The employers that come through this 5-10 years down the road as strong employers that survive and thrive, will be those that understand that this isn’t the time for a knee-jerk reaction. They must fully understand the potential long-term impact of the decisions they make.
Following are a few things to ponder:
- A short-term decision made for purposes of cost savings this year, may end up being a decision you regret in subsequent years.
- If it flies in the face of your corporate culture, a culture you have worked hard to build over the years, a short-term savings may not be the right decision.
- There is no crystal ball – make informed decisions that are right for you and your organization, not just decisions that will save you money now.
My advice to you as a Benefits and Risk Advisor:
- Use scenario based decision making – be cautious, take it slow, analyze the upside and the downside of every possible decision and action – opportunities may exist that can be exploited
- Rely only on sound data and rationale received from a trusted source
- Seek assistance from those uniquely qualified to help navigate the legislation and provide guidance
- Surround yourself with a team who possesses a deep understanding of PPACA
- Use only professionals who are capable of providing a tangible, well-defined system that includes measurement tools, training, knowledge of alternative strategies and decision-making scenario assistance.
- Be aware that there is a significant gap between those that say they can help and those that are actually capable of doing so
- Finally, use your organizational mission and culture to help guide you