Top 3 Reasons Why Small Businesses Don’t Provide Employee Benefits
Have you asked the question: "How do I Hire and Retain Top Talent
Without Breaking the Bank?"
If so, it's important to understand that You Are Not Alone.
Did you know that in a 2019 Clutch survey of 529 small business owners and managers, the company discovered that 47% of the respondents provide employee benefits, and enterprises employing at least 11 employees offer the most perks?
These small businesses give health benefits, family leaves, 401(k) retirement plans, and paid time off (PTO). They do so to attract and retain top employees.
If 47% of companies can do this, how come the remaining 53% believe that they can’t do this as well? Well, here are the Top 3 reasons we've found.
You Have Financial Concerns
Your main financial concern may be to keep costs predictable, so you don’t end up
breaking a promise to your team--especially if it’s a cost that you can’t sustain.
You may also be unsure about the following:
How to compute the fair amount for cost-sharing
How to discuss the topic of sharing costs with your team
How to help your employees understand the benefits
Your Employees Have Diverse Needs
If you’re like most small businesses, you probably find it challenging to offer the
same benefits that large-sized companies provide because you employ individuals
from a range of health profiles, family situations, and age bands.
Most one-size fits-all plans just don’t apply to employers with such diverse requirements. Because of this, you probably just skip the benefits altogether since it’s something that some of your employees won’t be able to use.
You Have an Expertise Gap
Large companies have the benefit of an HR department, but small businesses can only rely on their owner to figure out the best plans and providers out there. It’s hard work. And you already have a busy schedule, handling the day-to-day demands of your business. You know you should offer employee benefits, but you don’t have the time to do the research.
The Good News...
As a business owner, you can choose to work smarter and not harder. You don’t need to search far and wide because there are companies that caters to your needs when it comes to employee benefits.
Firms like Better Business Benefits LLC (www.betterbenefitsllc.com) are onestop- shops, so that you can provide employee benefits hassle-free. At the end of the day, it’s really about providing better benefits while protecting the business bottom line.
Your employees look to you to assist them in providing resources to not only pay their
bills, but protect themselves and families as well. You already know how valuable they
are, the benefits you offer are simply another way to show it.
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About the Author
Jarrard “Rod” Powell Sr. is the President of Better Business
Benefits, LLC. Over the last decade, Mr. Powell and his associates have provided employee benefit implementation, communication, and education for more than 20,000 individuals, businesses, and organizations throughout the Mid-Atlantic United States. He also serves as a Multi-State Manager for PMA USA, a leading national benefit enrollment solutions firm and insurance marketing
organization based in Carmel, Indiana and wholly owned by CNO Financial Group.