The top four benefits provided to employees of small businesses are: medical insurance (45%), paid time off (36%), retirement benefits (e.g., 401k) (34%) and workers compensation (a requirement in most states) (33%), according to research of small business owners conducted by Harris Poll on behalf of Nationwide, the insurance and financial services company.
58% | Small businesses offering at least one of the benefits listed
4% | Small businesses offering all of the benefits listed
Companies plan to increase their retirement plan contributions
For the 34 percent of companies that offer insurance (and the 19 percent of business owners who don’t currently offer 401(k) plans but say they will offer them in the future), the good news for employees is this: small business owners are planning to increase their contributions to retirement plans.
“Business owners who help their employees prepare for retirement can differentiate their business as a destination for top talent and a place where valuable workers want to stay,” says John Carter, president of Nationwide’s retirement plans business.