You are the Vice President of Benefits at a Fortune 500 company that provides a competitive level of healthcare benefits to your employees and their families. As with other large employers, you have seen healthcare costs escalate faster than any other good or service in the economy and that expense has started to catch the eye of both your CEO and CFO. You also understand, as does the organization, the need for healthcare benefits to attract and retain the right talent as well as protect employees from unforeseen health-related financial hardship.
Your Senior Vice-President of Human Resources has approached you and requested a 1 to 2-page report on HR Challenges, HR Strategy and HR Opportunities.
Your assignment for Exercise 4 is to write a report for your Senior VP identifying:
4 HR challenges that businesses face as it relates to providing healthcare to your employees. Make sure to provide some detail/explanation on what those challenges are.
Then, you need to develop a specific healthcare strategy for your company based on those identified challenges.
Lastly, develop 4 HR initiatives/HR actions that could be taken to support/execute your strategy. You will need to provide some detail, that is, the actual actions that you would take to support your chosen strategic approach.
Make sure your report is clear, concise, and carefully crafted format.