The American work ethic is a crucial element that has significantly contributed to the development and strengthening of our nation. Americans take pride in their work and ensure that the job gets done no matter the costs — by the same token the American workforce expects to be compensated for their labor financially and through employee benefits.
American Businesses and Employee Benefits
Businesses are forced to compete when it comes to sales; in addition to this they must also compete for capable employees. For this reason, many workers look to benefits as a distinguishing factor that helps them determine which company to work for; around half of all employees state that their benefits are a significant reason for why they choose to remain with their company. Up to 99% of full-time American workers receive medical benefits from their company and 98% of workers have access to paid sick leave and vacation leave. While it would seem that the American workforce is adequately compensated on the whole, a closer examination notes the gap caused by small businesses which all too often fail to offer comprehensive small business employee benefits packages to their workers.
The Hurdles Small Businesses Face
Running a small business is a major challenge thanks in large part to the competition. Unfortunately for small business owners, the competition is just one of many factors that must be considered. Small businesses that exceed 50 employees must offer appropriate health care benefits to all full time employees thanks to various legislation including the Patient Protection and Affordable Care Act. In addition, the Family and Medical Leave Act entitles employees to 12 weeks of job-protected unpaid leave during any 12 month period for the following reasons: the birth of a child, care of an immediate family member or spouse, or self-care for a serious medical condition. On top of this, in order to stay competitive and ensure that they are attracting the highest quality employees, 59% of small businesses are adding paid sick and vacation leave to their small business employee benefits packages. In order to better manage employee benefits, many small businesses are turning to benefits administration systems to provide benefits to employees and grow their business.
Finding Small Business Employee Benefits Packages for Your Growing Business
There are a number of companies that specialize in offering human resources software solutions to small businesses. In addition to offering comprehensive benefits packages for small business, many small businesses have the option of managing payroll, information technology, and cloud portal access through this software. Over 60% of small businesses plan on increasing their employee benefits to boost company morale and ensure a higher quality of life for their employees — this in turn helps to improve productivity and employee retention rates.