ROLLING MEADOWS, Ill., May 5, 2020 /PRNewswire/ -- COVID-19 has upended business models, rewritten the definition of work-life balance and created a cloud of confusion over what is the "new normal." To help employers prepare for the recovery stage, experts from Gallagher's Benefits and HR Consulting Division developed the Gallagher Better WorksSM Insights: COVID-19—Immediate Challenges and Long-Term Impact Report.
The report is the second issue of a series that was created as a resource employers can use to better support their organizations and employees through these changing times. This issue contains articles that focus on:
- The Unforeseen of Quarantine: There are some negative consequences that sheltering at home may have on our physical and mental wellbeing such as issues related to addiction and weight management. Get tips on how employers can effectively communicate to employees that assistance is available to those at risk, those seeking help already and family members who may be impacted.
- Estimated Cost Implications of COVID-19 for Self-Funded Employers: Gallagher's actuaries and data analysts developed a 2020 healthcare cost model to help self-funded employers estimate the impact of COVID-19. Based on holistic data considering pharmacy, routine care and elective procedure costs, in addition to COVID-19 testing and treatment, self-insured employers could potentially see a 25% decrease in medical expenses. This unanticipated cash flow could help self-insured organizations rebound quicker and get back up and running.
- Will the COVID-19 Pandemic Alter the Drivers of Employee Engagement?: The COVID-19 pandemic underscores the increasing need for organizations to continually assess not only their approach to protecting the safety and security of employees but their emotional wellbeing and employee engagement. Gallagher research finds that in uncertain times, employees are most enthusiastic about their workplaces and confidence in the stability of the organization when they have information directly from the top.
- Leading with Authenticity During COVID-19: Learn three guidelines to help organizational leaders build trust with employees during stressful times that instills confidence that the company's leaders will help get the workforce and organization get through this crisis.
- Rethinking and Rebalancing Staffing, Compensation and Benefits in the COVID-19 Crisis: How organizations handle layoffs, furloughs, compensation reductions and any reductions in force will have a long-term impact on their ability to manage their employee value proposition and future efforts to retain, recruit and possibly rehire former employees.
- Supporting Your Global Workforce During COVID-19 and Beyond: Employers should consider the steps outlined in the article to protect the safety and security of employees around the world and support their physical and emotional wellbeing. Get guidance on how to address issues such as compliance and duty of care when managing a global workforce, insurance coverage gaps and post-recovery expectations.
- How Are Employers Prioritizing Their Responses to COVID-19: A recent Gallagher survey of more than 550 HR professionals found that about one in four (26%) employers are requiring self-quarantine only for only an infected employee, while more than half (53%) are requiring self-quarantine for all employees who were in contact with an infected individual. Access the infographic for more data on how employers are responding to COVID-19 on the bottom of Gallagher's Coronavirus Pandemic Information Hub.
"This situation is new territory for employers in all parts of the world," said William F. Ziebell, CEO of Gallagher's Benefits & HR Consulting Division. "People are stressed out, away from their normal routine, making choices they didn't have in their typical work day. Some employers have had reductions in force or layoffs while others have to figure out how to do their business with different guidance on social distancing or travel restrictions. They are now focusing on how to engage their workforce, build a workplace culture in a new normal, and assess the costs, both tangible and intangible, that this pandemic has had on their business and its future."
About the Gallagher Better WorksSM Insights: COVID-19—Immediate Challenges and Long-Term Impact Report
The Gallagher Better WorksSM Insights: COVID-19 – Immediate Challenges and Long-Term Impact Report from Gallagher helps employers make fully informed decisions about strategies to sustain their company by supporting organizational and workforce wellbeing. Analysis and insights for this report were provided by experts from Gallagher's Benefits & HR Consulting Division as well as data and conversations from more than 550 employers. View the report here.
Gallagher (NYSE: AJG) is a global insurance brokerage, risk management and consulting services firm headquartered in Rolling Meadows, Illinois. The company has operations in 49 countries and offers client-service capabilities in more than 150 countries around the world through a network of correspondent brokers and consultants.
Mary Schwartz, Gallagher