One of the ways to keep good employees is to offer good employee benefits, such as health and life insurance. The ACA requires small businesses with more than 50 full-time employees to offer a qualified health plan to eligible employees, ensure that the health plan is affordable and to complete the required paperwork for the IRS. This may seem like a daunting task, especially if you don’t have a full-time HR person on staff. But there are many guides that can help you through the process.
Health Benefits That Benefit Small Businesses In Sonoma County
From finances to management and employee retention strategies, getting a grip on the ins and outs of running a business is no easy feat. One great way to establish an incentive for strong, dependable employees to remain working for your company and to attract additional high-quality workers is providing employee health benefits.
Health Care Laws
Businesses throughout the state of California and Sonoma County that have 50 or more employees are bound by the federal Affordable Care Act, which legally requires these companies to provide their workers with good and reasonably priced health insurance. However, if your business employs less than 50 people, then providing employee health benefits may still be beneficial to the advancement of your company, even though it may not be required by law.
Improve Employee Morale Through These 5 Steps
Part of having a successful business involves having employees who enjoy showing up to work each morning. Improving employee morale is a great way to increase productivity and have more revenue coming in. There are plenty of ways to give your workers a much-needed boost in happiness.
1. Conduct Happiness Surveys
Your employees may not go to you on their own to tell you how they really feel. Therefore, it is advantageous to send out satisfaction surveys once every few months to see if there are any ways you can improve. You can have these surveys be anonymous, so no one feels dissuaded from telling you their true thoughts.
2. Offer Competitive Health Benefits
Employees want more than just a base salary. They want health coverage for themselves and their families. They want paid vacation time and sufficient sick leave. There are plenty of health insurance options for small businesses. The amount you invest into employee benefits is more than made up for in increased productivity and reduced employee turnover.
3. Build a Strong Company Culture
Although traditional perks, such as health insurance, are great, you also want to offer employees something they cannot get anywhere else. A sense of camaraderie and becoming friends with coworkers is something not every business can manage. Creating a true company culture fosters better communication between departments.
4. Hire People for the Right Roles
You may hire someone for a specific position only to discover that he or she would be better off in a different role. Do not be afraid to change things to improve company processes. Additionally, if you realize a certain hire was a mistake, then it will be in your best interest to simply let that individual go rather than continue having inefficient processes running at your company.
5. Invest in Training
Far too many businesses simply hire new people and set them off to the races immediately without adequate training. Take the time to acclimate new hires to your corporate environment. Introduce new hires to as many people as you can to foster more relationships. When you set an employee off on the right foot, there is a far greater likelihood of longer worker retention.
For more information on how to give your employees a great health insurance package, get in touch with Sackett & Associates Insurance Services. Our team members can give you a quote when you call us at 707-823-3689. You can also stay up-to-date with all modern insurance practices by subscribing to our mailing list, liking us on Facebook and following us on LinkedIn.
Make Sure Everyone at Your Company Knows About Their Employee Benefits
Offering a comprehensive health insurance plan is only the beginning. As an employer, you need to educate your workers about what exactly the plan entails. Providing employee benefits is a great way to improve worker retention and morale, so do not invest in a plan only to have your employees remain unsatisfied.
Offer In-Person Advice
You do not want to give your employees a stack of papers outlining the plan without giving them an opportunity to ask questions. You and your broker can hold a seminar with everyone in the conference room to go over the plan and open the floor to inquiries. It can be beneficial to host these chats during open enrollment when you are reviewing potential new plans.
Seek Out Employees’ Opinions
You do not want to simply select a random health insurance policy. You want something that works ideally for the type of workers you have. Therefore, when open enrollment comes around, you can send out surveys to your workers asking their opinions on how satisfied they have been with their health coverage so far. If they are pleased, then you can probably keep things the way they are. However, you may also receive constructive criticism on how the plan could improve. You can make these surveys anonymous, so no one feels self-conscious about what they write.
Utilize a Mix of Digital and Print Media
You can keep your employees abreast of the latest offerings by utilizing text messages, email updates and physical documents. Texts are great for reminding workers of impending deadlines concerning coverage. Emails can have more detailed messages, and you can implement various forms of mixed media. For example, you can create educational how-to videos on how employees can sign up for coverage on their own.
