Many Americans have watched, at least peripherally, as Democrats and Republicans have gone back and forth about the impending debt crisis over the past few weeks. While failing to come to an agreement could cause serious problems down the road, financial experts are currently advising employees not to worry about the state of their worksite benefits, according to CNNMoney.
The crisis may affect businesses, especially small businesses. However, likely cuts will impact expansion efforts and not necessarily retention, according to MSNBC.
"Surveys heading into the year suggested that businesses were ready to deploy cash to invest in labor and capital, and the year has created a lot of uncertainty that has businesses remaining cautious in doing so," explained economist Brian Levitt, according to the source.
Benefits consultants may want to put staff at ease by explaining what, if any, impact the crisis may have on business and on their employee benefits. Those headed for retirement should be advised not to panic, but to diversify conservatively, so that they may be more equipped to weather financial storms, according to CNNMoney.
