Discussion : “Technology Plus’s Benefit Dilemma”

FOR DISCUSSION QUESTION : ANSWER THE QUESTION FOR THIS CASE INCIDENT WITH CITATION AND REFERENCE.Case INCIDENTTechnology Pius’s Benefit DilemmaTo stay competitive, many organizations todayare choosing to restructure their benefit programs.Technology Plus is an example of such a company.Technology Plus has 150 employees, including uppermanagen1ent, skilled tradespersons, sales representatives,and customer service representatives. Five yearsago this company was enjoying huge profits andcould afford their current benefits progra.m; however,times have changed and no>v they need to find costsavings without laying off any of the staff.Up to this point, Technology Plus has offered allof their staff a premium benefits program, includingmuch more than governn1ent-required benefitsof employment insurance, Canada Pension Plan,worker’s compensation, standard vacation of twoweeks per year, and access to legislated leaves ofabsence. They offer group life insurance of threetimes salary, accidental death and dismembermentinsurance of three times salary, extended healthcarebenefits (with vision care, dental care, hearing aids,and n1ore), long-term disability of 75 percent of salary(employer paid), and a defined benefit pension plan.They also provide a wellness program, an employeeassistance plan, and many other services such assubsidized childcare and assistance with eldercare.However, now they need your help in deciding howto restructure their benefit plan to find significantcost savings but still provide meaningful benefit coveragefor their employees.QUESTIONS1 What voluntary employer-sponsored benefitsshould this company maintain and whichones should they not maintain in youropinion? Why?2 Would a flexible benefit program save this organizationmoney if administered properly?