Stephanie Klein, president and CEO of the Experience Factor, is a regular columnist for the Denver Business Journal. Her most recent column, reposted here, focuses on health care benefits.
The beginning of the New Year gives many an opportunity to make resolutions, set new goals, reflect on the past year while making plans for the future. One significant change in the New Year will be the roll-out of the Affordable Health Care Act (ACA). Regardless of your political persuasion and opinion, the ACA is the law of the land and we will all be affected by its implementation.
Like most significant changes, one can lament or find the silver lining. One of the positive and obvious implications of the ACA is the opportunity that many people who previously thought individual health insurance was too expensive or not available because of a pre-existing condition will now have access to health care. What does this have to do with employment and recruiting? Plenty.
If you’re currently working for a company and aren’t happy, fulfilled or doing work that brings you satisfaction, now can be the time to make a change. For the first time in history, you can branch out and focus on creating a career on your terms, without having to worry about health care coverage. You’ll no longer have to stay in a job because you couldn’t qualify for or get insurance in the traditional private insurance marketplace.
In a recent conversation with a health care consultant from Fall River Consulting, a story was shared of a woman who had a brilliant business idea, but also has multiple sclerosis. Due to her pre-existing condition, she felt stuck in a job she didn’t love, strictly because she needed the benefits. So, if you’ve always wondered what it would be like to go into business for yourself, or join a smaller company, the ACA may provide you with options you could not previously consider.
If you’re an employer there are also numerous positive outcomes from the ACA roll-out. Really. We will have more paperwork, some of us will have more costs, and more meetings with our insurance brokers. However, some business owners will benefit from tax credits and other incentives to offer employee’s health insurance. Some employers will engender enhanced loyalty just by helping direct employees to the resources available through the health care exchange. Other employers will be able to retain key staff by offering health insurance that previously seemed unattainable or cost-prohibitive. Another less apparent silver lining will be the unprecedented access to new, experienced consultants, who recently found the courage to leave their jobs and start new companies. Many companies will now have the option of working with, and have access to, newly formed organizations or independents, and thereby drive down the costs typically associated in working with larger more established firms.
However, there lies another unintended ACA consequence for businesses. If you have some prized employees who haven’t been happy at their job and no longer need your benefit plans, it will follow that they will be more encouraged to search for a new position. Use the ACA as another opportunity to double down your efforts to keep your best employees aligned, engaged and focused on staying with your company. It can be the simple act of asking your top performers more about what motivates them, and then actually doing something with that information. Yes, they may request more money, but they may also request a bit more time off, more public recognition, flexibility to meet family obligations, or the opportunity to drive a key project and new initiative.
Because of a rough economic downturn over the past several years, the relationship between employees and employers can best be described as a pendulum that swung too far in one direction. There were fewer jobs available, and more people who needed them, so employers were in the perceived driver’s seat. However, moving and changing the ownership of health care to the individual may be a key factor in the pendulum swinging in the other direction.
Undoubtedly the ACA will change the current dynamic between employees and employers. If you’re an employee, take this opportunity to make sure you’re doing the work you enjoy in a place where you feel valued. If you are an employer, don’t miss an opportunity to recognize your top performers and build a sustainable culture that will attract the best talent and move your business forward, faster.
Stephanie Klein, president and CEO of Experience Factor, a Denver recruiting firm, and chair of the Denver Workforce Investment Board, can be reached at 303-300-6976 or stephanie@www.experiencefactor.com.