Employee Benefits

August 30, 2023

How to Prepare for a Retiring Workforce

10,000 Americans reach 65 every day. While the average age of retirement has increased over the past three decades, health, family, and financial considerations serve as the major triggers for leaving the workforce. Regardless of the reason, losing an employee with deep knowledge and experience can be a difficult blow. With the lack of qualified people available for hire in the home improvement industry, the impact on your business can be even greater. How do you prepare for a retiring […]
July 19, 2023

A Health Insurance Option for All Kinds of Employees

With shrinking candidate pools being the top concern for the home improvement industry, employers are having to be flexible with their definition of “employee”. While part-time, varied hours, apprenticeship, etc. positions are becoming more common these days, the demand for benefits has not changed. Fortunately, the ICHRA program provides an employer health insurance option that offers many employee classifications the benefits they seek. ICHRA Overview This program launched in 2019 allows employers to contribute pre-tax dollars for employee health care. […]
July 12, 2023

Applying Shifting Employee Expectations to the Home Improvement Industry

Quiet quitting, remote work, flexible schedules and inclusive environments are just a few examples of the recent vocabulary of employment these days. These new words reflect shifting employee expectations which small and large businesses alike must contend with. The home improvement industry faces some challenges in adopting the way people want to spend their working hours. The fact is, to have something built, repaired, designed, etc., someone has to show up to do it. How can businesses like yours balance […]
June 26, 2023

Is There a Value to Offering Employee Assistance Programs?

If you have been shopping for employee health benefits, you may have been hearing about Employee Assistance Programs (EAPs) and the value they can bring to your employees. But at the end of the day, business decisions must have value for the business too! Turns out there are many bottom-line benefits to offering an EMP to your team. According to the US Office of Personnel Management (OPM), an EAP is “a voluntary, work-based program that offers free and confidential assessments, […]
June 12, 2023

Employee Benefits that Support a Positive Culture

Some of our most recent blogs have noted the importance of positive company culture in attracting and retaining employees. While you might initially think of ping pong tables and happy hours, it is actually structured employee benefits that play the largest role in sustaining a supportive work environment. Which ones are most important to employees? Take a look below. Recognize Good Work According to GreatPlaceToWork.com, having a measurable and consistent program for rewarding employee excellence demonstrates that your organization values […]
May 31, 2023

How Small Employers Can Compete with Large Employers for Workers

According to the Wall Street Journal, the current construction boom plays a large part in creating the lowest unemployment rates we have seen in the last 50 years. With both commercial and residential construction spending continuing to rise, it’s no wonder that the competition for employees is fierce. As a local business, it may seem impossible to attract and retain a workforce when you are up against larger or national competitors. Below we offer some tips on how small employers […]
April 20, 2023

Attracting Employees in 2023

In the Builders Association of Greater Indianapolis’ January 2023 State of the Industry Report, members of the home improvement industry found many things to be optimistic about. Low new and existing home inventory, increasing household formation and growing interest in new homes by the two largest population segments – millennials and empty nesters – create a positive landscape for business in 2023. BAGI sees current negative market conditions as a correction, not a recession, with continued opportunities for builders, remodelers, […]
April 5, 2023

Employee Health Insurance Option You May Not Know About

As a business owner, you face many issues competing for your time, and employee health insurance may not get the attention it needs. However, it is always top of mind for us, so we thought we’d share an option you may not know about which eliminates barriers to offering benefits to your team. ICHRA: An Employee Health Insurance Option You May Not Know About The ICHRA program was launched in 2019 via a rule issued by the US Departments of […]
March 15, 2023

3 Tips to Tackle Employee Challenges Facing Small Businesses

Although the past three years have not been easy, a looming recession, a home-buying slowdown, and historically low employment rates make owning a small business in the home improvement industry even more challenging in 2023. When uncertainty is the theme of the times, small business owners like you often rely upon the ingenuity and grit that drove you to become an entrepreneur in the first place to get you through. However, a business cannot run, let alone grow, without a […]
November 8, 2022

Tips for A Smooth Open Enrollment Season

With the arrival of November comes fall colors, cooler weather, rewinding clocks – and open enrollment! Since health benefits are important to employees, this time of year can be stressful for you and your team. Getting everyone on the same page with cost and coverage changes that are inherent to a new policy year, and then signed up for the right option, is not easy. Below we offer some tips to help you ensure a smooth open enrollment season. Start […]
September 21, 2022

