The Science Of Caring For Your Employees

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16 May 2017. A survey conducted by the National Federation of Independent Business found that of the 20,000 members asked, 52.3 percent said that the cost of health insurance was a critical issue for their business. It is no surprise, especially when you consider how the cost of premiums has increased so much in recent years. In 2001, the average premium for an individual health insurance policy was $2,889 per employee. Adjusting for inflation, that would be $3,886 today. However, the real cost today is greater than the rate of inflation: $5,963. This sort of increase is difficult exactly because the cost has increased way beyond the rate of inflation. The extra money will have to be found somewhere, and that place is most often one’s profits.

Since Donald Trump became president, many people have been concerned about the state of American health care. His AHCA (American Health Care Act) recently passed the House of Representatives and will likely face a much tougher challenge in the Senate. However, it is due to make it more difficult to get covered, and this will result in 24 million fewer Americans being able to have insurance by 2026. It is also going to be more expensive, and this will apply to businesses too. The massive tax cut that Trump announced at around the same time will not cover the added expense for a lot of small business owners so Trump’s plan to deregulate business and allow it to thrive may not be as well considered as one would hope. However, it remains to be seen.

One thing that you can be sure of though is that there are lots of ways that you can continue to look after your employees. While thinking about people’s health in financial terms may seem rather cynical, it is the reality of the modern world. For example, if you spend money to send your employees to go to exercise classes before or after work, they are likely to be ill less, and therefore you will not lose money in reduced productivity. Absenteeism from sick leave costs the US economy $576 billion each year. Another thing that you could do is issue a pedometer to every employee and encourage them to take 10,000 steps a day. You could incentivize them by offering a bonus or a holiday to the person who takes the most steps.

However, there will be occasions when they are unwell and need medical attention. Sending them home or to the hospital is time-consuming and not efficient from a business perspective. For an alternative, see this telemedicine company. You can talk to a doctor over a video link from wherever you are. It is a better system because it is quicker. While technology has not yet become advanced enough to allow for anything more than the doctor looking and asking questions, it is an impressive advance in what is a relationship that has not changed much over time.

Lastly, the environment in which your employees work is important. Investing in chairs with lumbar support and making sure you have air conditioning are both things that could save you money in the long run.

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