Small businesses are re-evaluating the benefits packages they offer employees in light of the COVID-19 pandemic, according to a new Small Business Owner Survey from Lincoln Financial Group out of Radnor.

For 80% of the small business owners, employee benefits are a top strategic priority, playing a critical role in the culture and morale of the company, employee well-being and as a way to attract and retain top talent, according to Bakersfield.com.

More than half of small business owners surveyed said COVID-19 influenced their decisions on benefits.

A quarter (28%) reported offering better benefits to attract and keep talent as a result of the pandemic.  Thirty percent are adding life insurance, 27% are adding a retirement matching contribution, financial wellness program and/or retirement account.

More than 25% are adding accident, critical illness, hospital indemnity, vision and/or dental insurance.

“Small business owners understand just how critical a robust benefits package is for attracting and retaining top talent in today’s competitive market,” said Ralph Ferraro, senior vice president, Workplace Solutions Product and Underwriting, Lincoln Financial Group. “And they are looking to benefit providers to offer innovative, simple solutions that meet their employees’ needs and make it easier for owners to focus on running their day-to-day business.”

Read more at Bakersfield.com.