Despite slowly rising pricing gas prices, the oil and gas downturn that began about two years ago is still gripping the economy, and employers across all industries are feeling the strain. Hundreds of thousands of U.S. workers have lost their jobs (not to mention all of those who were laid off internationally), and employers everywhere are searching for ways to minimize costs in order to better weather the storm.
One of the biggest targets of those cost-cutting initiatives? Employee benefits. Whether through small changes, like cutting back on wellness initiatives, or through more decisive moves like halting 401(k) matches, more and more employers are instituting cuts wherever possible to trim down their operational expenses.
If your company is considering cutting back on the benefits it offers to its workforce, you should proceed with caution, especially when determining how to communicate those cuts to employees.
Below are some best practices for communicating benefits cuts to employees:
Just by the very nature of the topic, these conversations are likely to be uncomfortable at best, and upsetting at worst. Having a solid plan in place to communicate benefits cuts will, however, help make the process a little easier, both for you and your employees.
G&A Partners, one of the nation’s leading professional employer organizations (PEOs), provides its clients with affordable tailored employee benefits packages. G&A’s team of experienced and highly qualified employee benefits specialists oversee and administer a variety of plans from top-tier carriers while also delivering open enrollment assistance and ensuring employers are in compliance with all federal and state laws (ACA, HIPAA, COBRA, etc.).
Learn more about how G&A Partners helps businesses by providing, managing and administering employee benefits by calling 866-634-6713 to speak with an expert or visiting G&A Partners‘ website to schedule a free business consultation.