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To Prevent Loss of Critical Staff, Small Businesses Need To Evaluate Healthcare Benefits

Nearly half of the employees respondents are unsatisfied with their health insurance, according to a survey of 6 million small businesses.

Based on the survey and its own experience, Sunovis Financial, Inc., a small business lender,says employer-provided health insurance is critical to small businesses and suggests what employers can do to prevent employee dissatisfaction.

Sunovis says that employee retention is an important contributor to the growth of small businesses.

In light of another recent study done by the Bureau of Labor Statistics done in February 2012, the number of employees leaving their jobs of their own volition has been on the rise since its low point in 2009, a trend that stems from the impression that in a recovering economy, more jobs are becoming readily available.

To prevent losing employees to large and midsize companies, Sunovis suggests six things that small business owners can do to provide their employees with satisfactory healthcare.

Stay Within Your Budget: This step is particularly important for the small business owner with little extra to spend on employee healthcare. Know how much money your company can afford to spend before you begin negotiations with a broker, and resist the temptation to spend beyond that amount as this may cut into your company’s profit.

Explore All Options: There are many insurance options available to small business owners. Keep in mind that options that may save you as the employer money, such as those with high deductibles, may leave your employees unhappy.  Sunovis reminds employers that in the long run, keeping your employees happy may actually save you money.

Do Your Homework: Make sure you thoroughly research all of your options so that you know what you are purchasing.  Look carefully at all of the details of the packages you are considering.

Consider Tax-Friendly Accounts: Health savings accounts (HSA’s), health reimbursement arrangements (HRA’s), and flexible savings accounts (FSA’s) are accounts that use pre-tax dollars to pay for medical expenses, and will leave employees satisfied while putting minimal strain on your bank account. If you properly educate your employees on this form of healthcare, this can be looked upon as a nice perk for both employee and employer.

Offer Multiple Options: A healthcare package that satisfies the medical and financial needs of one employee may not satisfy the needs of another.  Offer your employees more than one option; it shows that you as an employer are flexible and respond to employee needs, which will ultimately lead to happy and satisfied employees.

© 2018, Information Strategies, Inc.
P.O. Box 315, Ridgefield, NJ 07657