Benefit Plans – Lifelines for Employees and Employers
Right now, we need to pull together and support one another, yet we find ourselves working remotely or facing decisions as to whom to keep on staff and whom to lay off. At a time like this, the way you respond as a leader will set the tone for how your company will weather the crisis, and what the organization will look like on the other side.
There is enormous pressure to make the best decisions for the company knowing the financial and emotional impact they will have on your best assets—your staff. How can you keep your best employees when you must let some of them go, if only temporarily?
Business owners might consider discontinuing benefit plans to save money. But this is when your benefits become your lifeline to staff, and one of the few things you can still do to help them in unstable circumstances. The imperative now is staying connected with and supporting staff to protect against losing them. They are the cornerstone to successfully rebuilding your company when we finally emerge from chaos.
The cost of losing an employee
With the cost of losing an employee ranging between $10,000 – $30,000, it makes sense to extend staff benefits while they are laid off to save on rehiring and training costs later. Continuing benefits while employees deal with shifting work schedules and altered home environments can also help reduce stress. Changes to a partner’s work situation and being at home with the kids all the time is already a lot to manage. You can help give them peace of mind.
Additionally, if an employee or family member has a pre-existing medical condition that requires costly prescriptions, having access to benefits can make a significant difference in how they cope. Drug coverage, Telemedicine, Employee Assistance Plans, virtual paramedical, emergency dental care, and life insurance are more relevant now than ever. You can provide employees with the tools and support they need to get through this difficult period.
Talk to your advisor about carrier options
Some insurance companies are flexing plans to assist in meeting crucial employee needs. Talk to your advisor for the specifics about your carrier that might allow temporarily changing benefits, adding virtual care with doctors, or expanding paramedical services for teleconferences with psychologists or social workers. These types of benefits demonstrate your concern for staff’s wellbeing, and your desire to help in whatever way you can.
Your advisor can also let you know about options carriers may have added to help employers, like deferring premium payments or changing plans to maintain critical employee coverage with the ability to reinstate full plans later.
Benefits are a lifeline to your employees, and your future recovery plan. Staying connected with staff will strengthen your business in the long run. The decisions you are making now will have a profound impact on employees and their families.
Advisors can help you with the choices that can preserve your business now and get you back in business faster. Talk to us. We’re business owners, too. We all want to get through this together and get back to business with our most valuable assets intact.