Trust and loyalty is the cornerstone of a well-organized company. Employees seek out these attributes within companies because for many of us, a good portion of our livelihood is working for someone else. More and more companies are realizing that their employees/associates are the foundation for their success and growth and they recognize and reward those that are reliable and dedicated to their work. Happy employees are productive, willing to sacrifice more, and project a positive company image.
Value added benefits aside from the legally required benefits can make all the difference to content employees. It can motivate them to strive for more, reduce employee turnover and advertise the company in a much more positive way. One company that realizes this and places a great emphasis on the happiness and well being of their associates is JM Lexus of S. Florida, a family-owned company. Discretionary benefits and benefits required by law can stimulate some confusion in many of us.
To appreciate the discretionary benefits offered by companies, like JMFE, we have to differentiate between both. Legally required benefits are programs established by the US Government to protect individuals from catastrophic events such as disability and unemployment (Sherman, Bohlander, and Snell. Managing Human Resources, 11th Edition). These benefits came about by the rapid growth of industrialization in the United States during the early part of the twentieth century and the Great Depression of the 1930’s.
They are protection programs that attempt to promote worker safety and health, maintain family income streams, and assist families in crisis. The cost to employers is very high but these costs come with the territory of owning a business. Many companies cannot afford to give more than the legally required benefits due to increasing costs. Some of these legally required benefits include unemployment insurance, workers compensation, and the FMLA. (Marrtocchio, Joseph. Strategic Compensation 2nd Edition,) Discretionary benefits are not required by law, and therefore vary from company to company.
Traditionally, many companies offered an array of discretionary benefits to employees without regard to costs, and companies competed for the best individuals through the number and kinds of benefits, making no adjustments later for the quality of employees’ job performances. Today, employers recognize that employees must earn discretionary fringe compensation if their companies are to sustain competitive advantages. ((Marrtocchio, Joseph. Strategic Compensation 2nd Edition,). Discretionary benefits fall into three categories: protection programs, pay for time not worked, and services. JM Family Enterprise, Inc.
(JMFE) is a family owned company that started out in 1968 by its founder and now, honorary chairman, Jim Moran. It has grown from a core distribution business into a diversified automotive corporation whose principal businesses focus on vehicle distribution and processing, finance and warranty services, and insurances activities. JMFE is a $7. 6 billion company in the industry with more than 3,500 associates nationwide. It is ranked by Forbes magazine as the 15th largest privately held company in the United States; ranked by Fortune magazine as the 19th Best Company to Work For in America and the highest ranking Florida company.
(Hoover & Forbes Magazine-online) Since the company’s inception in 1968, it has been unrelenting in sustaining a world- class environment that offers competitive salaries and outstanding benefits for employees and their families. What sets this company apart from others’ is their customer satisfaction, genuine concern for associates, and giving back to the community. JMFE is committed to providing services that help their employees meet the needs of their families while helping associates achieve a balance between work and family. They are unmatched in their array of work/life advantages for their employees.