How Business Today Attempt to Control their Health Insurance Costs while Still Using Benefit Packages as Recruitment and Retention Tools

Health insurance benefit is one of the most escalating costs in business. In this regard most organizations are employed different measures to control this cost. One of the strategies used to reduce health insurance cost is by promoting health and safety measures in the workplace through the use of health and safety programs. Organizations currently prefer developing organization culture which promotes wellness and health, to minimize health adversaries that may be expensive to handle (SHRM,2017). Companies are also providing its workers with different health insurance plan, and permit them to choose their taste or what matches their earning rather than having one-size-fit-all arrangement. Other measures include increasing worker share contributed to the brand name cost to prescription drugs and putting limits on, or augmenting cost-sharing for health care coverage for spousal. Employers have also tried increasing the share contributed by workers in the total health care cost. Most organizations are trying to transfer the health insurance cost to workers, or finding alternative ways to enhance the wellbeing and health of their workers through cheaper means. These measures are employed with workers approval to ensure that they are satisfied. The alternatives offered remain favorable to individual employee based on individual earnings and dependents. This ensures that the benefits are good enough to all to ensure workers retention and to attract more talents in the company.

Share with your friends
Order Unique Answer Now

Add a Comment