve job satisfaction, and enhance overall productivity (Piret & Boivin, 2021).

Additionally, ND Bakken Oil emphasizes diversity and equal opportunity through its benefits policies, aiming to foster an inclusive workplace culture. The company adheres to AA/EEO standards, ensuring that benefits and employment practices do not discriminate based on gender, ethnicity, or other protected characteristics. This commitment to fairness enhances organizational reputation and helps attract a broad pool of talented candidates.

Overall, ND Bakken Oil Company’s benefit plan exemplifies an integrated approach to human resource management. By combining health coverage, retirement security, professional development, wellness, work-life balance, and diversity initiatives, the company creates a compelling value proposition for its employees. These strategies align with the organization’s core vision of building organizational capability, fostering employee engagement, and driving sustainable business results in a competitive energy market. As the oil industry faces ongoing challenges, such comprehensive benefit plans position ND Bakken Oil as an employer of choice capable of maintaining a motivated and high-performing workforce.

References

• Brannick, M. T., & Levine, E. L. (2002). Job analysis: Methods, research, and applications for human resource management in the new millennium. Sage Publications.
• Jones, D. N. (2014). Predatory personalities as behavioral mimics and parasites: Mimicry–deception theory. Perspectives on Psychological Science, 9(4), 333–348.
• Madsen, E. A., & Persson, T. (2013). Contagious yawning in domestic dog puppies (Canis lupus familiaris): The effect of ontogeny and emotional closeness on low-level imitation in dogs. Animal cognition, 16(2), 205–213.
• Piret, J., & Boivin, G. (2021). Pandemics throughout history. Frontiers in Microbiology, 11, 631736. https://doi.org/10.3389/fmicb.2020.631736
• World Trade Organization. (2021). COVID-19 and world trade. Retrieved from https://www.wto.org