80% of the small businesses are prioritising employee benefits: Survey
As businesses struggle to explore the new policies to manage a disbursed workforce, employee engagement and experience have gained the top priority for employers. A latest survey has found that 93% of the businesses have re-evaluated their strategy and plan to make changes to their business due to COVID-19.
According to the Small Business Owner Survey from Lincoln Financial Group, for 80% of small business owners, employee benefits policies are a top priority. The business owners are of the view that these benefits not only play a crucial role in maintaining the culture of an organisation but also help attract and retain desired employees.
According to the official communique, more than a quarter (28%) of small business owners reported offering better benefits to attract and retain talent as a result of the pandemic: 30% are adding life insurance, 27% adding a retirement matching contribution, financial wellness program and/or retirement account, and more than 25% adding accident, critical illness, hospital indemnity, vision and/or dental insurance.
While many small business owners consult financial professionals on business growth and strategy (58%), far fewer discuss business succession (31%) and protecting against the loss of key people (22%), though both can be addressed through products such as life insurance. As nearly two-thirds of small business owners discuss their business with their financial professional at least quarterly (64%), there’s an opportunity to address these gaps.
Commenting on the findings, Ralph Ferraro, senior vice president, Workplace Solutions Product and Underwriting, Lincoln Financial Group said, “Small business owners understand just how critical a robust benefits package is for attracting and retaining top talent in today’s competitive market…And they are looking to benefit providers to offer innovative, simple solutions that meet their employees’ needs and make it easier for owners to focus on running their day-to-day business.”