If you have made the tough decision to temporarily furlough your workers during the COVID-19 crisis, you may also need to revamp your messaging strategy. How are you sharing coronavirus-related news with employees, and how will you communicate your future plan for your business? Careful communications are essential from the moment you recognize the need to make these difficult decisions about keeping your company afloat to when you will hopefully be resuming normal operations.
VP, Head of New York Life Business Solutions
About the author
Bob Patience is Vice President of Business Solutions at New York Life. Bob oversees our employee benefits business, including our payroll deducted individual life products and our group life and disability offerings. In Bob’s four years with New York Life, we launched our group offerings, re-priced and redesigned our individual products and re-positioned the business to support our agents by focusing on the financial needs of small businesses, their owners and their employees. In addition to his oversight of Business Solutions, Bob is also leading a number of work streams related to NYL’s pending acquisition of Cigna Group Insurance. Before coming to New York Life, Bob spent 30 years with Prudential, where he held a variety of product, underwriting, segment head, and technology leadership positions. Immediately before coming to NY Life, he was the P&L owner of Prudential’s $3 billion block of group life and voluntary benefits business. Bob has a BA from Colby College in Maine and a Masters in Business Administration from New Jersey’s Montclair State University.
1Vicky McKeever, "The dos and don'ts of talking to employees virtually about furloughs and layoffs," CNBC, April 6, 2020
2Nicole Fallon, Struggling to Balance the Budget? Here's How to Manage Staff Concerns the Right Way" US Chamber of Commerce, March 27, 2020 https://www.uschamber.com/co/run/human-resources/handling-coronavirus-layoffs
3Susan M. Heathfield, "What Is an Employee Furlough, and Why Do Employers Use Them?", The Balance, March 17, 2020
This material is provided for informational purposes only. The information is current as of the date of publication and is subject to change without notice. New York Life Insurance Company, its agents and employees may not provide legal, tax or accounting advice. Individuals should consult their own professional advisors before implementing any planning strategies. © 2020 New York Life Insurance Company. All rights reserved.