The COVID-19 pandemic has prompted many companies to make changes to their health benefits strategy. Whether these changes will outlast the coronavirus emergency will depend in large part on the ability of HR and benefits professionals to demonstrate business value — particularly to the CFO.
CFOs are playing a larger role in benefits strategy. A recent Integrated Benefits Institute study found that more than half of CFOs made all or most of their companies’ benefits decisions. Yet far from focusing narrowly on programs’ costs or ROI, these executives manage benefits as a portfolio of investments in a healthy, productive workforce. They participate in benefits decisions as strategic, collaborative partners who consider big picture value. Even in the context of cost containment strategies, findings from other studies similarly point to their partnership with stakeholders such as HR.
