Are competitive benefits crucial?
(Source: Manulife Financial, Small Business Research Report)
A survey of 1,005 Canadian small business owners and senior managers found that more than three-quarters (76%) believe taking care of employees makes them work harder for the company.
Additionally, more than one-half (55%) believe offering competitive health benefits is a crucial element in attracting and retaining top talent.
Despite the recognition that benefits are of value to employers and employees, 42% of small business owners do not offer benefits, although 27% have considered it.
The survey also found:
- 58% of Canadian small business owners and managers offer a health benefits plan
- An overwhelming majority of small business owners (86%) felt an obligation to take care of the people who work for them
- Fewer provide or offer various types of retirement or other savings programs for their employees:
- 25% offer profit sharing plans
- 20% offer group RRSPs
- 18% offer special executive plans
- 15% offer an employee pension plan
The Manulife Financial Small Business Research Report explores six main themes that impact the day-to-day life of a small business owner: professional support network; employee productivity and focus; top talent retention; controlling costs; and access to capital and growing revenue.
Do you offer benefits to your employees? Do you believe it makes employees work harder? If you don’t offer them, why not? We’d love to hear from you.