According to a survey recently conducted by The Society for Human Resource Management, only 12% of small business employees are extremely satisfied with their benefits. Only 14% said their current benefits meet the needs of their families.
The need for stronger employee benefits is not exclusive to small businesses. In a CareerBuilder survey, the majority of employees (58%) said that improved benefits would be the best way to boost employee retention.
A study conducted by Aflac showed the the majority of small business employees would leave for a new opportunity with slightly lower compensation if the benefits were an improvement.
Benefits are within the top 5 determining factors of what makes or breaks the decision to take a job, according to Towers Watson. The reports come at a tumultuous time for employee benefits, particularly for small businesses, as many are facing changes to employee health care packages as part of the Affordable Care Act.
To learn additional ways to retain your top performers, see our article on 5 Reasons Good Employees Leave.