Question

You are working in Human Resources for a large corporation. The Chief Risk Officer (CRO) mentions to you that the cost of providing employee benefits continues to trend higher, and is seeking solutions. What are some possible changes that can be made to the employee benefits package that would help keep costs under control?

Answer 1

A Thumbs Up! Would be really helpful for me. If you have any questions, please leave a comment and I will get back to you as soon as possible.

As we all know that there is a very high competition going on for getting and keeping the well qualified and talented employees in the company. And there are various benefits which are provided by the company to there employees which include medical insurance, life insurance, car, house, etc which are necessary to provide to your employees to keep them satisfy and with the company also because many other competitive companies are ready to to take your employees by giving extra salary and benefits and if you can't satisfy your employees and they will going to shift from your company to some other companies. In order to maintain the cost of the company e of providing benefits to the employees, you can make a change of making a slab for your employees which includes different benefits according to the position of the employees. For the newly joined employees, there will be 3-4 types of benefits and if you gained some experience and become a leader or a manager then there will be 6-7 types of benefits. This will help the company to maintain the cost of its employees and if it is followed efficiently in the company then it will not increase the cost of the company on their employee's benefits.