It’s no surprise that the ACA has become a source of uncertainty for businesses impacting their bottom line and to avoid any issues of non-compliance with government regulations, midsized businesses have to remain up and aware of every legal update. Also, concern over compliance be a higher priority, businesses are less intended to focus on their employee engagement strategies.
Issues Midsized Employers Are Facing Due to Unclear Future of ACA:
#Unexpected Penalties:
No matter what your business size is, unclear future of ACA has a greater impact on it. Though, large businesses can bear high penalties for non-compliance but small and midsized businesses find it difficult to pay those fines and penalties. The number of small and mid-sized businesses that experience penalties for noncompliance has been increasing steadily from past few years. It also leads to businesses’ reduced confidence in their ability to cope up with the ever-changing reforms and these unexpected penalties and fines act as a barrier in their business growth.
#Less Focus On Employees:
In this increasingly growing job market, businesses should focus on attracting top talent in order to achieve their goals. But concerns over compliance leads them to focus less on employee engagement and retention. According to a survey, only 27 percent of midsized businesses have a formal approach to manage employee engagement. Company’s workforce is the biggest strength of a company and focusing on this strength is vital to drive unmatched business success.
It’s Mandatory to Stay Compliant:
As a business move beyond the start-up phase, health care costs, government regulations, employee engagement and talent acquisition become the top most concerns for of business owners. Moving from start-up phase, midsized businesses need to hire top talent so that they can contribute in taking the business to the next level. Apart from salary hikes, other innovative benefit perks like retirement benefits, HSAs, FSAs, etc. attract employees and help them nurturing themselves. Thus, businesses are required to remain compliant with regular government reforms while at the same time motivating employees to focus on clear set of goals.
Summing Up:
Complex and vast amount of data make compliance a challenge for all businesses. Having adequate knowledge of health care reforms & state regulations and handling business operations in a strategic way can help you comply with today’s regulatory environment.
