New research from Radnor-based Lincoln Financial Group takes a look at the critical role workplace benefits play in the success of a small business, writes Timothy Alexander for MyChesco.
The study surveyed more than 550 small business owners with 5-499 employees. It shows that the right benefits strategy can attract and retain talent as it addresses financial and health-related needs for employees and employers.
The findings show that 55 percent of small business owners seek to enhance financial security and retirement savings for their employees, with 46 percent prioritizing medical expenses.
It also showed, though, that many owners are unfamiliar with available options.
About 70 percent of businesses review their benefits annually, but many miss opportunities for voluntary benefits, bundling, or financial wellness tools.
Those opportunities can be cost-effective solutions for employee well-being, notes Lincoln Financial.
“By knowing the challenges small business owners face today, we can do our part as a consultative partner to offer small business owners the right products and services to inspire financial well-being and turn their benefits challenges into opportunities,” said Jimmy Reid, executive vice president and president of Workplace Solutions at Lincoln Financial.
Find out more details about the research and the potential to simplify benefits administration in MyChesCo.
