A recent survey by Deloitte Consulting LLP, highlights the differences in what business owners and their employees consider as critical workplace issues.
One of the top concerns for business owners is the rising cost of health care and the effects of the recent health care reform legislation. These concerns continue their four-year run as the top concerns for employers responding to the Deloitte annual survey. Most companies have been very active in addressing cost-cutting measures over the last few years. At the same time, most employers are not enacting plans to make changes to the employer-sponsored coverage required by the Patient Protection and Afforadable Care Act. Almost half of the companies responding to the survey indicated they are taking a “wait and see” approach to the legislation’s employer requirements. They have no plans to change their health coverage plans.
For the companies that do have plans to address the PPACT requirements, 17% are readying themselves to simply drop their healthcare coverage and to pay the penalties. 37% plan to maintain their healthcare coverage as long as possible. In addition, 23% are planning on lowering the hours of their part-time employees to be below the threshold to avoid having to provide mandatory health coverage.
The survey indicated that employers are focused on health care coverage, strategies focused on talent and rewards programs.
Conversely, employees ranked concerns about health care costs as fifth overall. Concerns about financial matters, like retirement, inflation, job security and investment performance rank among the top employee concerns.
As a business owner, you have to stay focused on the issues that are pressing on your business. But, at the same time, try to respect the issues that your employees feel are important. The Deloitte survey is showing us that there is a big opportunity for you to distinguish your business through letting your employees know you understand their concerns and that your will do your best to provide useful programs and information so they can make the best personal decisions for their careers and families. The employee concerns mentioned in the survey offer you a chance to review your optional benefit programs to see if they are helping to address what’s on your employees’ minds. For example, do they understand (and are they participating in) any retirement options your company may be offering? Are you offering programs that help employees lower their monthly living costs? Simple things like lining up discounts with local vendors (gyms, cellular phone companies, auto repair, etc.) can help employees feel the company is trying to help them with their financial concerns.
Modern Business Associates is an HR company that focuses on payroll and HR outsourcing. We routinely work with clients on benefits and HR management. As a Professional Payroll and HR outsource organization, our clients rely on us to help them effectively deal with these kinds of topics.