SBOs Worry About the Benefit Economy
Countless studies have been conducted on how today's employees - specifically younger generations - are more likely to choose a company over another based on the perks offered, like working remotely, more time off, professional advancement classes, extended paid parental leave, or even recurring bring your kid (or dog) to work days. Some professionals would even be willing to trade pay raises for these benefits.
With so many companies offering these type of perks to stay competitive, small business owners (SBOs) are feeling the pressure to keep up. In advance of Small Business Week (May 1-7), Manta surveyed nearly 2,000 SBOs, finding that one in five (21 percent) feel pressure to enhance employee benefits. What's more, 47 percent of owners said that pressure comes from prospective employees and 40 percent said it came from larger competitors.
Other key findings from the survey include:
• The most common benefits owners already offer are paid vacation time (72 percent), paid sick leave (57 percent), health insurance (53 percent) and retirement plans (35 percent).
• Fifty-eight percent of owners already give employees the option to flex their schedules, and 46 percent give their employees the option to work remotely.
• Only 29 percent of small business owners offer paid parental leave to their employees, and 29 percent allow employees to bring their kids to work.