Small Biz Employers Show Love with Benefits Packages, The Hartford Says

Employers Show Love with Benefits Packages

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Just in time for Valentine’s Day, small business owners are showing employees some love by ensuring that they have little to no changes to their benefits packages, according to a recent study.

According to The Hartford Small Business Success Study, six out of 10 small business owners offer their employees some sort of benefits package. Changes to health care policy have angered some business owners, but positive economic indicators are giving some owners a reason to exhale. Sixty-eight percent of the employers surveyed in the study are feeling positively about how their businesses are operating, and those feelings translate into making sure that employees are able to live happy and healthy lives.

Only 24 percent of those surveyed are shifting the cost of healthcare to employees, and an even smaller percentage are getting rid of benefits altogether. A mere 17 percent of small business owners are slashing employee benefits.

“They shield them, sometimes as an employee you don’t see what the owner is dealing with behind the scenes. These small business owners view their employees as they would view family members and they take pride in shielding them and protecting them like they would a family member,” said Donato Monaco, vice president in charge of small business for The Hartford Group Benefits.

The latest buzzword as it concerns small businesses might be ‘wellness’. The study shows many employers are recognizing the importance of keeping morale high, which is why many are trying to increase pay and offer competitive insurance and vacation packages.

Nearly seven out of 10 small business owners said the ability to pay their employees enough for them to maintain a comfortable lifestyle is a key measure of success.