It is no secret that COVID-19 has caused significant disruptions to the way we live and the way we do business now and moving into the future. The pandemic has forced business leaders across many industries to pursue aggressive cost reductions, well beyond the scope of their regular cost management initiatives.
After the obvious but painful cost-reductions and cuts have taken place, what happens when that is not enough? Many leaders are forced to shift focus to core expense categories, including compensation. Beyond hiring freezes and headcount reductions, health benefits offer the next logical target, given that they typically account for over 30% of companies’ overall compensation spend according to the U.S. Bureau of Labor Statistics. However, health benefits remain more necessary than ever for retaining and attracting talent. In the midst of the COVID-19 pandemic, employees are becoming much more aware of how important it is to