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Management of Benefits

Solarium Inc. (IPO) is a two-year-old software development company. They did not provide any health benefit yet. They are planning to introduce health benefit and long term care benefit for their employees. However budgeted cost is soaring. What could be done by management do to benefits planning and design?

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By not offering benefits, the company is putting itself at risk for failure and the employees at risk due to illness.
Since the company currently does not offer health insurance to its employees, the company is placing itself at risk. How? The employees might be working two and three jobs seven days a week to make ends meet due to the high cost of health care. When an employee or someone in the employee's family is ill, the cost for a doctor's visit and, if necessary, a ...

Solution Summary

The solution discusses the proposed implementation and management of benefits for a company that currently does not offer benefits.