Although many businesses are succeeding with work from home strategies to survive the COVID-19 crisis, their risk managers are experiencing more stress than before.
Based on a study in July 2020, The Global Association of Risk Managers (GARP) reports:
Despite company-wide adaptations and successes in working from home, risk professionals reported experiencing a noticeable reduction in work-life balance. Respondents said they are working more, but at the same time, feel less productive and engaged. Though 60% of respondents admitted to working more hours now than before COVID-19, 44% also attested to a drop-off in productivity. In addition, 46% reported feeling more stressed out by their work than before, and 71% said their work hours have become more irregular.
Benefit administrators face increasing ambiguity as they ensure compliance, manage time, and control costs. When will employees return to the office? What modifications will be needed? Will the company workforce be shrinking or growing? Accordingly, what choices must be made about benefit plans?
With so much uncertainty, making sound judgments and decisions is ever more stressful. As Chris O’Donohue, PH.D., and the managing director of the GARP Benchmarks initiative concludes, “Professionals cannot be primed and ready to tackle risks that may arise if productivity, engagement, and stress-levels are suffering.”
Colonial Surety Company tackles stress by simplifying the complex. Let us offer you one more act of stress reduction. As a pension professional you can be held personally responsible for alleged or actual claims for breach of fiduciary duties. Thousands of claims are filed every year. This is one stressor you can cross off your list immediately—with Fiduciary Liability Insurance for Pension Professionals. Colonial Surety Company offers a direct digital way to secure your Fiduciary Liability and Errors and Omissions Insurance in one simple location, online and direct. Click here to get started.