As a small business owner, you greatly value your employees. That’s because you know them individually. Your company may only have 15 employees, but your employees are diverse; a handful of employees over the age of 50, some that are just starting families, and others that are young adults fresh out of college. You want to offer them the best employee benefits you can, but their needs are all different.
Health insurance is a critical aspect of a business - not only for the employee, but also for the employer. Nearly all small business owners consider offering health benefits to cover themselves, their family, and their employees. After all, health benefits are a powerful tool to recruit and retain quality employees.
Think back to all of the different managers you’ve had in your professional life. There’s a good chance you've had some of the good managers, and some of the bad managers. There's also a good chance you've had one of the few great managers you'll never forget. These types of managers helped you become the professional that you are today. Exceptional managers aren’t just nice to have around, they are the difference between a successful company and one that performs poorly.
Health benefits are the number one fringe benefit, and yet while nearly all (98%) of larger employers offer health benefits, only 46% of medium and small employers offer health benefits. The smaller the employer, the less likely they are to offer health benefits. Of micro employers (3-9 employees), only 44% offer health benefits. So, why do small employers offer health benefits?
Hiring employees for your small business is similar to grocery shopping - it’s not something you necessarily love to do, but it has to take place. But, what if hiring was an enjoyable experience for you? What if you knew how to hire right the first time and it resulted in low turnover? Just as a trip to the grocery store can be a good experience given the right circumstances, so can hiring if you know how to do it. Here are some things you’ll be glad to know for the next time you get to hire.
America loves a good underdog story- the little guy going into the unknown and somehow coming out on top. This is the story of thousands of small businesses all over the country that are performing admirably in their respective - sometimes very difficult - situations. Many of these small businesses work tirelessly to find new ways to succeed, and achieving high employee retention remains a difficult battle for small business employers.
Small businesses are significant economic movers in the United States. Approximately 54% of all U.S. sales and 66% of all net new jobs come from businesses with fewer than 100 employees. In fact, according to the Census Bureau, companies with fewer than 100 employees comprise 98 percent of existing U.S. firms.
We’ve released our book The End of Employer-Provided Health Insurance, which discusses the obvious solution to our nation’s employer health insurance woes - employer-funded individual health insurance. The book is available via all major retailers including Amazon.com and BarnesandNoble.com. This article is part of an on-going series of articles on The 10 Reasons Group Health Insurance is Bad for You, Your Family, and Your Company. The tenth reason group health insurance is bad for you, your family, and your company is because it is bad for America - it’s the top reason U.S. Healthcare costs are almost $4 trillion, approaching one-fifth the size of the U.S. economy.
We’ve released our book The End of Employer-Provided Health Insurance, which discusses the obvious solution to our nation’s employer health insurance woes - employer-funded individual health insurance. The book is available via all major retailers including Amazon.com and BarnesandNoble.com. The book will be featured at Barnes and Noble on 5th Avenue in New York City for the months of November and December. See below for a few pics!
Disclaimer: The information provided on this website is general in nature and does not apply to any specific U.S. state except where noted. Health insurance regulations differ in each state. See a licensed agent for detailed information on your state. Zane Benefits, Inc. does not sell health insurance.