California businesses today are in a challenging position. On one hand, the cost of offering health insurance to employees is soaring. Between 2002 and 2016, health insurance premiums for family coverage in California increased by 234 percent, according to the California Health Care Foundation, with an average annual premium in 2016 of $19,608.
On the other hand, California's current labor market is tight, with the unemployment rate lower than it's been in 15 years, according to the Bureau of Labor Statistics. So in order to recruit and retain quality employees, you need to offer an attractive employee benefit package.
How can you affordably offer employees the health insurance they want? The following six strategies can help.
California Bank & Trust stands ready to help your business succeed not only with helpful financial tools and solutions, but also by helping you understand the challenges you face. We've helped California businesses grow and prosper for more than 60 years by combining the responsiveness of a local bank with the comprehensive services of a major financial institution.[cite::171::cite] [cite::172::cite]