Although employees of small businesses share the same interests and
concerns about their benefits and personal finances as employees in
large companies, they’re less likely to have benefits. But small
employers don’t have to settle for small benefits packages. That’s the
message of a white
paper released today by Colonial Life & Accident Insurance Company.
The new research document, called “Small Business: Big Benefits,”
explores some of the issues facing small business employers and
employees regarding their workplace benefits such as the rising cost of
insurance, health care reform and employee recruitment and retention.
Using proprietary and industry research, the white paper focuses on
companies with fewer than 100 employees.
“Small businesses are the lifeblood of the U.S. economy,” says Rich
Williams, senior vice president, growth markets, at Colonial Life. “Our
research shows the concerns of their employees aren’t that much
different than larger firms when it comes to personal finances.
Employees in companies of all sizes tend to worry about having enough
savings to retire, to cover an emergency or to cover being out from work
if they’re injured or sick. But small employers do have options when it
comes to providing competitive benefits packages.”
An online survey of more than 1,000 U.S. employees (full-time and/or
part-time) conducted by Harris Poll on behalf of Colonial Life1
revealed the percentage of employees working at small businesses (those
with fewer than 100 employees) who are concerned about the following
financial issues:
-
Not having enough savings to retire as planned: 50 percent
-
Not having enough savings to cover an emergency: 39 percent
-
Not having enough savings to cover a period of being unable to work
due to an illness or injury: 39 percent
-
Losing their job: 33 percent
-
Not being able to afford medical costs not covered by their health
insurance: 32 percent
“Small employers value their workers and want to provide good benefits
that address their individual needs,” says Williams. “Yet today’s
economy and a changing regulatory environment make them hesitant to add
new benefits. Voluntary, employee-paid benefits give small businesses a
way to offer a competitive benefits package without impacting their
bottom line.”
In fact, employees in small businesses show considerable interest in
purchasing additional insurance benefits if they had access to them
through their employers. The Colonial Life poll1 noted
employee interest in the following types of insurance plans:
-
Life insurance: 49 percent
-
Short-term disability insurance: 46 percent
-
Critical illness insurance: 40 percent
-
Accident insurance: 40 percent
-
Cancer insurance: 21 percent
Although small employers typically don’t have dedicated human resource
personnel who can educate and manage their benefits enrollments, they do
have options for these services. Small businesses can work with vendors
that provide complimentary personal counseling sessions as part of their
enrollment services to enhance their communication efforts.
“Small employers don’t have to settle for small benefits packages,” says
Williams. “They can enjoy many of the same advantages as their larger
counterparts. Voluntary benefits can be a tremendous asset to small
businesses looking for a cost-effective way to compete in the
marketplace,” says Williams.
Download a copy of the white
paper at ColonialLife.com.
About Colonial Life
Colonial Life & Accident Insurance
Company is a market leader in providing financial protection benefits
through the workplace, including disability, life, accident, cancer,
critical illness and supplemental health insurance. The company’s
benefit services and education, innovative enrollment technology and
personal service support more than 80,000 businesses and organizations,
representing more than 3 million working Americans and their families.
For more information visit www.coloniallife.com
or connect with the company at www.facebook.com/coloniallifebenefits,
www.twitter.com/coloniallife
and www.linkedin.com/company/colonial-life.
_____________________________
1 Online survey conducted
within the United States by Harris Poll on behalf of Colonial Life &
Accident Insurance Company from Mar. 28-Apr. 1, 2014, among 2,048 adults
ages 18 and older, among whom 1,029 are currently employed full-time or
part-time and 392 whose employer employs fewer than 100 employees. This
online survey is not a probability sample and therefore no estimate of
theoretical sampling error can be calculated. For complete methodology,
contact Colonial Life’s Corporate Communications department at (803)
798-7000.
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