Insurance Protection / Uncategorized

5 Tips to Navigate Employee Benefits in the Post-Pandemic Environment

As employee benefits advisors, we have always been tasked with providing employee-focused solutions as well as cost-containment strategies that help our clients’ bottom lines. Like most things, that mission was hugely impacted by the coronavirus pandemic. We were in uncharted waters and Univest clients needed our help and advice more than ever. We heard, “What now?” almost every day.

It appears the height of COVID is behind us and there may even be a light at the end of the tunnel as the vaccine continues to be administered. As we enter the post-pandemic environment, what can you do to wisely navigate employee benefits? Here are five tips:

  1. Be prepared for change. By all accounts, 2021 will be a transition year including potentially dramatic swings in our economic recovery. From great crisis, comes great opportunity. Employers will have an unprecedented opportunity to make sweeping, important and culture defining changes to their benefits from medical plans through pet insurance.
  2. Consider new funding arrangements. Regarding medical benefits (the most expensive piece of the benefits pie), businesses will want to evaluate all possible funding arrangements such as consortium models. Be sure your employee benefits provider is bringing these new options for consideration.
  3. Don’t neglect employee wellbeing and engagement. Now, more than ever, the importance of a healthy employee base is clear. Remember, that is not just physical health. After the past 12 months of navigating the pandemic with people working remotely, teaching kids from home, missing vacations and family events, and even losing loved ones – nurturing mental health and financial wellbeing is also paramount. Work with your employee benefits advisor to explore programs to engage your employees and holistically address their wellbeing.
  4. Be agile. Now could be a great time to consider new ways to grow your business. Revisit your strategy and refocus on culture and the company fundamentals that drive and sustain growth. Don’t forget to protect that growth through proper insurance planning.
  5. Stay informed. In the past year, Univest Insurance worked tirelessly to keep our clients informed via emails, webinars and phone calls. On topics from the CARES Act to the impact of the FFCRA and staying compliant while navigating paid leave and the options they had to keep their business afloat and their employees on board – we were a resource to our clients. Your employee benefits provider should actively keep you educated on how current events may impact your business.

Today, managing your business while attracting and retaining talent is a bigger challenge than ever before, but Univest Insurance is here to help. Contact us at 800-220-3077 or to have a conversation about how we can help create a comprehensive benefits package that meets the unique needs of your business and your employees.

Insurance products offered through Univest Insurance, LLC, a licensed insurance agency affiliate of Univest Financial Corporation, are obligations of and underwritten by unaffiliated insurance companies. They are not insured by the FDIC or any other agency of the United States and are not deposits of or guaranteed by any bank.