As you review these other benefits of the Apex plan, you begin to see a number of ways that you might be able to temper the cost of the health plan with the introduction of other employer-paid benefits. You will again need to use the text, lectures, and reading assignments to determine how you might create these new benefits.In this section of the project plan you will want to consider the following when preparing your plan:
1. Life Insurance Alternatives: The advisability of increasing the amount of company paid life insurance. You may find it helpful to check Internet providers to determine the costs of increased term insurance. Are there other types of life insurance programs that might be offered on a voluntary basis?
2. Retirement Plan Introduction: Review the types of retirement plans that would be available to Apex. You might want to concentrate your efforts on defined contribution plans that don't require pre-funding. Remember, a 401(k) plan does not need initially to offer a company match on contributions to be successful.
3. Flexible Benefits Plan Given that employees may be responsible for more out-of-pocket costs, think about the use of flexible benefits. Check out the tax benefits available to both employer and employee.
Once you have completed your research, create a document that outlines these incremental benefits and why you believe they will enhance the overall benefit plan and reduce the negative reactions to the health care premiums. (3-page, double-spaced, response is required.)Part D It is now two months into your consulting project with Apex. You have identified issues regarding the Apex medical plan and have presented plan changes to senior management. You have also proposed the introduction of several new benefits that the employees are sure to like. Your final phase of the project will consist of coming up with an effective communication program.
As you develop a communication plan, concentrate on the following issues:
1. What is to be communicated?
2. How is it to be communicated?
3. When is it to be communicated?
4. Who will handle the communication?