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Hi I have a small shop & wonder if health benefits is something I can afford to offer my employees. I know there's plans where the employer can pay 50%. I have 3 techs and 1 SA. I really want to retain my good men if I can. Any suggestions would be helpful. Thanks.

Posted
Hi I have a small shop & wonder if health benefits is something I can afford to offer my employees. I know there's plans where the employer can pay 50%. I have 3 techs and 1 SA. I really want to retain my good men if I can. Any suggestions would be helpful. Thanks.

 

To stay competitive in our area and to retain employees we offer 50% payment for health insurance policies.

We also offer 401k and match up to 3%

Posted
To stay competitive in our area and to retain employees we offer 50% payment for health insurance policies.

We also offer 401k and match up to 3%

 

You need to contact one or two local health insurance agent/brokers and let them do a group quote for you. This will give you the ability to decide if it is affordable or not. There are actually a couple of ways of going at this. First, you can do a straight group plan. What some people don't realize is that usually group plans are more expensive if a person is in good health. They are more expensive because everyone in a group has to be covered and because the state will often mandate that certain coverage be included in a group plan that can be excluded from an individual plan (say pregnancy or mental illness). If the agent/broker has the ability to set up a 125 (cafeteria) plan and your employees are in good health one can look at individual plans. How this would work is that the employee funds this with pretax dollars (you can contribute as well). The policies can then be set up on what is called a list bill and they are billed to your company but you pay the premiums out of their 125 plan dollars. Someone who does volunatry benefits can help you on this one. If you will tell me what state you are in I may be able to put you into contact with someone.

Posted
I am in NY. I would like to which health insurance companies are affordable, would also like info on how to offer 401K plan. Thanks!

 

NY is a tough market for insurance but I'll see if I can find someone who can help you.

Posted

There are so many choices out there today. To offer health insurance or any benefit you need to speak to the right advisor. Ask our your area, other businesses or other local shops for names. If there is a local Chamber of Commerce of other organization, they can help with a few names. Do your homework, it will pay off.

  • 2 weeks later...
Posted
The are restrictions with this plan. Like income level and if you ever had insurance before, you are not ellegible.

No kidding, I did not know that..... :huh:

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  • Have you checked out Joe's Latest Blog?

         0 comments
      It always amazes me when I hear about a technician who quits one repair shop to go work at another shop for less money. I know you have heard of this too, and you’ve probably asked yourself, “Can this be true? And Why?” The answer rests within the culture of the company. More specifically, the boss, manager, or a toxic work environment literally pushed the technician out the door.
      While money and benefits tend to attract people to a company, it won’t keep them there. When a technician begins to look over the fence for greener grass, that is usually a sign that something is wrong within the workplace. It also means that his or her heart is probably already gone. If the issue is not resolved, no amount of money will keep that technician for the long term. The heart is always the first to leave. The last thing that leaves is the technician’s toolbox.
      Shop owners: Focus more on employee retention than acquisition. This is not to say that you should not be constantly recruiting. You should. What it does means is that once you hire someone, your job isn’t over, that’s when it begins. Get to know your technicians. Build strong relationships. Have frequent one-on-ones. Engage in meaningful conversation. Find what truly motivates your technicians. You may be surprised that while money is a motivator, it’s usually not the prime motivator.
      One last thing; the cost of technician turnover can be financially devastating. It also affects shop morale. Do all you can to create a workplace where technicians feel they are respected, recognized, and know that their work contributes to the overall success of the company. This will lead to improved morale and team spirit. Remember, when you see a technician’s toolbox rolling out of the bay on its way to another shop, the heart was most likely gone long before that.
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