Since the health care reform conversation really took off several years ago, business owners have tried to understand how they would be affected. Now that the Affordable Care Act has been around for more than a year, small businesses are still learning how to adapt to the new regulations.
For small business like carwashes, every expense can add up and affect their bottom lines. While these operators may be tempted to cut costs as much as possible, the Washington Post cautions that employee health plans must be given special consideration because of the large impact benefits have on employee quality.
“By taking a more broad-minded and long-term approach to health insurance and other benefits, you can change the dynamic of how you compensate employees, how you retain talent and, most importantly, how that all translates into higher value for your company and maximize profit in a future sale,” states the article.
According to the article, a few things to consider as you decide what to include in your workers’ benefits packages include:
- Ditch low co-payment plans in favor of large deductible programs that offer “employee incentives to garner lower premiums and encourages employee awareness, accountability and more flexibility with how they spend their benefit dollars.”
- Lower your corporate costs with voluntary benefits for other programs like life insurance and disability, notes the article.
- Research dual dental programs for a more comprehensive option, encourages the article.
- Offer a 401(k) plan, reports the article. Even if your company doesn’t match contributions, this can still benefit employees. You can even offer a plan with a small contribution and make it immediate entry so workers benefit instantly.
- Don’t view wellness programs as an expense; consider them a benefit, reports the article. You will build a healthier, more engaged workforce.
New rules and regulations can be difficult to adapt to, and the health care law is no different. However, the law can also be used to your advantage to create more accountable, stronger employees, shares the article. Maintaining good workers is cheaper than constantly hiring new ones.
“Offering a richer program – one that can benefit employees no matter how they plan to use those benefits – will set your company apart from the competition and enhance both employee recruitment and retention,” adds the article.
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