29
Oct 2021
A New Frontier: Adapting Your Employee Benefit Plan to a Post Pandemic world
“When market conditions shift, it’s time to shift your strategy, and the strategy of choice today is to innovate another service that your client wants.”
Gale Crosley, CEO of Crosley Company
As people return to the job market, one thing is sure: employees have placed a higher value on workplace benefits. This is the result of how the pandemic has amplified various challenges. It has birthed a “new normal” in which employees have demanded greater benefits from their employers. Executives have already recognized the changes in employee benefits. These have compelled them to take action. They understand that responding to these changes entails keeping their employees from jumping to another ship.
As organizations seek new, attractive benefit options, they should also consider the finance involved in the process. Employers can only achieve solid and successful employee benefit plans with the help of a highly experienced firm that has also innovated or adapted to the changes.
THE IMPACT OF INNOVATIVE BENEFITS ON THE FINANCE FUNCTION
Many finance functions in various organizations and sectors were already transforming or evaluating their operating models. It was mainly in response to a broad and effective set of challenges and drivers, such as cost management, attracting and retaining talent, making efficient use of technological improvements, and complying with new regulations. Companies now focus on ensuring financial health and maintaining critical business processes to ensure operations run as smoothly as possible.
Attracting and retaining talent are crucial assets of any business. What effect have innovative benefit options had on the finance function? Employee benefits costs have risen to the top of the financial statements as employers embrace their employees’ needs more. Employee benefit financing is a complex subject that must take into consideration all the factors.
It is not sufficient to know only which premium benefits to be paid at a given time. Financing and costs extend much further, taking into account long-term costs and liabilities. Furthermore, employee benefit innovation creates the necessary modeling tools to design cash flows, long-term employee benefit costs, and related financial and risk elements. They all play an essential role in the financing of employee benefits. As a result, employers must have a dependable accounting firm to ensure their financial health and stability.
HWAA: ADAPTING AND INNOVATING TO EMPLOYEE BENEFIT CHANGES
The financing and costs related to the innovation of employee benefits are too necessary for an employer to overlook. How can companies ensure the success of an employee benefit plan? The aspects of the benefit plan are suggested to be outsourced to third-party service organizations specializing in accounting and investment record-keeping functions. The foremost priority is to ensure the company’s financial health and stability, and hiring an experienced firm is one way to do so.
Although the pandemic is not yet over, organizations quickly adapt to the changes, mainly how business is now conducted. Accounting firms were no exception. Accounting firms should step up as companies are forced to seek innovative solutions to deal with the growing negative consequences of this unprecedented crisis. And HWA Alliance of CPA Firms (HWAA) was prepared for this transformation. We adapted to the changes and innovated our ways to stay ahead of the curve.
In this post-pandemic era, accounting offices are decidedly entering a new normal. Rather than relying on pre-pandemic methods, HWAA prioritized rethinking plans and strategies for the new normal. We still use our expertise to guide our clients to make good decisions in today’s highly volatile operating environment. We have developed new digital relationships too. Our firm has invested in a distinct skillset, mindset, and toolset that has enabled us to succeed in this new frontier. We have embraced creative thinking, innovative tools, and customized models to provide our clients with a unique outlook and clear insight into the essential aspects of finance and accounting for our clients’ employee benefits plans.
