You need to balance the value of strong employee morale with your financial constraints.
Bohemia, NY (PRWEB) September 24, 2013
Lawrence Teicher, founder of CFO Consulting Services and leading Long Island CPA, responds to an article published by Boston Business Journal on September 11th, which discusses the projected increase in full-time hiring despite ObamaCare and how businesses can prepare for extra healthcare expenses.
According to the Boston Business Journal article titled “CFOs Say Despite ObamaCare, Full-Time Hiring to Increase,” a new study conducted by CFO Magazine found that the majority of chief financial officers agree that full-time hiring will increase by 2 percent next year regardless of the potential business expenses of ObamaCare.
However, the study also says that out of 530 U.S. CFOs, nearly 60 percent of CFOs were hiring more part-time or temporary employees. The reason for the shift is mostly due to economic uncertainty, the article says, but also due to the expenses business owners must incur to offer mandated health coverage.
Though many companies are hiring more part-time employees, full-time hiring will still increase. “The expected 2 percent growth in employment is solid, given the context of long-run shifts away from full-time employees largely because of concerns about health care reform and economic uncertainty,” says John Graham, a finance professor at Duke and the director of the survey.
Lawrence Teicher, founder of CFO Consulting Services, a leading Long Island CPA firm, says healthcare is a main concern for many business owners and it’s imperative that their accountants take the extra expenses from ObamaCare into consideration.
“Sometimes businesses have to make difficult decisions in terms of hiring,” he says. “While full-time employees are more committed and easier to manage and can be more beneficial to the growth of the company, sometimes a business cannot afford all the extra healthcare expenses that they have to offer those employees. Even major labor unions are concerned about the impact of ObamaCare on the traditional 40 hour work week.”
To see where businesses can save money or cut some expenses, Teicher says they should consult with a CFO or a CPA. “A part time CFO can help your small business decide the best way to deal with the new federal healthcare regulations and how they will affect you,” he says. “You need to balance the value of strong employee morale with your financial constraints. Despite promises made by our politicians, I predict there is going to be a wholesale change in the structure and delivery of medical insurance to employees. I firmly believe that an overarching goal of ObamaCare is to decrease the government’s cost of allowing tax free medical benefits over time..Hiring a part time CFO can help business owners make sense of the Affordable Care Act's provisions.
CFO Consulting Services, LLC provides outsourced, part-time CFO services on an as-needed basis to both small and mid-sized businesses located in the NY metropolitan region. Founded by CPA and financial expert Lawrence Teicher, CFO Consulting Services follows four main principles: independence, objectivity, competence and confidentiality. These core values have led its clients to achieve lasting success in their businesses.