(Photo: Shutterstock)
Facing a tight labor market and stubborn inflation, small business owners are recognizing that employee recruitment and retention hinge on offering comprehensive benefits. But many feel financially ill-equipped to offer them — and some don't even know where to start.
In fact, less than half of small U.S. employers currently offer benefits to employees and those that do aren't always providing the benefits employees value. A 2022 study from LIMRA, for example, revealed a wide disconnect between the value employees place on benefits and the benefits employers believe to be most important — to the tune of 28% for critical illness and 21% for cancer coverage.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
