Small Business Strategies
When it comes to the impact small businesses have on our economy, it is anything but small.
According to the Small Business Administration, 99.7 percent of U.S. employer firms are small businesses, accounting for 64 percent of new private-sector jobs.
The 2014 Aflac WorkForces Report uncovered three strategies that small companies are adopting to drive economic prosperity.
Strategy one is a careful approach to hiring as they adapt to a recovering economy and new health care reform regulations.
Although 84 percent of small business leaders say their company is maintaining or growing revenue, they are making careful choices about hiring, compensation and employee benefits.
In fact, businesses with 3 to 99 employees hired at a slower pace than medium or large companies this year.
As the economy improves, smaller organizations are focused on retaining current talent, and hiring new employees to achieve business objectives.
Strategy two – introducing low-cost approaches to better care for employees.
Maintaining health care benefits is a top concern for nearly four-in-ten small business workers. However, only 12 percent are extremely satisfied with their current benefits offerings.
For workers considering new employment, benefits matter. Fifty-eight percent of employees at small companies say they are likely to accept a job with slightly lower compensation but better benefits.
To boost satisfaction with benefits, small businesses are turning to voluntary insurance benefits as a low-cost way to offer more options.
The third strategy is to partner with insurance brokers or agents. These experts can help guide small businesses to the right benefit plan.
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