By: Brian Berry, PHR – HR Manager @ Palmer Group
On January 1st, 2015, employers with 100 or more full time employees will become responsible for providing eligible employees with health benefits that are both affordable and provide a minimum level of coverage.
Most employers have a plan in place for complying with the new rules beginning next year. With all of the changes and updates to the rules, many employers have had to focus on their operational plans to deal with the changes and be compliant. Now is the time to begin thinking strategically about the changes and how they may positively benefit or impact your business.
- With the current job market, recruiting the right candidate for a job is very challenging. Educating potential employees on your benefit offerings and differentiating yourself from other employers will help the recruiting process and help you attract more qualified candidates.
- Educating current employees on the changes and how their benefit plan applies should help to retain key individuals in your organization.
- Effectively managing the extra cost of compliance may help you beat your competition in pricing.
- As a vendor, complying with the new regulations will put your company in a more positive light with clients.
- Paying attention to potential business opportunities being exposed by the new regulation may help drive higher revenues over the next few years and help offset any potential additional cost that you may experience.
Whether you agree with the new regulations or not, now is the time to look at the positives and what you can do as a business to get in front of the ever changing environment we are all experiencing. Keeping an eye on opportunity during a potentially challenging change for businesses may prove to benefit your organization in the long run. Strategic thinking and planning around the Affordable Care Act will help you beat your competition to finding, attracting, and retaining the best employees along with increasing sales.
If you have questions regarding the Affordable Care Act, please feel free to contact the professionals at the Palmer Group (515)225-7000 to learn more.