However, you do not want to neglect the power of paper. People may not always have access to a phone or computer. Physical documents are especially helpful when an employee wants to review a policy with a family member. Print materials are also good for particularly large businesses where not everyone will have a specialized work email. Through using email, text and paper, you guarantee that everyone will have some way to learn about the plan.
Get Assistance With Sackett Insurance Services
Sackett & Associates Insurance Services makes the health insurance acquisition process as simple as can be for employers and employees alike. Business owners in the Sonoma County region can reach out to us through our online form. You can also follow us on Facebook and LinkedIn to stay informed about changes to the California insurance system.
Understand the True Cost of Not Offering Employee Benefits
If you’re a small business owner, you might feel you don’t have the funds necessary to offer employee benefits. That being said, not offering at least basic coverage can cost you more than just money. Here at Sackett & Associates Insurance Services, we’d like to take some time to break down just how much and what you have to lose by not offering your workforce health insurance, no matter how large or small your organization is.
The Financial Cost
Companies that don’t offer group health insurance are more likely to lose employees to companies that do. Depending on the salaries offered and the number of employees you lose, your financial losses could ramp up into a couple hundred thousand of dollars to recover from the loss as well as replace those employees. Something else to think about is the fact that that number can increase the longer a position goes unfilled.
The Productivity Cost
In addition to the monetary costs, there’s also the cost in productivity companies have to think about. Without the necessary number of employees needed to keep things up and running in your company, productivity can take a serious dip, and your other employees might have to take on more duties, which can impact their overall productivity as well.
Even if your employees don’t have to take on the duties and roles of other employees, they might feel the financial stress of not having access to proper health insurance. If the employee has a current health issue that could be better and easily taken care of with health insurance, his or her work performance might suffer due to the individual being unable to perform at her or his best at work, or by worrying about how much it costs to receive proper treatment.
An Ill-Advised Solution
Rather than endure the cost of not offering employees benefits, some companies opt to increase wages and suggest team members spend the bump in pay on paying for their own insurance. While this might seem like an ideal solution, one problem is there is no guarantee the employee will undoubtedly spend that extra money on personal health insurance. There’s also the fact that this workaround often costs the company in payroll taxes.
To learn more about how you can successfully offer your employees group health insurance and retain their talent, contact Sackett & Associates Insurance Services by calling 707-823-3689. You can also like us on Facebook, find us on LinkedIn and sign up for our blog.
Group Health Insurance and Employee Retention
When you have a small business, it's essential to hire the right employees: people who work hard and are dedicated to your company and mission. One of the ways to find and recruit these high-quality workers is to offer the right benefits. Certain employee benefits, such as group health insurance, competitive wages, and perks, are proven to have a significant effect on a company's ability to hire and retain hard-working, happy employees. Read on to learn how to structure a benefits package that will support your employees without breaking your budget.
Wage increases can improve employee morale and can also help you during recruitment. With the onset of online recruiting and tools, such as Glassdoor, that enable candidates to view average salaries for their industry and locale, it's more important than ever to keep your compensation competitive.
Retirement and Education Benefits
Many employees rate retirement and education benefits high on a list of favorable offerings. With the difficult economy of recent years, more young people are placing value on retirement benefits, such as a employer sponsored 401(k). Likewise, educational benefits are extremely important. Research shows that employer support for education, through career development opportunities, professional training, or tuition reimbursement, is extremely important to employees. One survey found tuition reimbursement tied with salary increases for second place (behind more vacation time) in a list of most-desired benefits.
You can improve your current employees' morale and help attract up-and-coming candidates through unique perks. Transportation benefits and Bring Your Own Device programs can help make your company seem adaptable and thoughtful.
Group Health Insurance
Of course, one of the most important employee benefits is group health insurance. The rising cost of health care makes this an extremely important issue for most people. Providing this benefit to your employees can bring other advantages for your company as well, including a healthier and more loyal workforce.
Creating the Right Benefits Package
If your company's budget doesn't allow for a comprehensive set of employee benefits, you may try an alternative you may try an alternative such as supplemental insurance options, self-funded plans, FSAs or HSAs.
Sackett Insurance Services can help you find the right health insurance coverage for your employees. Since we operate independently, we can offer small business employee coverage from multiple private-sector providers as well as through the California health exchange. To get started finding the right health insurance benefits for your company, contact us at 707-823-3689. You can also connect with us through social media: Facebook, google+, and our blog.