One question we are often asked by small business owners is “what are other companies like me doing?”
As a small business owner, it’s important to know where your money is going to get the most value for the investment in your business – especially when small business employee benefits are among the top expenses you face. That’s why information on what others are doing can be extremely helpful to small business owners looking to attract and retain top employee talent.
One helpful resource is the Bureau of Labor Statistics and their National Compensation Survey. This survey provides insight into the type of small business employee benefits that are being offered at a national level. Below are some highlights of their 2015 report for businesses with fewer than 50 employees.
- Employees at 53% of small businesses have access to employer-sponsored medical coverage which includes health, dental and/or vision benefits.
- Only 26% of small businesses offer dental coverage and only 14% offer vision coverage.
- Paid holidays and paid vacation time are among the most common time-off benefits; offered at 66% of businesses.
- Paid family leave is only offered at 8% of companies.
- About half of small businesses offer paid time off for funerals (42%), jury duty (44%) and sick time (50%).
- A little under half (46%) of small businesses offer some type of retirement plan to employees with participation rates at approximately one-third of employees (35%).
- 36% of small business offer access to life insurance, 26% offer short-term disability coverage and only 20% offer long-term disability coverage.
While it’s important to understand what small business employee benefits other companies are offering, every business is different and what works for others, may not be the most cost-effective option for your business. That’s why it’s important to meet with a licensed professional who will work with you to understand your business, your budget and your employees to develop a solution that provides a benefits plan that can help you attract and retain your company’s top employees and grow your business.
Give me a call today for a no cost, no obligation consultation to learn how your small business employee benefits program compares.