As someone who provides counsel to businesses and nonprofits, I have always stressed the value of social responsibility as a long-term business strategy. In essence, it is a way to invest in the people and communities that allow your business to run and even prosper.
Sterlin says the law could actually help small businesses attract talent. (Evan Vucci – AP) I have been reminded of this over the last couple weeks as I watched the debate unfold over the Supreme Court decision to largely uphold the president’s Patient Protection and Affordable Care Act (ACA) that Congress approved two years ago.
Critics argue that the law is an overreach by the government that will place onerous mandates on businesses and individuals. The National Restaurant Association, for example, was quick to attack the high court’s decision, arguing that the employer requirements “threaten the economic health of the restaurant industry” and will “impact restaurant operators’ ability to grow and create jobs.”
Other business owners raised similar concerns, claiming the decision jeopardized their ability to provide health care coverage to employees.
But it is important not to overgeneralize when discussing the impact the health care law will have on businesses. In fact, for companies with fewer than 50 full-time employees, the law actually provides a golden opportunity for making the kind of investment that I believe make businesses stronger in the long run.