Overview: Not all risks are bad. For example, buying another company has many inherent risks, but the reward might be worth the risk. When it comes to risk analysis and risk management, an employer should be able to recognize all risks, both good and bad. Then, the employer must evaluate how likely these risks will come to fruition and how they may affect the workplace. The employer must also decide what can and should be done to mitigate or cultivate those risks.
According to FEMA, almost 40 percent of workplaces that close because of an emergency never open again, with 25 percent of the rest closing within a year. To counteract this, employers should have a business continuity and risk management plan to ensure that important business functions, such as payroll, are able to run even when the building itself is closed. To keep employees safe, employers should also have specific emergency plans for any workplace disaster, whether manmade or natural, that has a realistic possibility of happening in the workplace.
There are numerous types of insurance to benefit businesses, from ransom insurance to general liability insurance. An employer that is practicing good business risk management will make sure that it is insured in all the areas that might realistically apply.
Trends: Among the many concerns that employers should take into account when performing a risk assessment is the likelihood of violence in the workplace. An employer may want to provide its employees with training in the event of an active shooter.
Author: Melissa Gonzalez Boyce, JD, Legal Editor
This letter may be used to inform employees about a reduction in salary or hourly wage as a result of the coronavirus (COVID-19) pandemic.
Updated to reflect forthcoming amendment extending protections to interns.
Updated to reflect state notice-posting requirements, effective April 1, 2020.
Employers should put in place these measures to protect the health of employees and sustain essential operations during the novel coronavirus (COVID-19) pandemic.
This guide will help managers and supervisors lead employees and manage change during the current COVID-19 pandemic.
XpertHR offers many tools and resources to help New York employers ensure that their response to the novel coronavirus (COVID-19) outbreak complies with applicable state and local laws.
Address jobs that require on-site attendance during the novel coronavirus (COVID-19) pandemic.
Updated to include information on the Cal-WARN Act.
Enhanced with additional information about payroll concerns.
Enhanced to include Tips and Warnings.
HR and legal considerations when creating and implementing risk management plans. Advice on eliminating bad risks and optimizing good risks.