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Posted on May 28th 2019
The Primary Benefits Issue to Solve in 2019
With the recent changes to health care laws, many small business owners are getting bogged down with employee benefit concerns. The Affordable Care Act hiked employers' total bill, forcing many to pass on costs to their employees. Businesses that didn't lose employees as a result are now facing the question, "what else can you offer to make up for this hit?"
Health care is just a single aspect of the benefits employees are looking for when joining a new company. There's an even bigger issue that's affecting small businesses' ability to attract and retain talent:
Not understanding what their workforce cares about.
Mismatched staffing and benefits packages have been common over the last several years as employers have tried to maintain promises to an older existing workforce while attempting to attract younger generations to their ranks. Bridging the gap has proven difficult for many, unsure of whether to continue their 401(k) program or reroute funds into more PTO and free lunches.
Unfortunately, there is no silver bullet. With so many aspects of workplace dynamics in flux and new benefit trends popping up all over the country, the only way to ensure your benefits support your workforce is to do some digging.
Who are your benefits suited to serve? Does that profile match the people you currently employ?