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BusinessHub

SWBC's BusinessHub blog is a one-stop resource for business owners and company decision makers.

 

Improving Your Employees' Experience Without Breaking the Bank

Though trends often come and go, cost-saving movements tend to gain momentum and stick around—particularly for businesses. One area frequently targeted for savings by employers is employee benefits. It’s easy to see why companies are trying to reduce costs: according to the U.S. Department of Labor, employee benefits account for about 1/3 of total spending on employee compensation.

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Controlling Healthcare Costs Through Transparency and Open Communication

It’s no secret that healthcare costs are on the rise. In fact, they have consistently risen over the last several years, with employee benefits comprising nearly 1/3 of total employee compensation-spending, according to the U.S. Department of Labor.

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The Benefits of Understanding Your Workforce

As a business leader, you have the power to support your employees in their quest for better health by implementing some proven methods that promote healthier employees, which means lower healthcare costs, less absenteeism, and higher productivity.

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[Case Study] Hill Country Pain Associates

Laura Paredez, Director of Business Services for Hill Country Pain Associates (HCPA), manages the day-to-day operations and activities, and ensures that the business is run financially sound. In her role, Laura oversees all matters from vendor management to payroll administration. With a practice of 27 full-time employees and one part-time employee, HCPA brings with it its own set of employee considerations, of which by no means falls short of HR-related inquiries.

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5 Steps to an Effective Benefits Communication Program

Offering your employees competitive health benefits is only half the battle. After you’ve shopped around to find a plan that works for your business, your employees, and your budget, the next obstacle you face is effectively communicating the plan benefits to your employee base. It can be a time-consuming task so we’ve compiled a list of helpful tips and best practices to help you streamline the success of your benefits communication program.

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Make Financial Education Part of Your Employee Wellness Plan

As you probably know, one of the most valuable and popular benefits you can offer employees is a company-sponsored retirement plan. Assuming you provide your employees with the opportunity to save for their future through a corporate retirement plan, there’s just one problem: according to the Pension Rights Center, only about half of American workers are participating in an employer-sponsored retirement plan. Unfortunately, many U.S. workers feel so overwhelmed by existing debt, bills, and household financial obligations that they are unable to find funds to save in their company’s retirement plan.

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How to Save Up to 15% on Employee Healthcare Costs

Running a small businesses can be tough. Between staffing, compliance, policy creation, managing payroll, financial reports, and the 2,000 other things you have on your plate, sometimes the time you have “left over” (if there’s even such a thing) is marginal, at best. Consider the ins and outs of your responsibilities as an employer which include ever-changing regulations as they pertain to employee benefits, and well, you have yourself a recipe for stressed-out-losing-sleep-can’t-concentrate-on the-big-picture disaster. Welcome to running your own business!

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Is Value-Based Care Right for Your Company?

The United States spends over 18% of Gross Domestic Product (GDP) a year on health care. The rate of growth in healthcare costs has become unsustainable and employers are now searching for innovative ways to reduce costs while providing competitive benefit programs for their employees.

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Reference-Based Health Pricing

As a business leader who must manage the rising costs of health insurance, what would you say to someone who could offer you a program that provides price transparency while adopting a fair market value approach to costs? Sounds interesting, right? What if that program required a significant up front effort by you, your business leaders, and your employees? Still interested? Reference-based health pricing (RBP) is a healthcare concept that is not particularly new to the industry, but relatively new as a technique that employers can use to help control benefits spending.

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Is Self-Insuring your Health Plan Right for your Business?

Many businesses that offer health insurance plans to their employees may think that purchasing a traditional, fully-insured plan from an insurance carrier is their only option. But depending on your situation, a self-insured plan can reduce your health care costs and provide the flexibility to tailor your plan to the needs of your employee population.

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