Course Project Benefit Plan Analysis Term Paper

Course Project Benefit Plan Analysis - Term Paper Example Organization profile This report assesses and analyzes the benefit plan and design. It revolves around the profile of an organization called the Metropolitan Chicago Health Council (MCHC). This organization is engaged in the provision of valued added healthcare services, governmental advocacy and educational services. It has a wide range of hospital human resources section requirements which handles the benefit plan on behalf of the employees. The benefits that the employees accrue involve an indirect compensation designed to improve the quality of work together the personal lives of all employees. The benefits for the employees are approximately 43% of their total gross salary. Since these benefit programs are costly in nature, this report looks into their costly nature. It further acknowledges the need for a revision of these benefits programs in order to meet the current regulatory requirements and changing market needs. Benefits program The benefit program also requires developme nt of structural choices at all levels. According to Bohlander (2009), the inclusion of defined or non-defined retirement schemes in the benefit plan leads to risks and more workload in terms of resource management. The project will consider the need of considering factors to be taken into consideration when implementing the benefit plan and the reason for stakeholder involvement. Main focus is centered towards the aspect of cost of the benefit program. Solutions relating to the cost issue are cost analysis, cost description and cost minimization. Cost minimization will be the preferred solution out of the three. Cost analysis and description are equally good though cost minimization ensures maximum and optimal benefits to both the employer and employee in the short and long run. Characteristics of a sound benefit plan A sound benefit plan should be the one that values all the needs of both the employees and the employer. It should also take into consideration the ever changing mark et expectations both in the short and long term and should also meet all the regulatory requirements (Rosen, 2005). Finally, it should be cost effective meaning that cost are easily managed and kept at a minimum. Part 2: Statement of the issue The issue in Metropolitan Chicago Health Council is the need for a revision of its benefits programs in order to meet the current regulatory requirements and changing market needs. Health benefits for employees are issued by insurance companies. The criterion used in deciding the kind of benefit to be given to each employee is that of expertise and skill. Most of the benefit packages are custom made by worksite solutions. Every staff member is given a custom benefit statement that included the salary. With the increased demand in healthcare benefit schemes, the cost of implementing and sustaining the benefit plans has increased. Therefore, cost minimization is a goal in most organization. An online system is an advantageous way of minimizing c osts. This is because it