Near Term Challenges that Companies Now Face
"Secova Reports Second Advisory Council Discussions"
NEWPORT BEACH, CA, May 27, 2009
- Secova Inc., a leading provider of human resource and benefits management services, today announced results from their 2nd annual advisory council featuring two days of discussions on near term challenges that large companies face during this economic downturn. Top Human Resources thought leaders from leading Fortune 500 Companies and representatives from the Office of Congressman John Campbell, gathered to discuss Secova’s initiative to contribute to the market place, by offering administrative solutions that bridge the gap during this time of economic downturn.
“This is the most unifying issue for companies right now,” said VP Joel Carter from Secova. “Top leaders have gathered in California to discuss what will further hinder corporate America’s economic competitiveness and our ability to manage their current workflow with a diminishing workforce.”
With corporations and companies cutting their costs, downsizing is becoming a common scenario, creating 26 hours of work to be done in 5. Secova and their clients discussed new strategies to help manage not only their short term day to day administrative challenges, but also the big picture items from these cut backs.
“On the front line, we have seen significant challenges in the industry such as reductions in workforce accompanied by increasing workloads,” said Steve Morgenstern from DOW Chemical. “We rely on Secova to handle cases and employee/retiree issues as if they were Dow internal case managers. This allows Dow’s Plan Managers to actually manage the plans rather than individual employee issues.”
Secova finds other high growth firms, face similar challenges of keeping operations moving forward while keeping benefits administation costs to a minimum. These large corporations are shifting on relieving the mass from their Human Resource workforce by assuming an economical viable model that combines disability offerings with total absence management as part of their program.
“In order to remain competitive in this economic climate, companies facing budgetary pressures have to be more surgical than ever in their attempts to reduce spending and sustain losses”, said Christopher J. Bognanno, Policy Liaison from the office of Congressman John Campbell. “Our economy will rebound and it is essential that the federal government allow companies to remain flexible in regard to workforce and infrastructure in an effort to support eventual future growth.”
The complexity of addressing these challenges and developing efficient processes place a significant administrative burden and additional costs to employers. Secova is working with its clients to identify and implement strategies to achieve current cost reductions while at the same time positioning themselves for the future.
Secova consults mid- to large- size companies offering a combination of services – from Benefits Enrollment and Administration to Absence Management and beyond – including Benefits Auditing, Benefit Plan Management, COBRA Administration, Employee Communications, HR Support Services and Payroll. The Secova management comprises veterans who have managed large consulting practices for the healthcare industry, and the company has global delivery centers in the U.S and India. For more information, visit the company's website at www.secova.com.
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