In recent years, the business landscape has seen a significant shift in the way employers offer benefits to their employees. According to a recent survey by the National Federation of Independent Business (NFIB), a record number of business owners, 83%, currently offer non-medical benefits. This is the highest level seen in 15 years, indicating a growing trend of employers recognizing the importance of offering additional benefits beyond basic medical coverage.
The survey also showed that the number of business owners who believe that benefits improve employee recruiting, retention, and productivity continues to increase. This is a clear indication that employers are realizing the value of investing in their employees beyond just their salaries. In today’s competitive job market, offering comprehensive benefits is becoming a key factor in attracting and retaining top talent.
So, what are some of the most common non-medical benefits that business owners are offering? The survey found that dental coverage was the most common, with 59% of business owners offering it to their employees. This was followed closely by paid family and medical leave (56%), vision coverage (55%), accident insurance (53%), life insurance (52%), short-term disability insurance (48%), long-term disability insurance (47%), critical illness insurance (47%), and hospital indemnity insurance (38%).
The benefits offered may vary based on the industry, size of the company, and the demographics of the workforce. For instance, a tech company may offer additional benefits like stock options or flexible work arrangements to attract younger employees, while a manufacturing company may provide retirement benefits and profit-sharing plans to incentivize long-term employment.
Offering non-medical benefits not only helps attract and retain employees, but it can also lead to increased employee satisfaction, engagement, and productivity. These benefits can also help alleviate some of the financial burden employees face when dealing with unexpected events like accidents, illnesses, or disabilities.
In conclusion, the increasing number of business owners offering non-medical benefits is a positive trend for employees and the overall workforce. With a growing recognition of the importance of providing comprehensive benefits, employers can create a more loyal and engaged workforce, which can lead to increased productivity, better company culture, and ultimately, better business outcomes.