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Reducing Costs

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Question: Discuss how employers might reduce costs in some of the major benefit areas in order to better finance their strategic organizational initiatives (in order for the organization to survive). What are some of the options available (in the healthcare area, in benefits for retirees, educational reimbursements, etc.)? You might look to see what some employers are doing in order to save money; or, read or talk with financial experts from organizations or other HR professionals.

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The answer to this problem explains how employers might reduce costs in some of the major benefit areas. The references related to the answer are also included.

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Reducing the costs of benefits begins with reducing the cost of healthcare benefits. First providing full coverage for preventive care benefits drives down the intermediate to long term utilization of a healthcare plan (Jackson. S, Schuler. R, & Werner. S, 2011). The next strategy is to select providers who are seeking to increase market share. The new contract should be negotiated for a lower cost. The next strategy for reducing healthcare costs is to provide phone in doctor visits for non-emergency medical care. These services allow employees to speak with doctors, and receive diagnosis and prescription over the phone for common conditions. The cost savings for the company is huge when compared to doctor's visits, doctor in the box ...

Solution provided by:
Hatim Baxamusa, MBA
Education
  • BSc , University of Calcutta
  • MBA, Eastern Institute for Integrated Learning in Management
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