Good employees are the backbone of a thriving business, which is why so many owners want to provide their staff with the benefits they need and deserve.
Most businesses will renew their employee health plans come January 1, 2020. Unfortunately, premiums and cost increases are often higher for small and mid-sized employers that lack the bargaining power of the big corporations. Small businesses can end up paying eight to 18 percent more than large firms for the same health insurance plans, according to the National Conference of State Legislators. Health insurers may also charge different premiums to small employers based on the employers’ industry or employer’s health claims. Healthcare benefit costs in the US are expected to rise by at least 6.5 percent in 2020 at nearly double the rate of general inflation. It’s a rough market.
Now I’m done with the statistics, what’s the solution? Every situation is different, but there are some new creative ideas available to small businesses that will allow them to offer a robust benefits package to their employees at a lower cost than you might imagine. Unfortunately, lots of people are currently unaware of these. So, my recommendation is that you give somebody a chance to present some new approaches for your business and see what else is out there ( I know a guy). You never know. What may cost you 20 minutes in time could save your business thousands of dollars and create a happier workforce. Sounds like a wise investment to me.
Tim is hosting the Local First Springfield November Local Social on Thursday 21st at Venue 1929 in downtown Springfield. So, join us and share a drink with fellow business owners, colleagues, and friends as part of our Springfield Buy Local Month celebrations in the run-up to the Holidays!
We’ll also have Ryan from Safe Families to talk about the nonprofit’s current fundraiser and match campaign. Safe Families for Children surround families in crisis with a caring, compassionate community. The organization keeps kids safe from harm, out of foster care and strengthens and preserves the family by hosting vulnerable children and mentoring parents during a time of greatest need.
Attendance is free to members and nonmembers and so is your first drink! Please reserve tickets for headcount.