One question asked by small business owners is “what are other companies like me doing to provide benefits to their employees?”
As a small business owner, it’s important to know where your money is going in order to get the most value for the investment in your business – especially when small business employee benefits are among the most serious expenses you might face. Information on what other employers are doing can be extremely beneficial to small business owners looking to attract and retain top employee talent.
Small Business Survey Focal Points
One helpful resource for this kind of actionable data is the U.S. Bureau of Labor Statistics and their annual National Compensation Survey. This routine analysis provides deep insights into various types of coverage (including health plans, paid time-off, and retirement options) that are currently offered at a national level at companies across the United States. Check out some key highlights from the survey’s 2021 report for businesses with fewer than 50 employees below.1
- Employees at 54% 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 17% offer vision coverage.
- Paid holidays (72% of small businesses), sick leave (68%), and paid vacation time (70%) are among the most common time-off benefits.
- Paid family leave is only offered at 16% of companies.
- Less than half of small businesses offer paid time off for funerals (37%) and jury duty (38%).
- A little over half (53%) of small businesses offer some type of retirement plan to employees with participation rates at approximately one-third of employees (37%).
- 38% of small business offer access to life insurance, 28% offer short-term disability coverage and only 23% offer long-term disability coverage.
Know The Options That Are Available To You
While it be helpful to understand what small business employee benefits other companies with a similar size are offering, every business is different and what works for others may not necessarily be the most ideal path forward for you. That’s why it’s important to speak with a licensed insurance agent who can work with you to fully 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 most successful employees and grow your business even further.
Discover More About Small Business Employee Benefits
I can help you learn about what you can do for your employees. Give me a call today to find out how your small business employee benefits program compares, at no cost to you.