Staffing Healthcare Costs Top Employer Concern
Business owners and top executives face a myriad of challenges in handling both the day to day and long term health of their business. The health of their business encourages growth, and hiring new employees. As a staffing agency, these business trends and concerns matter- they can determine whether a company chooses to hire new employees. But what exactly are their top concerns right now?
Among retaining employees, economic concerns, and talent gaps, healthcare costs for employees ranked as one of their top concerns. In a poll of senior executives by a national staffing firm, 55 percent named healthcare benefits as their biggest current business challenge, according to Reuters. This is a relatively new trend- healthcare’s position at the forefront of employers concern is new. A survey in 2007 found only 35 percent of employers cited healthcare as their top worry.
Part of the reason is the impending healthcare reform. Most states stalled implementing the reforms until after the elections, and business owners have done so as well. A third of the polled executives said they are holding back hiring due to the health reforms introduced.
Part of the reason could be general uncertainty about the healthcare reforms. According to the Denver Post, almost 78 percent of small employers were not familiar with health insurance exchanges and how they could impact their business.
However, there is positive for the staffing industry. Despite the uncertainties, owners are optimistic about growing their business. Now that the presidential elections are over, hiring is expected to pick back up again. Among industries seeking workers are manufacturing, retail, e-commerce, and the auto industry. And, once healthcare reforms begin to take effect, business owners will be able to adjust their business accordingly.
World Wide Specialty Programs has always had a singular purpose – to design, develop and provide Staffing insurance products for the staffing industry. Our method is simple: track those changes; listen to emerging needs, and respond. We work with over 2,000 insurance brokers nationwide. We know the staffing industry better than anyone. Contact us today for more information about our staffing insurance programs.