Subject: Management issues affected by the instability of Social Security
I read the question then I come up with my opinion please read my opinion them tell me what is your opinion, (what are you agree with or disagree with)
Here is the question:
As a benefits manager, how might the potential demise of Social Security affect the decisions you make regarding other benefits that you have the option of providing to your employees? How might it affect your company's human resource planning process?
Here is my opinion
As a benefits manager acknowledging that the demise of social security is pending, I would be tasked with finding more robust retirement planning options without significantly increasing the cost to the company. Increasing company 401k matching is a solution, but one that might not be necessarily a financial option. I think that mandatory employee training on the status of social security and the importance of retirement planning is crucial to addressing this problem. Most employees are not exposed or do not take this time to understand possibly confusing topics such as SS and retirement. People think that retirement planning is something they can put off for the future. I think that a financial advisor who specializes in retirement planning should be provided at the firm’s expense to employees. Also, possibly changing the bonus structure at the firm where part of an employee’s bonus is deposited into an additional retirement investment vehicle separate from a 401K. This would promote retirement saving activities without additional costs to the firm.
Please leave me your comments what is your opinion (what are you agree with or disagree with my opinion)