Findley Davies is committed to helping our clients and contacts navigate the recession and respond to the overwhelming amount of information being distributed on changes in legislation and effects of the recession on area businesses. In response, Findley Davies has developed Best Practices for HR in a Down Economy. <br />
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The first Best Practices release, which can be found on the Findley Davies website, has been updated with the following information. Visit <a href="http://www.findleydavies.com">www.findleydavies.com </a>to access each article. <br />
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Updates to <strong>Best Practice #1 – Develop a compliance checklist and monitor changes in legislation</strong>, include:
<ul>
<li>COBRA Down, CHIP to Go – Client Advisory Bulletin by Bruce Davis</li>
<li>The American Recovery and Reinvestment Act of 2009 – Management Briefing by Eric Chapman</li>
<li>Department of Labor Model Funding Notices – News Release by David Davala</li>
</ul>
The second Best Practices release, containing four new Best Practices, is below, along with supporting articles, case studies and briefings, which help demonstrate each Best Practice. Visit <a href="http://www.findleydavies.com">www.findleydavies.com</a> to access each article. <br />
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<strong>Best Practice #4 – Evaluate current health and welfare providers for financial stability, shift in market and fees.<br />
</strong>Tod Tillman, Health and Group Benefits Managing Consultant with Findley Davies, suggests that employers “Stay Informed with financial columns and insurance industry ‘radars’; request that your carrier advise you of any changes in their ratings, including downgrades or inclusion on a Creditwatch; and to competitively bid your insurance contracts.”
<ul>
<li>Understanding Group Insurance Solvency – Management Briefing by Tod Tillman</li>
</ul>
<strong>Best Practice #5 – Benchmark various compensation programs to determine their competitiveness given the changes in local and national markets.<br />
</strong>Eric Chapman, Senior Consultant in Findley Davies’ Compensation and Rewards Management Consulting Practice states, “Employers have been responding to the current economic environment by making substantive changes to both the level and structure of direct compensation delivered to executives and employees. Current trends in compensation practices reflect action taken by company boards and employers, recognizing that individual company circumstances dictate specific action.”
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<li>2009 Compensation Trends Report – Client Advisory Bulletin by Eric Chapman</li>
</ul>
<strong>Best Practice #6 – Design a senior leadership communication strategy.<br />
</strong>John Weber, who is slated to become Findley Davies’ Managing Principal in 2010, comments that a key to keeping your employees productive is “providing them with a link to all levels of the organization. Company leaders should communicate clearly and openly. Stay connected with your employees and give them a sense of security knowing that the organization is working through the tough times.”
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<li>Engaging Employees through Effective Communication Tools – Client Advisory Bulletin by Kate Murawa</li>
</ul>
<strong>Best Practice #7 – Implement change management strategies.<br />
</strong>“Change management strategies, combined with effective communications, help employees think and work differently,” states Kimberlie England, Communications Solutions National Practice Leader. “Change often meets early resistance, but reluctant parties end up benefiting from organizational improvements, through communications and an understanding of the value of new systems and procedures.”
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<li>Change Management – Case Study by Kimberlie England</li>
</ul>
In addition to Best Practices for HR in a Down Economy, Findley Davies is hosting Roundtable and Networking events throughout 2009. These free events will focus on timely topics to encourage open discussion on how the economy is affecting business and strategies to maximize organizational effectiveness. All attendees are encouraged to discuss and share strategies, opportunities, and best practices with other area business leaders. Upcoming events are listed below. For more information on events in your area, contact Susan Riffle, Marketing Coordinator, at 216-875-1908 or <a href="mailto:sriffle@findleydavies.com">sriffle@findleydavies.com</a>. Space is limited and RSVP is required for all events.<br />
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<li>Columbus, Ohio, Roundtable – Wednesday, April 22, 2009</li>
<li>Cleveland, Ohio, Networking Event with Cleveland Chapter IHRIM – Tuesday, May 12, 2009</li>
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