In many organizations, HR departments are often solely responsible for making decisions around employee healthcare, with CFOs and other leaders coming onboard for final approvals. However, key player involvement – especially from the CFO – early in the process can be a game-changer when it comes to creating a more effective and well-rounded healthcare program for staff.
Understanding the roles each department in an organization plays when it comes to employee healthcare can open the door for conversations that allow everyone’s priorities to be considered. The CEO will likely look at the impact on administration and operations, while HR is most concerned with how employees will be impacted and the CFO will focus on cost, savings, and risk versus reward. All will come to the table with differing objectives, so finding a common ground will help establish a balanced place to begin working from.
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The information and materials herein are provided for general information purposes only and are not intended to constitute legal or other advice or opinions on any specific matters and are not intended to replace the advice of a qualified attorney, plan provider or other professional advisor. This information has been taken from sources believed to be reliable, but there is no guarantee as to its accuracy. In accordance with IRS Circular 230, this communication is not intended or written to be used, and cannot be used as or considered a ‘covered opinion’ or other written tax advice and should not be relied upon for any purpose other than its intended purpose