As businesses seek to address both the immediate and long-term effects of COVID-19 on their operations, the reinsurance industry is at the forefront of conversations to create a forward-looking solution for pandemic risk in conjunction with policyholders, insurance markets and corporate executives.
Amid the heartbreaking toll of the global pandemic, organizations are hyper-aware of the risk and reality of future disruptions. From economic downturns to the challenge of climate change — or, for that matter, another pandemic — responsive, adaptive companies will survive and thrive in any new normal. Proactive efforts to reinvent today will certainly pay off in the future, according to Patrick Hyland, Director of Research and Development at Mercer | Sirota. Mercer is an affiliate of Guy Carpenter.
Reinvention calls for real nuance, though. It remains important to lead with empathy through listening. Mercer research shows that nine out of 10 employees are concerned about the current crisis and are happy with the responses of their companies and managers — so far. Maintaining this will be critical. Take the time to listen to employees and understand their concerns.
It’s also vital to address such essentials as safety and economic stability. People are scared — not just for their health but also for their jobs. In Mercer’s digital focus group with employees, 72 percent of participants told us that organizations should provide more reassurance around pay and continued employment.
Throughout, leadership should communicate, connect — and repeat.