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Essay / Research Paper Abstract
This 5-page paper details how companies have dealt with rising costs in employee benefits by controlling costs where possible. Bibliography lists 3 sources.
Page Count:
5 pages (~225 words per page)
File: D0_MTempcos.rtf
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Unformatted sample text from the term paper:
companies is working hard to, on the one hand, offer non-salary benefits to employees and, on the other, control their own costs by doing so. This is a thin line
when it comes to these two issues. On the one hand, corporate managers know they need to offer benefits such as insurance, pension, EAP and other non-monetary benefits to recruit
and retain a quality workforce. On the other hand, pension and healthcare costs continue to rise, meaning that controlling costs is absolutely essential if a company hopes to remain profitable.
The literature abounds in examples of best-in-class companies that have introduced methods to continue providing benefits to employees, while controlling costs on
their ends. The problem is, however, that many benefits cost-cutting plans have not been successful because experts point out that employers tend to approach cost-cutting options on an "ad hock"
basis, in other words, they do so without taking into account the impact on business objectives or employee reactions (Hansen, 2003). This
has been an issue that has been impacting companies for decades -- and in the late 1980s, Campbell Soup Company decided to do something about it. After reviewing health care
costs, Campbell introduced a series of cost-containment measures including employee cost sharing, stop-loss insurance, preferred provider networks (similar to HMOs, but with more flexibility in terms of provider choice) and
utilization reviews (Ague and Giacalone, 1992). The interesting aspect of this particular program is that the primary care network program is managed
by the company itself, rather than an outside insurer or provider (Ague and Giacalone, 1992). This helps simplify claims and improves benefits (employees are covered 100 percent) (Ague and Giacalone,
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