Dive Brief:
- Paid time off, health benefits and retirement benefits are among the offerings small businesses plan to roll out in 2019, according to research from Clutch. Paid time off topped the list, with 45% of the 529 small businesses surveyed already offering the perk, and another 19% planning to do so this year.
- In total, more than half (56%) of respondents said they plan to offer new employee benefits in 2019, with "employee requests" cited as the most common impetus. Turnover reduction, financial growth, legal requirements and union negotiations followed.
- In releasing its findings, Clutch said improved benefits can indeed reduce turnover, and often are less expensive than recruiting and training new employees. "Small businesses and HR consultants must be willing to listen to employee concerns, suggestions, and feedback when designing new benefits policies," it said.
Dive Insight:
It may be no surprise that small businesses are responding to employees' requests for more robust benefits. After all, in an employee-driven market, unhappy workers with in-demand skills can "vote with their feet."
Luckily, attractive benefits don’t have to cost a lot. Telecommuting and work flexibility are increasingly sought-after benefits that might not be budget-busters for small businesses. Roughly 30% of the 3,100 worker respondents in a FlexJob survey said they'd accept a cut in pay if telecommuting was on the table. The survey also found that 61% of respondents had left or had considered quitting a job because it did not offer flexible work options. Another study, this one conducted by Spherion Staffing Services, found that 41% of workers said they will only accept jobs if flexible work schedules are part of the deal.
Employees also have said they'd be willing to trade some part of their salary for more meaningful work, although studies show that compensation remains at the top of workers’ wish lists.
