A recession is a period of economic decline, typically defined as two consecutive quarters of negative economic growth. Recessions can have a significant impact on businesses, as they can lead to decreased sales, profits, and investment.
One of the areas that companies may need to cut back on is their benefit offerings. However, businesses should remember that their employees are their most valuable asset. By recession-proofing their benefit offerings, organizations can help to keep their employees happy and productive, even during tough economic times. Here are five tips for HR professionals on how to recession-proof their benefit offerings:
Focus on essential benefits. During a recession, focus on providing employees with critical benefits to stay healthy and productive—for example, health, dental, vision, and life insurance.
Offer flexible benefits allowing employees to choose the options most important to them. Flexible benefits can help businesses save money by not purchasing benefits products for team members who aren't using them.
Offer wellness programs to help employees stay healthy, saving businesses money on healthcare costs. Wellness programs include on-site fitness centers, health screenings, and smoking cessation programs.
Offer employee assistance programs (EAPs). EAPs provide employees with confidential counseling and support services to deal with various issues, such as stress, depression, and financial problems.
Communicate early and often with employees about upcoming changes to the benefit plan. Transparency will help employees understand new policies and products and make informed decisions about their benefits.
By following these tips, HR professionals can help to recession-proof their benefit offerings and keep their employees happy and productive, even during tough economic times. Supporting your workforce during these difficult times with decision support offerings like SelectSmart™ or financial wellness offerings like SAVVI Financial is an investment not only in your company, but also your employees. Click here to schedule a 15 minute chat now to discuss how SAVVI might work for you. Or simply call us at 781-583-7017 or email us at firstname.lastname@example.org.