Business & Essence Of Partnership: Unique Partnership Drives Wegmans (Essay Sample)

Business Brief - A Unique Partnership Drives Wegmans Name Institution Business Brief - A Unique Partnership Drives Wegmans Review of Wegmans Company Wegmans Foods, Inc is among the largest private family owned companies in the United States. The company operates as a food manufacturing company, specializing in food products such as Cheese (Plunkett, 2009). Two brothers, namely Walter and John Wegman, who started to operate it as a food business company, found the company in 1916. In the modern times, the company has realized progress with the formation of about 88 stores. The company has about 45,000 employees with an annual sale of $7.9 billion, according to 2015 statistics. Other than New York, which serves as and headquarters, the company dominates other states such as Pennsylvania, New Jersey, Virginia, Maryland and Massachusetts. The Employee- Benefit Policy The approach by Wegmans towards supporting and rewarding his employees and managers has indeed yielded to a favorable working environment the factor that has improved productivity, employee engagement and cooperation within the organization. Amongst the most exceptional policies that define the organization are its supporting and rewarding policies to its employees developed by the Human Resource management (Shah, 2010). Among the benefits its employees enjoy includes quality healthcare coverage, life insurance offer, disability benefits, Wegmans retirement plan and the Scholarship competition among others. Most of its employees appreciate the initiative by the Human Resource department (Stouffer, 2012). Again, the majority enjoys the cultural experience they gain as they work in the stores as well as the employee development initiatives by the organization. Critical analysis of the policy Wegmans Company has benefited a lot from offering the benefits to its employees. The first advantage is that the company has managed to retain most of its employees compared to other organizations. Again, its business is able to access the tax advantage of deducting plan contributions, such as health insurance, pension plan and life insurance. It is critical to note that most employees prefer benefits to salaries, the factor that company has achieved (Peterson, & Fabozzi, 2012). Benefits also contribute to the decline in absenteeism, hence increasing the output and consistence in production. Conversely, the company has realized some setbacks in offering the benefits to its employees. Among the disadvantages is that, the company will incur higher costs in administration and access less net profit due to the costly nature of the benefits. Another challenge that the company has encountered is the growth in concerns about the legal fulfillment due to incentivizing the owner-funded benefits. Recommendations and Conclusion Due to the progress attained by Wegmans through offering employee benefits, It is recommended that the organization should proceed with its approach of supporting and regarding its employees and managers, however with due caution (Reilly, 2010). The Human resource department should engage in developing policies that will work out issues that yield to the disadvantages. The focus should be on retaining the right cap...