How to pivot your employee benefits strategy effectively?
As one of 2020 will be marked as one of the most challenging years for small businesses. As you are shifting towards new business strategies, it’s crucial to shift your employee strategy as well, including your employee benefits.
Here are some tips to successfully pivot:
Stop waiting, start doing
Stop waiting for a day when the world goes “back to normal” – we may be in this “new normal” for some time! Instead, recognize where your money and time are going, and begin making adjustments now. A good benefits provider won’t wait for the unknown future – key features like cost containment strategies and virtual healthcare should be in your plan already, or added now.
Listen to your employees
While your business adjusts to new realities, your employees are doing the same, both at work, and in their personal lives. They may have a new perspective on what they need, and what they value, in their employees benefits plan. Key services like employee and family assistance plans (at GroupHEALTH, our plans include LifeWorks) might be needed now, more than ever.
Make sure your platform is flexible
If your business is going to need to pivot, your key providers – including your benefits plan provider – needs to pivot with you. At GroupHEALTH, we moved our entire operation to be virtual within days, ensuring our clients received uninterrupted, high-quality services. Flexible products like health spending accounts make employee benefits themselves flexible for employees.
Avoid falling into the benefits trap
Before your employee benefits provider locks you in to “provide certainty”, be aware of what options are out there – and make sure cost containment measures are “locked in” as well. As usual, beware seductive first year discounts: if the offer looks too good to be true, it may be because it is, and you don’t want to be surprised on renewal, especially in an uncertain future.
Pivot with a Smart Plan
At GroupHEALTH we are helping small businesses to pivot effectively. Our Smart Plan for Small Business is a flexible and comprehensive health benefits solution when your budget is tight. Start with a basic plan and upgrade over the time, if necessary.
There are no hidden costs or extra fees. Talk to an expert by calling our toll free number 866-636-3348 or click below and we’ll call you back.