Reference no: EM133652347
Problem: Understanding Employee Benefits
As noted previously, the cost of employee benefits continues to increase and according to the Society for Human Resource Management (SHRM), employers are more likely to increase benefit offerings including health-related and wellness benefits (SHRM, 2019). According to their research, employers believe healthcare and retirement benefits are the most important to their workforce. While the return on investment for employers is not easily quantified, Gerhart and Newman suggest a high rate of return if employees are provided with the opportunity to design or choose their own benefit package. (Gerhart & Newman, 2020, p.452). Providing employee choice does complicate the administration of benefits along with determining the funding of them and the legal aspects related to them.
In this Discussion, consider benefit management in light of current key issues being faced by Human Resource professionals. In addition analyze the impact benefits have on company.
Be sure to support the work with specific citations from the Learning Resources and any additional sources.
Give a cohesive and scholarly response, based on and supported by the required readings, media and research, that addresses the following:
1. Analyze how HR can help organizations manage benefits thus contributing to profitability.
2. Examine the impact of legally required benefits and discretionary benefits on a company's budget
3. Explain how an organization would use both types of benefits to manage and retain talent.