When it comes to recruitment and retention hurdles, small businesses aren’t exempt from the same challenges their larger counterparts face. And to make matters even worse, they often war against these same issues with fewer resources and personnel to help them manage. As a result, most offer far fewer benefits.
The problem is that employees who work for smaller employers have the same basic needs as larger company workers for things like dental, disability, and life insurance. In fact, 50{d044ab8acbff62f209a116f8142e303cb886f535b0fcf58cb82cde7cb327d3c9} of employees cite those and other benefits as some of the most important reasons they stick with their employer.
So what’s the solution? Offering more and varied benefits can be costly. But so can high turnover and a loss of productivity.
The answer for many employers lies with the voluntary benefits they offer. These options are a great low-cost way to offer a wide range of benefits that allow your diverse workforce to pick and choose the benefits that matter most to them and their families.
A recent Colonial Life-Harris Poll assessed the types of coverage most employees would be interested in accessing, even if it means shouldering the cost themselves.
For more information about this study and the perks of offering additional voluntary benefits, check out this article from Employee Benefit Adviser.