5 takeaways COVID-19 confirmed for the employee benefits industry

While most companies and organizations typically prepare for crises with annual trainings, full crisis communication plans, and more, it’s safe to say that no one could quite prepare themselves for the reality everyone has been facing for the last few months – a global pandemic known as COVID-19 (or the coronavirus). It’s also likely safe to say that there isn’t an industry or field that hasn’t been drastically affected by COVID-19, employee benefits included.

As states have started to re-open, many industries are assessing the damage that has been done and are even analyzing ways their industry might be changed forever. Here are five takeaways that COVID-19 confirmed for the employee benefits industry:

1. Don’t underestimate the importance of a good relationship between employers and employee benefits providers.
   • With a rapidly evolving situation like COVID-19, where we see new updates released on a daily (and sometimes even hourly) basis, there’s never been a more important time for your employer clients to have a solid relationship with both their benefits provider, and with their employees. Employers don’t have to feel alone in trying to keep up with all the updates and how it translates to their organization and their employees.
2. Always prioritize employees’ personal health and safety above everything else.
   • Ensuring that employees’ questions are being answered, their concerns are at ease, and that they feel supported is vital at all times, but especially during crises. Employees are any organization’s number one asset, and how organizations handle themselves during a crisis will have a long-lasting impact even after the crisis passes. If your clients’ employees are taken care of, the employer’s clients will be, too.
3. Highlight lesser-known employee benefits options.
   • When thinking of employee benefits, most people and organizations think of the most common – paid time off, sick leave, and health insurance – but there are many other lesser-known options offered, too. From benefits such as short-term and long-term disability (which can allow employees to take time off when needed without losing pay), to other benefits such as health savings accounts or even employee discount programs, now is the time to make sure your clients and their employees are fully aware of all of their benefits and how they can utilize them.
4. There’s no such thing as over-preparing for a crisis.
   • In this day and age, there are many industries that can continue to operate while either working remote or limiting the amount of person-to-person contact. However, to do that, it’s helpful to have a plan and policies in place ahead of time. If laptops or desktops are used, make sure the IT department is up to date and has a system in place for allowing the same access from home. Ensure employees and teams know the protocols from working from home – whether that be morning check ins, daily recaps, or frequent Zoom meetings. If the industry is more heavily involved with the public, explore ways to minimize those interactions. What can be done on the phone instead of in person, will reduced hours have a positive impact, etc.
5. During rapidly evolving situations, be flexible.
   • Though open enrollment is done once a year, employers should communicate often with their broker and employee benefits providers to see how they can adjust some of their policies to fit the circumstances. Can employees donate PTO to help fellow employees facing hardship due to illness? Can the company expand leave policies to allow employees to dip into negative hours to avoid taking unpaid leave? Instead of letting employees go, is there an option to furlough employees to ensure they can keep their health care coverage? For both employers and employees, it can be helpful to check in with their benefits advisor, employee benefits provider and HR representative to see what options are out there.

Rick Farris is chief sales and marketing officer at FBMC Benefits Management, Inc.