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BusinessHub

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

 

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 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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The Advantages of Outsourcing Your Payroll and How it Can Help Your Business

In order to be a successful business owner, you must wear multiple hats – each with distinct responsibilities. You must be the Director of Sales – since you best can oversee the marketing of your company to prospective customers. You must serve as the Chief Operating Officer – since as the owner you must manage all aspects of your company’s operations. Finally, you must serve as the HR Director – since ultimately you are responsible for overseeing the countless administrative functions that owners must ensure are performed on an ongoing basis – especially those related to hiring, paying, and supervising your employees.

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Rethinking Benefits

When most employers think of employee benefits, they think of core medical benefits coupled with one or more other ancillary or specialty products such as dental, vision, life, disability, or accident plans. Those are certainly “top of mind” when you jot down a list of benefits employers typically offer. Today, more and more employers are being asked to enhance their program offerings by adding new forms of benefits to the overall benefit platform.

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Kick Your Communication Style into Overdrive: Part 2

As a continuation of our two-part article, Kick Your Company Communication Style Into Overdrive, here are 10 more tips to help you improve your communication skills with coworkers. These 10 tips will help you streamline and boost your communication style. It's important to understand what works for your organization and we hope our tips help you and your coworkers continue to build teamwork and a healthy work environment.

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Kick Your Company Communication into Overdrive: Part 1

Communication—especially in the workplace is critical to a healthy work environment. Whether you’re in management or not, effective communication among coworkers and employees can make or break your working relationships. Face it, we spend more time at work than at home so building healthy relationships with coworkers is key. To help you kick your communication style up a notch, we are giving you 20 simple tips—10 today and 10 more in Part 2 of this article—to help you improve your communication skills and build stronger relationships with your coworkers.

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Pros and Cons of an HDHP for Your Employees

Often when people hear the words "high deductible," they're wary of having to make a huge payment up front, before insurance kicks in and helps pay expenses. Though high deductible health insurance plans are becoming the norm, employees often express concerns about using these plans themselves. If you're considering moving to a high deductible plan or have recently implemented one, here is some information that will help you acknowledge your employees' concerns about costs while pointing out the potential positives a high deductible health plan (HDHP) can deliver.

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Knock Your Annual Performance Reviews Out of the Park

Performance reviews can be stressful for both you and your employee(s), but with proper planning, you can knock your reviews out of the park. Employees want to hear how they are performing on their jobs and what value they bring to the organization, and constructive criticism is key to helping them develop personally and professionally. Keeping an open dialogue helps build your relationship with your employees and builds mutual respect in the workplace. 

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Making Corrective Distributions in Your 401(k) Plan

Do you offer a 401(k) or other retirement plan to your employees? If yes, it's wonderful that you assist your employees in planning and saving for their future! Like many other financial areas in your business, though, your 401(k) plan requires some oversight to avoid trouble and Internal Revenue Service (IRS) penalties. Make sure you familiarize yourself with these rules regarding contributions and the possible need for corrective distributions from your plan.

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Top 7 Mistakes to Avoid with Your Employee Handbook

An employee handbook is a living document for any organization and exists because they set the tone between the employer and employee, acting as a valuable communication piece. Inside every employee handbook, you can typically find historical information about the company, policies, procedures, and an explanation of benefits, among other things.

It is important to create a well-written employee handbook, and regularly revisit the content to ensure it aligns with any new laws or regulations that could impact your organization or employees. A well-drafted employment handbook is able to minimize an employer’s exposure to employment-related lawsuits and increase an employer’s likelihood of prevailing when litigation cannot be avoided. 

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