The Benefits of Small Business Benefits

For small businesses, benefits can sometimes feel like a “nice-to-have”. But MetLife’s 14th annual U.S. Employee Benefit Trends Study shows that a competitive benefits strategy helps retain great employees, delivering tangible returns that can directly impact your company’s success.

Here’s what you have to gain:

Loyalty: Keep the Best and the Brightest

Did you know that replacing an employee costs an estimated 20% of the employee’s annual salary? Benefits are an important reason employees stick around. In fact, 64% of employees say that having benefits customized to meet their needs would increase their loyalty to their employers.

Productivity: Get More Work Done

77% of small business employees say they’re less productive at work when they are worried about personal financial problems. And 8 in 10 employees say having benefits gives them peace of mind for the unexpected, which makes sense — the protection that insurance and other benefits can provide helps take some financial pressure off.

Participation: Employees Want Comprehensive Options

Beyond medical, prescription and retirement benefits, we found that these are employees’ must-have options:

1. Dental Insurance
2. Life Insurance
3. Vision Insurance
4. Long Term Disability Insurance
5. Short Term Disability Insurance

Affordability: Adding Benefits Doesn’t Have to Add Costs

More than half of small business employees say they’re willing to bear more of the costs in order to have more benefit choices that fit their personal needs. Find out if voluntary or employee-paid benefit options could work for your small business.

Don’t let employee benefits become something you’ll get to eventually. Take a strategic approach to your company’s benefit offerings — it’s a great way to support your employees now and help your small business move forward successfully.

See how benefits can be a strategic advantage for small businesses here.


To explore benefit solutions for your small business, contact your broker, or click here.

This article contains information from MetLife’s 14th annual U.S. Employee Benefit Trends Study.