By Author Unknown
In my 30 years working in CFO and senior finance roles, I never got involved in the design or operation of the employee benefits plan. I (incorrectly) assumed this was the exclusive territory of HR.
Here’s what I now know…. effective oversight of employee benefits plans requires the following skills and expertise:
– incentives alignment
– internal controls
– data analysis (e.g. claims spending, vendor ROI, etc.)
– compliance and financial reporting
– contract negotiation
– strategic alignment
– fiduciary compliance
All of these areas match the capabilities and expertise of the finance team.
CFO’s Line Up For Confession of Past Sins – Prey For Forgiveness
And for those that think you’ll be stepping on HR’s toes… I know a LOT of HR leaders who would be thrilled to have some additional help in this area.
I didn’t get involved. That was a mistake. That’s on me.
If you’re a CFO and aren’t involved… that’s on you.
