After a great year, giving back to your employees can be very beneficial for your business. CNBC cites that “more than half of small business owners say that offering a [retirement] plan helps attract better employees.” A profit sharing plan is one way that you can use your business’ financial success to you and your employees’ benefit.
Every day (well, at least Monday through Friday), I get a chance to meet with small business owners. Some of these business owners started their company because no one would hire them. Some started because they were tired of working for someone else. Some because they saw an opportunity to do what they wanted to do and how they wanted to do it. Many found a niche doing something no one else was doing and turned it into a lucrative business.
In my travels, I get one common concern from employers that reaches across all industries and sizes: It’s hard to find and then keep good employees.
You’ve heard of all the offerings companies provide to help them address this issue: better benefits, more pay, flex time. The list goes on and on. What’s the best one that’s out there? That obviously depends on who or what you’re looking for.
Flu season is normally bad for businesses, but 2018 may be much worse than usual. The New York Times reports that “this year’s flu season is now more intense than any since the 2009 swine flu pandemic and still getting worse,” which creates havoc both for you and your workers.
You can’t always prevent the flu or stop employees from getting sick, but you can offer them the means to receive quick, affordable attention from a medical professional. Telemedicine is an attractive benefit that gives employees 24/7 access to physicians via phone, video, or internet chat and benefits your business. Here’s why you should consider offering telemedicine to your employees this flu season.
When you run a business in a competitive industry, it can be difficult to find and retain employees. The Society for Human Resource Management conducted a survey and found that “95 percent of HR professionals rated health care as one of the three most important benefits to employees.” In short, benefits are big.
Of course, every prospective and current employee may have different health needs. While a group health insurance plan provides employees with medical coverage, there may be some additional health needs that don’t fall under your base plan. This is where a supplemental insurance plan can give your business an edge in attracting new talent and retaining quality employees.
Small business owners weigh many factors when deciding whether to invest in a group health insurance plan, but oftentimes the decision comes down to dollars and cents. The Kaiser Family Foundation’s 2016 Employer Health Benefits Survey notes that the high costs of insurance premiums are the primary reason why firms won’t offer health benefits. Even for business owners who do offer plans, rising insurance premiums can create a lot of stress and confusion, especially if the owner doesn’t know how these premiums are calculated and how they can manage them.
Employers can have many questions for group health providers, and that includes exactly how much they can expect to spend. Here’s a rundown on what the insurance industry uses to calculate your group health insurance coverage premium, as well as some strategies that can lead to lower costs.
It’s always a good idea to get more information. For a small business owner, that extra information can be the difference between finding the right group health coverage for your business.
Even if you have a good grasp on the basics of group health insurance, it doesn’t hurt to ask a provider a few important questions before you purchase a plan for your business. Here are some key things that you should ask a provider about group health insurance coverage.
Managing health insurance for a business can get complex in a hurry, especially if you’ve never dealt with group plans before. When it comes to offering healthcare coverage, you’ll quickly find that not all health insurance plans work the same way.
Instead of getting overwhelmed, it’s a good idea to step back, take a breath, and start with the basics. Let’s go over what you should know about group health insurance before you start offering plans to your employees.
Towards the end of July, the Republican Party made a couple of attempts to repeal and replace the Affordable Care Act. When the Senate couldn’t pull together a consensus on a replacement bill, they moved forward with a straight repeal bill. Both attempts failed.
Where does that leave a business owner who’s trying to figure what to do about healthcare? Two recent articles help shed a little light on what to expect.
One of the largest contributors to mental health problems in the workplace is stress. Not only are mental health issues difficult to recognize, we also cannot assume an employee’s stresses from everyday life are checked at the door when they arrive at work every morning.
Everyday life stresses coupled with the pressures that work brings could be detrimental to both the employee and the business. This can have serious impact on an employee’s overall health and employers must take the appropriate steps to protect both the employees and the business.
It can be very difficult for small business owners to compete with big companies when it comes to 401(k) plans. Due to their size, large corporations can use economy of scale to their advantage and offer attractive retirement plans that are more affordable due to the size of their employee base.
Small business owners don’t have hundreds of employees to their name, but that doesn’t mean that they can’t have access to economies of scale through other resources.