Employee Benefit Analysis

1365 Words 6 Pages
Introduction:

There are so many key challenges that HR professions face today. Among those key challenges are creating a benefits package that will attract and retain talent employees. With the rise of benefits cost, HR professions are left to find the best solutions to recruiting and retaining talent employees without hurting the company’s bottom-line. This paper focuses on the rising cost of benefits and what HR is doing to gain control of over the expenses. By understanding what employees value the most, HR will be able to implement a strategy that meet’s top talent employee’s needs.
Benefit Cost: A Major Concern for HR Professions

With rising price of benefit cost, it’s now has become a major concern for organizations today. Though
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Employees desire to work for companies that offer more than just the basic benefits. “Standard benefits are no longer an effective recruiting tool because employees assume that their benefits packages will include healthcare, paid vacation time and sick leave” (Stinson, 2014). So employers are giving employees what they want and are now creating benefits package beyond the traditional health and insurance plan. Organizations are finding out that providing with assistance programs like child care and tuition reimbursements has attracted talent candidates and enhance the level of satisfaction among the existing employees. “Employees and prospective employees have a lot of options these days, thus employers must give them a good reason to choose you as a place of employment” (Schram, 2015). Employee benefits are important to people and “finding the right mix of benefits to creating a positive return on investment is a challenge” (Merhar, 2015). Providing employees with benefits that meet their needs will not be cheap, but it 's one of the best approaches to adding value to the bottom …show more content…
Employees are an important asset to the company’s bottom-line. So, if companies want to sustain success, they must invest in their employee’s health. “Programs that encourage workers to be more physically active, control their weight and manage stress are popular among employers. Employers believe that the payoff of these programs leads to a more engaged and productive workforce- and a healthier bottom line” (Stinson, 2014). Companies are even providing employees with incentives like free health club memberships to control healthcare costs. There are various types of wellness program strategies in which HR professions can use to for improving health while reducing benefit costs. Moreover, HR professions must implement a wellness program that’s fitted to the

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