June 2021

How to research benefit options for your employees

Have you ever had a great job candidate slip through your fingers because a larger company offered them better benefits? In today’s hiring market, this is all too familiar.

According to an article on Bank of America’s Small Business Resources site, 73 percent of surveyed employees consider benefits important, citing them as a prime reason for staying at a job. The article reveals some other interesting facts:

  • 66%

    would prefer receiving more benefits over a pay raise

  • 41%

    had retirement benefits

  • 57%

    received paid time off for vacation

  • 87%

    received health insurance benefits

Researching and comparing employee benefits packages can be overwhelming. Fortunately, the article points out the four main types of employee benefits providers you can tap for assistance. It also recommends two user-friendly online platforms that can help you sort through choices.

Small businesses can achieve big savings by joining a “group” of other businesses, thus gaining the leverage of a larger firm with more employees.

Clearly, the ability to attract and keep skilled employees can be key to your success. If you plan ahead and get the right advice, your business can offer a competitive benefits package.

To learn more about how to develop a cost-effective benefits and retirement package, read the article on Bank of America’s Small Business Resources site.

To discuss your business goals, set aside some time for a telephone call with a Small Business Specialist.

MAP3600207 | 05/2021