Business

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Employee Benefits Issue

Employee benefits have become vital to the success of a business. A primary goal for Diamond Technologies is to provide a challenging and rewarding career environment for their employees. Their mission is to promote a company culture that embodies excellence, teamwork, and continued professional advancement. As part of this culture, Diamond Technologies provides all employees with comprehensive compensation and benefits. Additional details on the information provided are available upon request. In addition, if anyone has any questions, comments, or suggestions, please let them know.

Salary plus Overtime

Diamond Technologies compensates all employees on a salaried basis. They feel that a salaried environment promotes the proper atmosphere of professionalism in their organization. “In addition, Diamond Technologies recognizes that from time to time, their employees may be called upon to work additional hours. Diamond Technologies has an overtime compensation program that provides its employees with the ability to earn overtime, while providing the professionalism and flexibility of a salaried environment” (O’Connor, 00). For each employee providing billable services to clients, Diamond Technologies tracks monthly and year-to-date totals for Actual Client Hours. Diamond Technologies compensates its employees for year-to-date Actual Client Hours in excess of year-to-date Target Client Hours, calculated at each month end. All employees providing services to clients on time and materials (hourly billing) contracts are eligible for overtime compensation.




Medical Insurance

BlueCross/BlueShield of Delaware is the company that provides major medical and hospitalization insurance to Diamond Technologies. Employees can choose between two options, the Blue Choice PPO and the Blue Care HMO. With the Blue Choice PPO, employee(s) can choose and in-network provider without referrals, with coverage comparable to an HMO style Plan. In addition, with the PPO option, employees can select out of network providers if desired. With the Blue Care HMO, employee(s) select a Primary Care Physician who will direct your care should you need to see a specialist provider. Employees who live in areas not serviced by the BlueCros/BlueShield of Delaware network of providers may access the BlueCross/BlueShield network of providers in their area by selecting the Blue Choice PPO. There will be no eligibility waiting period; benefits will be effective on the date of hire for all employees.

Dental Insurance

Diamond Technologies provides a plan for the reimbursement of dental expenses for its employees and their families. “Diamond Technologies will reimburse its employees for 75% of the cost of dental expenses incurred by its employees and their legal dependents. The total amount of dental expense reimbursement available to an employee family for a calendar year is $100. Employees who join the company during the course of the year are eligible for a pro-rated amount of benefit, based on the number of months (partial months included) of the year the individual is employed by Diamond Technologies. There is no waiting period to be eligible for this benefit” (O’Connor, 00).

Disability Insurance

Diamond Technologies offers its employees short and long-term disability insurance through CNA Financial Corporation. Disability insurance is offered to provide continuation of income in the event an employee is unable to work for an extended period. There is no waiting period, or cost to the employee for this insurance benefit.

Life Insurance

Diamond Technologies offers its employees life insurance through CNA Financial Corporation. The amount of life insurance offered under this plan is 1 times the employee’s annual salary, up to a salary of $50,000. There is no waiting period, or cost to the employee for this insurance benefit.

Stock Credit Plan

Diamond Technologies offers its employees participation in an employee Stock Credit Plan, which provides employees with a means to share in the equity value growth of the Company. “In the event that the company is sold, merged, or its stock becomes publicly traded, the employees Stock Credits will be converted to cash or its equivalent stock value (O’Connor, 00).

Matching 401(k) Plan

Diamond Technologies recognizes the need to provide its employees with a long-term retirement savings plan, and fulfills this need through the implementation of a quality 401(k) plan. The Principal Financial Group manages the plan, which is the industry leader in providing 401(k) plans to business small and large. The plan provides an excellent vehicle for employee(s) long-term savings, and offers the significant benefit of reducing taxable income while building for a financially future. Employees may allocate up to 7% of their income to the 401(k) plan. There is a -month eligibility-waiting period for this benefit.

Tuition Reimbursement

“Diamond Technologies feels that an individual with the desire to continue their education, in addition to performing their full-time job, shows a serious commitment to improving themselves and their position within the company” (O’Connor, 00). Full-time employees who continue their education in a related field are entitled to reimbursement of all or part of the tuition costs, depending upon grade. Requirement is that you must have at least six months of service with Diamond Technologies before you can be pre-approved for tuition reimbursement.

Technical & Professional Training

In order to maintain a competitive edge and maximize business and career opportunities, continued technical and professional training is essential to all members of Diamond Technologies. Diamond Technologies has a formal process for its employees to receive continued technical and professional training. An individualized training plan is outlined with each employee annually. This plan takes into consideration the long and short-term career goals of the individual, the needs of the current client engagement, and the long-term goals of Diamond Technologies. Based on these factors, a schedule and set of goals is established to ensure that the individual’s professional training needs are regularly addressed.

Client Bonus Matching

In the event that your client awards you a bonus for your performance, Diamond Technologies will match that bonus to a maximum of $1000.

Paid Vacation/Paid Holidays

Diamond Technologies provides paid vacation to all employees, based upon years of service with the company. Vacation time is earned monthly.

Years of Service Paid Vacation

Up to 5 years 10 days

5 to 10 years 15 days

10+ years 0 days

As a salaried professional, they are provided paid holidays. “When working at a client site, employees follow the holiday schedule of the client. When working at the Diamond Technologies office, employees follow the holiday schedule of Diamond Technologies (10 per year)” (O’Connor, 00). Any other holidays you wish to observe must be taken as either vacation or personal time.

Reference

O’Connor, Robert (00) Employee Benefits / Diamond Technologies Ensuring the

Right Fit. New York, New York.

www.diamondtechnologiestoday.com



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