The Benefits of Benefits

Clutch, the market research firm, recently surveyed 529 small business owners throughout the country. Defined as having between 1 and 500 employees, these small businesses represent the backbone of the US economy. What they had to say about employee benefits in 2019 is interesting … and if you want to retain your employees, you may wish to review Clutch’s findings. Of note:

• Over half of the businesses will be offering NEW employee benefits to their employees;

• One-third of the businesses offering new benefits will do so as a direct result of employees asking for them; and

• One-third of the businesses made do without HR staffing or consulting.

So what does this tell the small business owner? If you accept the premise that it’s cheaper to retain current employees than recruit new ones, as well as the premise that today’s tight job market is causing a lot of employees to hop between jobs in the pursuit of something “better”, then you must accept the notion that too many businesses fail to properly administer their human resources and are failing to be ahead of the curve.

Is it not better to be a leader than a follower? Be proactive at retaining your employees and your business will reap the rewards.