COVID-19: Managing Risk Through Employee Benefit Plans
Published on 11th May 2020
COVID-19 has shown the world that people risks, including those that affect the physical, emotional and financial health of the workforce, can have an enormous impact on organisational performance and resilience.
By taking steps to address people risks, organisations can help support their business objectives and minimise their risk exposure. COVID-19 has highlighted opportunities to use benefits more strategically to protect employees, an organisation’s most vital asset.
Employee benefit plans can be a critical component of an employer’s people risk strategy. We encourage risk managers and HR professionals to work together to better understand how plan design, financing, administration and communication affects their people.
Well-managed benefit plans can mitigate against the following business and people risks:
- Business disruption
- Suboptimal productivity and business performance
- Unexpected financial risks
- Rising costs
- Damaged reputation
- Safety incidents and violations
- Regulatory penalties
By effectively managing their plans, they can help their organisation avoid business disruption, unplanned costs and brand damage.
Learn how your employee health and benefit plan can help you reduce people risks at times of crisis and better prepare for the future.