Small business advice: Surviving Spiking Health Insurance Costs

Small business owners have a lot to consider when it comes to employee benefits. Health insurance costs have been rising steadily, and with the implementation of the Affordable Care Act, many small firms may see a further increase in their premiums. Nevertheless, employers know that robust benefits packages are a huge draw for talented workers and a key component of employee retention. To prevent larger organizations from poaching their best people, small business owners are looking for more affordable ways to take care of their employees — and it isn’t all about health care. So how can small firms compete? The solution may lie in customization. Employee needs vary by generation These days, one-size-fits-all benefits packages simply don’t make sense, especially for small employers. Consider the multigenerational nature of most workforces, with each subsequent generation demanding different perks: • Maturists (born before 1945): For this group, stability is key. A lifetime job, homeownership, and a comfortable retirement mean everything. They’re looking for a hefty retirement plan and solid financial counseling. • Baby Boomers (born 1945-1960): Boomers want the job security that will allow them to live large, both before and after retirement. They want retirement plans, time off for vacations and hobbies, wellness programs, and long-term health insurance. • Generation X (born 1961-1980): This generation is focused on achieving work/life balance, and a bigger paycheck will offset the loss of certain benefits. They enjoy companies that allow flextime and remote work and seek benefits that serve them outside the workplace, such as pet insurance or adoption cost benefits. • Generation Y (born 1981-1995): The first digitally native generation craves freedom and flexibility. Most will not stay in their current jobs for the long haul, so they [...]

Results from the small and medium advertising agency survey on salaries and benefits

For the past 12 years, Agency Management Roundtable has conducted an annual salary and benefits survey looking at the trends in small and medium sized agencies.  The survey results report allow agency owners to compare their salaries by position with how the rest of the country's salaries.  The results are also presented by agency size and region. For the first time in several years, salaries seem to be on the rise, albeit a modest one. We’d seen flat or declining salaries over the past several surveys.  This and several other indicators in the report seem to suggest that the recession’s toll on agencies is beginning to recede. A new trend appeared in this edition of the AMR Salary Survey as well.  More agencies (18%) do not have an in-house copywriter.  As freelancing and contract labor options become easier and more plentiful, it will be interesting to see how this trend evolves.  It seems to fly in the face of all the Content Marketing push that is being driven by social networks and the rush to digital marketing spaces. Agencies, like all small businesses, are clearly struggling to offer their employees healthcare coverage.  Over 90% of agencies surveyed offered their employees some form of health insurance and contribute to the costs at some level The 2012 AMR Salary & Benefits Survey Report is available for purchase at $99 The 2012 survey of advertising agencies’ employee compensation was conducted by the consulting firm, Agency Management Roundtable (AMR). The firm is the only consulting group that focuses on marketing communication agencies employing fewer than 50 people. Over the past twenty years, AMR has worked with several hundred advertising agencies, public relations firms, graphic design companies and new interactive [...]

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