Controlling Benefit Costs

 

As we have seen, the need to control the cost of discretionary benefits is something every employer faces in America. All of the options have some negative consequences and not all the benefits have the same value to employees. In this discussion, we explore the tradeoffs that are made when costs have to be reduced.

Please read Chapters 12 and 13, (from textbook:
Milkovich, G., Newman, J., & Gerhart, B. (2014). Compensation. (11th ed.) New York,
NY: McGraw-Hill.)
which present the typical format of health care plans and the cost control options that are typically employed.
Plus links: https://www.ssa.gov/oact/TRSUM/index.html

Please answer to the following questions:
1. If you were responsible for reducing benefits costs, what steps would you take to make your decision?

2. In order of priority, explain which benefits you would change, how you would change them, and why?
1. Medical
2. Pension
3. Paid vacation
4. Paid holidays
5. Paid sick leave
6. Long-term disability
7. Life insurance

 

Please write a paper between 450-600 words in length. For these papers I don’t need abstract, introductions or conclusion. Please answer the question thoroughly.

 

 

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