Employee Health Insurance Options Rank #2 on Employee Benefit Expectations

For small business owners, the state of US employment is not a happy subject. A historically low employment rate means increased competition for quality team members. Whether or not your company offers benefits can make or break your ability to attract and hire new people – especially employee health insurance options. Over the past few years, businesses are increasing their benefit offerings to keep up with employee demand. If you are not doing the same, it may mean you may […]
August 18, 2022

Read This Before You Renew Your Employee Health Insurance

Summer vacations are complete, and the kids are back in school – all signs that group health plan renewal letters will soon arrive in your mailbox! According to the Society for Human Resource Management, the expected average rate increase for 2023 employee health insurance will be 5.6%. Even though the rising price tag is under the current 8.5% inflation rate, the home improvement industry has already been hit with higher business costs since the beginning of the pandemic. Rather than […]
July 12, 2022

Balancing Recession Potential with Employee Retention in the Home Improvement Industry

Talk to ten economists and you will get ten opinions about what the economy will do in the next 12-18 months. However, there seems to be some consensus around the idea that a recession is coming, but not the degree. As a small business owner, we know you care more about what’s happening on the ground rather than the halls of policy. The housing market may be set for a bit of a downturn, but the fact remains that there […]
September 9, 2021

Mid-Sized Employers Uncover a New Post-Pandemic Hiring Trend

As we have been talking to Indy business owners over the past few months, they have been noting a new hiring trend in employee recruitment. Pre-pandemic, the gig economy was going strong with young workers looking for a big paycheck and flexibility. Post-pandemic, employers are now finding potential employees want more stability and health benefits – and they will not be hired without them. Businesses with over 20 employees who have relied on independent contractors to fill hiring gaps are […]
August 11, 2021

Small Employers Uncover a New Post-Pandemic Hiring Trend

As we have been talking to Indy small business owners over the past few months, they have been noting a new hiring trend in employee recruitment. Pre-pandemic, the gig economy was going strong with young workers looking for a big paycheck and flexibility. Post-pandemic, employers are now finding potential employees want more stability and health benefits – and they will not be hired without them. Businesses with under 20 employees who have relied on independent contractors to fill hiring gaps […]
July 28, 2021

Looking to Hire? You Need to Offer Employee Health Insurance

How can you grow your business without the workforce to support it? That very question has been plaguing many of our clients during the recent shortage in the labor force. According to the Harvard Business Review, offering flexibility for workers who have to commute and ensuring your salaries are on par with market rates are just two ways you can boost your chances of attracting employees. However, one of the most important things you can do is offer a rich […]
July 19, 2021

When a Level Premium Employee Health Insurance Plan Could Suit Your Business

These days if you have 20-49 employees, offering employee health insurance is expected and frankly, necessary to attract and retain a quality workforce. However, group health plans can be expensive and seem out of reach for small businesses. Here is where a level premium plan may be a good option. In the group health world, there are two ways to fund a plan – fully funded by the insurance company, or self-funded by the employer. In the fully-funded model, the […]
June 11, 2021

Don’t Lose Your Workforce Over Employee Health Insurance Benefits

A few years ago, companies that relied on their employees to find health insurance through the Affordable Care Act’s individual marketplace found the landscape in complete disarray. While things have finally stabilized for the moment, the practice of grossing up wages to pay for those plans is still not always the best option for mid-sized employers. The onus is on the employee and affordability is out of the company’s hands. But perhaps most importantly, businesses with a 20+ person workforce […]
June 2, 2021

How Two Indianapolis Small Employers Offer Employee Health Benefits

Insurance brokers can say all they want about the many ways small businesses can offer quality health benefits, but “the proof in in the pudding” as they say. Two of our clients were gracious enough to tell their stories, offering solid examples of how and why small employers offer employee health benefits.  Gettum Associates, Inc According to Jason Gettum, owner of Gettum Associates design & remodeling contractors located in Greewood, offering health insurance to his 13+ employees is important for […]
May 18, 2021

Small Employers Have Options for Employee Health Benefits

If you employ under 20 people, you may have found that offering employee health benefits to be cumbersome both in implementation and in cost. This does not have to be the case. The Wharton & Power Insurance Team has been helping local small employers offer high-quality health benefits for over 30 years. The health insurance industry has been all over the place since the passage of the Affordable Care Act. We have been here through it all, advising our clients […]
March 17, 2021

