Welcome to the Small Business Run Down. Each day, we bring you stories and trends that impact small business owners and their workforce.
Today we check out a new small biz program at Cleveland’s airport, Oregon’s announcement about health insurance premium rates for 2020 and the appeal of L&D programs amongst workers.
Small businesses get off the ground with new pilot program at Cleveland airport
Cleveland’s Hopkins International Airport launched a new initiative to promote small businesses with the opening of Aircuts & Day Spa last month. Supported by a partnership between the airport and the company that manages concessions, Aircuts is the first locally-owned business to open in the concourse. The program provides business owners with a simplified rental agreements as well as help with sales and marketing. More local businesses will open in the airport as space becomes available.
The Number: 4. Cleveland’s airport follows in the footsteps of a similar program at Baltimore-Washington International Airport, where 4 small businesses are currently operating in the concourses.
The Quote: “This is a real business. Cutting hair is the easy part.”
Oregon agency keeps insurance costs lower for individuals and small businesses
The Oregon Division of Financial Regulation released heath insurance premium rates for 2020 yesterday. The culmination of a transparent review process involving the state agency, insurance companies and the public, the final premium come in at 2% less than the rates initially requested by the insurance companies. The announcement includes reductions for five of the nine small group insurance companies available through the marketplace to small businesses.
The Number: $44 million. The final rates for 2020 health insurance premiums will cost policyholders approximately $44 million less than the rates initially proposed by the insurance companies.
The Quote: “Our collaborative rate review process has been key to building a stable health insurance market that enabled us to limit the individual market rate increases to an average of 1.5 percent.”
Workers keen to gain skills through employer-sponsored training
A recent survey of workers indicates that employer-sponsored training might not be met with big sighs and eye rolls. The survey, conducted by Clutch, found that nearly two-thirds of workers would participate in workplace training if it was offered to them. While tuition reimbursement and classes and workshops remain employee favorites, your workers probably wouldn’t say no to an opportunity to job shadow or attend a presentation by an expert.
The Number: 50%. Of all the workers survey, a full 50% reported that it had been a year or more since they were offered job training.
The Quote: “As employers answer the call for skills training, they may need to be prepared to keep offering it: The more training that employees get, the more they want…”
Combat employee attrition and boost retention with recognition programs
Turns out that your mother knew what she was talking about afterall: saying “thank you” can go a long way toward making employees feel valued and appreciated. Employee recognition programs can have a positive impact on workplace morale and boost retention.