Every Canadian business is being forced to confront new economic realities due to COVID-19. Not only are employers concerned about the health and wellness of their employees, they’re having to make tough choices to sustain and support their business’ financial health.
Even in tough times, employees remain your biggest asset. As a result employers across the country are adjusting their benefits plans to provide continued support and confront costs. Here are what employers need to consider as they adjust their employee benefits plan during challenging times.
1. Make the Right Adjustments
Now more than ever, businesses are trying to control and reduce their expenses, but in making quick changes to their benefits they may be introducing unseen liabilities and risk. It is important to speak to an expert who understands benefits and your business, and to make the right changes to your employee benefits plan, the right way.
2. Go Digital
Your benefits plan needs to adjust to new healthcare treatment and prevention realities, especially in a time of social distancing. At GroupHEALTH this means all plans have access to virtual healthcare, telephone and virtual counselling, paper free plan administration, and full digital tools for plan members through our claims portal and app.
3. Keep Things Flexible
No one knows how long the direct and indirect impact from COVID-19 is going to last, which is why it’s crucial to be on a plan that allows you to adjust to circumstances. This can mean adding, removing and adjusting benefits, and making sure that employees have the right coverage for the times.
4. Look To The Long Term
In challenging economic times it’s tempting to make quick decisions to cut losses. But benefits plans with cost-containment solutions built right into them are better equipped to weather storms both now and in the future. Your benefits plan may need some short-term changes, but there are ways to make it healthier for the future, too.