BAGI Member Carrington Homes on Offering Employee Health Insurance

Many BAGI members come to us when they feel they can begin offering employee health insurance. Carl McIntyre of Carrington Homes reached out in 2019 for two reasons: “To attract and retain good employees, you have to offer a competitive package that includes health insurance. And I wanted good health insurance for myself and my family.” Carrington Homes has been around since 1992 and now has 16 employees. We took him through the many options available through his BAGI membership, […]
February 8, 2021

BAGI Member Jason Gettum Talks About Offering Employee Health Insurance

The Wharton & Power Insurance Team has been partnered with BAGI for over 10 years to help provide members with access to employee health insurance options. With three programs available to small businesses, we work with BAGI members to choose the plan that best suits their situation. Jason Gettum of Gettum Associate Inc offered a reflection on his decision to offer health benefits to his employees and the Wharton process. “We wanted to provide a health insurance plan to our […]
October 29, 2020

Small Businesses Have A New Affordable Option for Employee Health Insurance

A ruling by the US Departments of Health & Human Services and the Treasury in mid-2019 changed the game for small businesses looking to compete with large organizations when hiring high-quality employees. The ICHRA program allows employers to contribute pre-tax dollars for employee health insurance which employees can use to purchase a plan. This affordable avenue toward offering sought-after benefits gives small businesses a real chance at attracting and retaining a talented workforce. How We Helped a Local Business Offer […]
February 18, 2020

The Ins & Outs of a Cloud-Based HRIS

Human Resources Information System, or HRIS, are centralized computer programs to manage the processes associated with having employees. While they have been around for a long time, the introduction of cloud-based HRIS systems has made them even more powerful. Employers who have not used this new technology may not be fully aware of what these updated programs are capable of, particularly in terms of efficiency, trackability and compliance. At WorkSmart Systems, our newly launched cloud-based HRIS offers a great deal […]
January 29, 2020

How One Company Saved Time and Money by Outsourcing HR Services

In recent years regulations for the workplace have increased rapidly, making the job of administrating human resources complex and time-consuming. Organizations can become bogged down in the ocean of employment rules and policies, losing time and money in the effort to keep up with compliance. And, the consequences for falling behind have become steeper with the increase in fines. In search of a cost-effective solution, some companies have turned to outsourcing HR services from Professional Employer Organizations or PEOs. PEOs […]
January 16, 2020

ICHRAs Offer a New Landscape for Small Business Employee Health Benefits

In mid-June 2019, the US Departments of Health & Human Services and the Treasury issued a rule allowing employers to contribute pre-tax dollars for employee health care coverage through a new health reimbursement arrangement named ICHRA. Like previous HRAs, employees can use employer funds to purchase health coverage from the public exchange or other insurance plans. However, this ruling lifted many restrictions on how companies could use HRAs or even qualify for group health plans, such as employee participation rates […]
November 20, 2019

Why Employers Continue to Offer Employee Health Benefits

Renewal season is coming soon for most companies that offer employee health benefits. As the costs of offering health care have continued to rise, this time of year can come with hard choices. Some businesses have considered abandoning offering health benefits but continue to hang on regardless of their bottom line. Others have chosen to eliminate their plans, increasing employee pay instead to help them afford their own insurance. However, those employers are now returning to their previous ways. Why […]
June 11, 2019

The Value Proposition of a PEO

How we work has changed quite a bit over the last decade. We’ve seen growth in the gig economy, and in the complexity of employment regulations. Even if your organization is fortunate enough to still have human resources professionals on staff, it can be difficult for them to stay up-to-date in this quickly changing world. A Professional Employer Organization, or PEO, offers your small to medium sized business the opportunity to efficiently manage these employee-based business operations. When you partner […]
March 11, 2018

Did Your Employee Group Health Insurance Rates Skyrocket? You Have Options.

Our clients who renewed their employee group health insurance plans for December 1, 2018 saw an average of a 10-12% rate increase. We expect the same for 2019. With the drastic changes in health insurance over the past few years, no one knows when this upward trend will level off. Fortunately, Wharton & Power Insurance has access to unique options for employers of at least two employees to reduce their benefit costs sooner rather than later. 1) PEO Program Professional […]
December 1, 2017

Managing Open Enrollment for Your 2018 Health Insurance Coverage

Whether you receive health benefits from your job, the marketplace or an association, you have probably been hearing a lot of urgent messages about open enrollment. It is this time of year where individuals and businesses alike have to make important decisions about their health insurance coverage. It is also the only opportunity to make changes to your plans without a qualifying event. Below we offer some items to consider as you make your way through open enrollment for your […]