3 Ways to Adjust Your Employee Benefits Plan to the “New Normal”
The exceptional pressures of the COVID-19 pandemic have forced Canadian businesses to adjust their operations and strategies to a “new normal.”
As your organization journeys through the three stages of economic recovery, now might be the best time to evaluate and even change your employee benefits plans to adjust.
Consider these three plan optimization strategies:
Stage 1: RESPOND
When a crisis hits the economy and the future seems uncertain, employees feel vulnerable. In this stage it’s important to ensure your employees have access to services like an Employee and Family Assistance Programs, which supports mental health services through access to licensed therapists and counsellors.
Tip! GroupHEALTH plans embed LifeWorks, our Employee and Family Assistance Program, directly into each employee benefits plan.
Stage 2: REBUILD
Businesses begin to stabilize and adapt, and this starts by looking hard at expenses. Evaluating the cost-sustainability of your employee benefits plan, for both the short-term and long-term, becomes vital. In this stage, be wary of discount traps that give the illusion of immediate relief, only to claw back later.
Tip! Only GroupHEALTH clients have access to proprietary long-term cost containment solutions, like Smart Rx drug coverage and Disability Management Institute.
Stage 3: RECOVER
You’ve successfully adapted your business model to the “new normal.” This is the time to ensure that your employee benefits are the right fit – for your employees, and for your bottom line. Features like virtual healthcare and tax-deductible Health Spending Accounts become helpful ways to attract and retain the talent you need to drive your recovery.
Tip! GroupHEALTH’s unique platform allows you to build your plan for your needs, while embedding standard value-adds to get more from your benefits plan.
Right now is the best time to review your benefits plan
Provincial governments have declared employee benefits an essential service during challenging times. We’ve been there for our 4,000 clients, and we want to be there for you and your employees.
Schedule a 10-minute call to find out how we can support your biggest asset – your employees – while optimizing the value of your employee benefits plan.