In the effort to find employees, small businesses must compete with larger employers, yet many small businesses may find it difficult. Current employees and candidates are requesting better pay and benefits. According to a survey from CBIZ Main Street Index, 27% of survey respondents are working on new compensation models and 18.5% of survey respondents are focused on enhancing benefits.
Offering competitive salaries is key to attracting and retaining employees. Employers must keep current with compensation trends, so they don’t lag behind the competition. Knowing what competitors are offering is crucial, but also knowing the general marketplace wages.
Benefit offerings may include optional items such as dental and vision coverage, as well as pet insurance and identity theft coverage. Some employers have decided to absorb any increased costs instead of passing the increase to employees or reducing coverage. Paid Time Off, flexible hours, remote working options and Employee Assistance Programs (EAPs) are also popular benefits. Steer away from one-size fits all benefits and offer a variety that appeal to all lifestyles.
For more information, go to;
SMBs to Boost Benefits in Response to Worker Demands | National Association of Plan Advisors (napa-net.org)