Let’s run through a scenario. You’re a benefits broker. Your phone rings. Or maybe it’s an email. It’s your client, perhaps the CEO of a small business or an HR Director at a small to mid-size employer. They want your advice.
As a benefits broker, your clients rely on you for your knowledge of the world of employee benefits. They ask about health insurance, executive compensation, paid leave, compliance, administration, and anything in between. You are their subject matter expert.
Health and wellness is a focus for millions of people and countless companies. And if it wasn’t before 2020, it sure is now. A healthy workforce is not only a happy workforce, but a productive one, too. Throughout the United States, companies are looking for ways to keep their most important employees at peak productivity.
As a business leader, you exert a lot of effort planning. You plan for positive things like financial growth, new products, hiring new employees, and moving into better offices. But you also plan for negative things like employee conflicts, economic downturns, and unexpected emergencies. Another negative scenario your business should prepare for is key person risk (sometimes known as key man risk).
Your company ran through the scenarios and analyzed the potential outcomes. And you committed to figuring out how to manage your key person risk. One option on the table? Executive health.
Almost every company has some level of key person risk (sometimes known as key man risk). And during COVID-19, the definition of key person risk changed, so if you didn’t have it before, you almost certainly do now. This means, as a business leader, you should be thinking about what you can do right now to manage your company’s key person risk.
The business consulting industry is as old as time. But it’s especially important right now, as businesses look for help in figuring out the many issues presented by COVID-19.
During COVID-19, many businesses are using consultants to help them navigate the many, ever-changing challenges. From management consultants to accountants to benefits managers to lawyers and more, businesses have several options to choose from when it comes to getting help during the pandemic.