From an HR perspective, managing risk involves mitigating potential losses or liabilities associated with various aspects of the employment relationship. Medical Insurance: Offering medical insurance is a common way for employers to manage the risk of high medical costs for employees and their families. This benefit can also help attract and retain employees.It’s important for HR business partners to identify and prioritize risks and develop strategies to mitigate or manage them in order to protect the company and its employees.
Medical Insurance: Providing medical insurance is a key risk management strategy for employers. By offering this benefit, employers can help mitigate the risk of high medical costs for employees and their families. Medical insurance can also help employers attract and retain top talent. Employers may offer various types of medical insurance plans, such as health maintenance organizations (HMOs), preferred provider organizations (PPOs), or high-deductible health plans (HDHPs) with health savings accounts (HSAs).
Workers’ Compensation: Workers’ compensation is insurance that covers medical expenses and lost wages for employees who are injured or become ill on the job. Employers are legally required to carry workers’ compensation insurance in most states. By providing this insurance, employers can help manage the financial risk associated with workplace injuries and illnesses.
Unemployment Benefits: If an employee is terminated or laid off, they may be eligible for unemployment benefits. Employers can manage the risk of unemployment claims by providing clear expectations, feedback, and performance improvement plans to employees, as well as documenting performance issues. In addition, employers can provide outplacement services to help former employees find new jobs, which can reduce the likelihood of unemployment claims.
Office Hardware Maintenance: Providing employees with hardware equipment such as laptops, computers, and mobile devices can help manage the risk of data breaches, security vulnerabilities, and lost productivity due to equipment failure. To further mitigate these risks, employers may establish policies for equipment maintenance and repair, as well as providing training to employees on best practices for securing and protecting sensitive information.
Safety and Training Protocols: Safety and training protocols are essential for managing risks related to workplace injuries, accidents, and emergencies. Employers can develop safety policies and procedures, conduct regular safety inspections and training, and provide appropriate safety equipment to employees. By investing in workplace safety, employers can reduce the risk of injuries, lawsuits, and insurance claims.
Workplace Conduct: Workplace conduct management involves establishing policies and procedures to prevent and address inappropriate behaviour such as harassment, discrimination, and workplace violence. Employers can develop codes of conduct, anti-harassment and anti-discrimination policies, and procedures for investigating and resolving complaints. By promoting a safe and respectful workplace, employers can reduce the risk of legal liability, reputational damage, and loss of productivity due to workplace conflict.
