This week on Small Business Big World: Benefit Plans for Small Businesses – An interview with Connor Kennedy
This is Small Business Big World, our weekly podcast prepared by the team at Paper Trails. Owning and running a small business is hard. Each week we’ll dive into the challenges, headaches, trends, fun and excitement of running a small business. After all, small businesses are the heartbeat of America and our team is here to keep them beating.
Listen to the full episode here.
Understanding the challenge of small business benefit plans
Running a small business comes with its own set of challenges and worries, especially when it comes to offering good benefits to your employees without breaking the bank. It’s a tough balancing act: you want to keep your team happy and healthy, but you also need to watch your budget closely. If you’ve ever felt overwhelmed by this, you’re not alone. At Paper Trails, we truly understand these challenges, and we’re here to help you find your way through the maze of payroll, HR, and small business management without losing sleep.
In this podcast episode, we will walk you through some smart strategies to manage employee benefits effectively. We were joined by Connor Kennedy from Acadia Benefits, who has a lot of experience in helping small businesses like yours. By the end of this, you’ll have a clearer idea of how to offer great benefits without stretching your finances too thin.
Aligning benefits with company culture
Connor starts by discussing how exciting yet stressful it is to pick annual benefits. He believes it’s crucial to choose benefit plans that reflect your company’s values and culture. This is important because the benefits you offer play a big part in attracting new employees and keeping the ones you already have. Connor explains how the age and health of your employees can affect the cost of insurance and goes over different types of health plans—like PPOs, HMOs, and POS plans. Understanding these can help you make smarter choices that could save you money while still covering your team’s needs.
Strategies for managing healthcare costs in small business benefit plans
Next, Connor shares some tactics to help keep healthcare costs down. He talks about using Health Reimbursement Arrangements (HRAs) to help employees pay less out of their own pockets for medical expenses. He also mentions wellness programs that can make your workplace happier and healthier, which is good for everyone. Offering several types of plans is another tip, so each team member can find something that fits their budget and healthcare needs.
Affordable employee benefits that add value
Then, we touch on affordable benefits that are still really valuable. For example, he mentions insurance for accidents or critical illnesses and hospital stays that don’t cost much but are appreciated by employees. Other perks like stipends for apps or group rates for home and auto insurance can also make a big difference without costing a fortune. Plus, options like saving accounts for emergencies and online doctor visits can help your team feel secure and supported, even if they work part-time or have a temporary contract.
Exploring cost-saving alternatives for small businesses
Towards the end, the talk shifts to how small employers can navigate health insurance complexities. Connor explains options that are tailored for smaller teams, offering flexibility and potential savings. He also discusses the rising costs of medicines and how understanding this can help you manage how much you spend on health benefits.
Conclusion
In conclusion, the insights shared in our discussion with Connor Kennedy on this week’s episode are designed to empower you, the small business owner, with the knowledge to offer great benefits while managing costs. We hope this interview helps you feel more confident and equipped to support your team’s health and happiness. Remember, at Paper Trails, we’re passionate about helping small businesses thrive, not just survive.
This podcast is a production of Paper Trails. We are a payroll and HR company based in Kennebunk, Maine, and we serve small and mid-sized businesses across New England and the country. If you found this podcast helpful, don’t forget to follow us at at Paper Trails Payroll across all social media platforms and check us out at papertrails.com for more information. As a reminder, the views, opinions and thoughts expressed by the hosts and guests alone. The material presented in this podcast is for general information purposes only and should not be considered legal or financial advice. By inviting this guest to our podcast, Paper Trails does not imply endorsement of or opposition to any specific individual, organization, product or service.