Businesses today are trying everything to retain and acquire the best talent. From free alcohol to paid vacation expenses, companies have tried to create a work environment that their employees would love. Even though these fun perks are great to have, it’s not a substantial reason for a quality employee to stick with a company.
So what is? Continue reading
ACA open enrollment has just begun, and people across the nation are trying to find coverage for next year. The ACA has been on everyone’s minds as people are facing premium increases that are damaging their budget. Also, it doesn’t help that large insurers have left the exchange, which leaves people uninsured until they find another coverage. That said, the ACA hasn’t received much attention for some of its other changes. These changes relate to the ACA regulations, which greatly influence small business owners and entrepreneurs. Therefore, here are some of the ACA adjustments that employers must know to keep their business running smoothly. Continue reading
With higher premiums and insurance carriers leaving the ACA exchange, some people are frustrated with their health care costs. The volatile insurance market has greatly affected businesses that offer benefits and those that planned on offering employee benefits. Large corporations may be able to cope with the changing health care rates, but many small business owners and entrepreneurs are suffering from them.
For that reason, we wanted to share the different plans that small to mid-sized businesses can utilize to cut their health care costs. Hence, we analyzed the three common health plans that businesses use to offer employee benefits: the fully insured (fully-funded) health plan, the self-insured (self-funded) health plan, and the level funded health plan.
Looking to improve the culture in the workplace? Well, one excellent method to improve the work environment is to offer unique perks and benefits to employees. These special benefits can help retain and acquire top employees while improving employee spirit. That’s why so many large corporations like Netflix, Google, and Facebook have established these unique perks. Some of these benefits require a lot of funding, while others are relatively cheap. Either way, here are 5 benefits that business owners should try to utilize.
With the open enrollment deadline quickly approaching, we thought you’d appreciate a breakdown on the pros and cons of a health savings account (HSA) and a flexible spending account (FSA). These accounts can be provided by your employer, so you have money to spend on your medical expenses. Although they may have similarities, you want to choose the account that’ll save you the most on your healthcare costs.
So let’s start off by breaking down the HSA and FSA, to better understand them. That way, you’ll be able to comprehend the differences between them to help you choose the right fund for you. Continue reading
Small business owners have a lot on their hands, when it comes to running their business efficiently. From marketing to accounting, the business owner needs to take care of all of the responsibilities required to keep his business afloat. That being said, these entrepreneurs can’t handle all of the business tasks, there’s just too many responsibilities.
Many sole proprietors try to alleviate some of their responsibilities and hire more staff or outsource their tasks. That way, they can focus more on the core aspects of growing their business, instead of the busy-work that needs to get done.
One of the most common problems that small business owners have is their payroll management. Payroll can be a serious nuisance if you’re trying to grow your business, and there are plenty of aspects about it that entrepreneurs can complain about.
But I’ve narrowed down the 3 most annoying payroll issues that small business owners must deal with. Continue reading
Health insurance rates are skyrocketing in various parts of our nation, and some places won’t even be able to find coverage due to the lack of insurers in the ACA exchange. Health care has become a trending and controversial topic, and consumers are starting to worry about being able to obtain coverage for the next year. It also doesn’t help that the ACA is pressuring everyone to acquire health insurance due to its monetary penalties.
Well, due to increased health care expenses, business owners are starting to reduce their benefits plan or even get rid of it altogether just to save money. Then, it creates a conflict of interest between the employee and employer because employee benefits is a major component in acquiring and retaining top talent.
But what if I told you there was a way for the employer to save money and support employee wellness?
When I was 5 years old, I remember believing that one day I would be running my own business. I had it all planned out. It was going to be a candy store with all types of chocolates, lollipops, cookies, brownies, s’mores, basically you name it, and I’ll have it. If you couldn’t tell, I probably had the largest sweet tooth in the world.
Besides the fact that I was merely a child when I thought of this idea, I had no clue how to run a business or what I would need to start one. 20 years later, and my vision of one day creating my own candy store is nothing but rubble.
Why? One word – compliance. Continue reading
Believe it or not, hiring is similar to dating. At first, you ask general questions to see if he/she has any traits that you’re looking for. Then, after a long period of time (usually), you decide to take the relationship to the next level.
Now, think of the “next level” as the job offer that a business owner makes during the hiring process. Like a relationship, the process of hiring a new employee takes time, energy, and money.
That being said, a lot of employers don’t take recruitment as serious as they should. I’ve heard way too many stories of small business owners who hired a new employee, only to have him/her leave after a couple of months. This is the last thing that any employer would want.
That’s why I’m here to share the 3 biggest hiring blunders you can make for your small business, so you can improve your hiring procedure:
A couple of years ago, I once worked for a prestigious company with a well-established reputation for its services. I was given a full-time job with a health salary, full benefits, a 401(k), and 2 weeks of vacation time. It was a job that every fresh-out-of-college student would want to receive right after graduating. Six months later, I left the company.
There were several reasons why I chose to leave, but the biggest reason for my departure was due to its workplace culture. I was constantly surrounded by snobby, negative employees who always seemed to belittle their co-workers. Most employees were constantly criticizing one another for the smallest things, some of which had nothing to do with work. Tensions were so high that at one point, an employee stormed out of his manager’s office yelling, “F**k this place, I don’t deserve to be treated like this!”.
Even though I was admired by friends and family for working at this well-known firm, I knew I couldn’t stay for long. Next thing you know, I gave in my two weeks notice and never turned back.
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