New Gallagher Report Links Business Recovery from COVID-19 to Sustained Focus on Employee Wellbeing
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.
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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.
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