Benefits for Small Businesses

Employee Benefits play a key role in recruiting and retaining employees, as well as increasing employees’ satisfaction at work. With a more diverse workforce, the “one size fits all” may not cover all employees needs and a variety of benefits is recommended.  According to MetLife’s 19th Annual U.S. Employee Benefit Trends Study 2021, the top five benefits include Medical, Retirement, Paid/Unpaid Leave, Dental and Vision. However, fifty-five percent of small business employees are interested in having their employer offer a wider array of non-medical benefits.

Small businesses can enhance their benefit offerings by adding voluntary benefit without increasing their benefit budget. Non-traditional benefits include critical illness and hospital indemnity insurance, financial planning tools, health savings accounts, legal plans, and even pet insurance. By offering a variety of benefits, employees at different stages in life will have their needs met.  Employers should consider taking a survey to see what benefits are most valued as the more benefits offered will require more administrative time. 

For more information regarding the MetLife survey or questions regarding benefits, contact [email protected]