The Reinvigoration of Small-Business Benefits

Aug 30, 2021 10:00 AM ET
Article

Feeling the pinch

Rising health care costs are hitting both employees and employers hard. In fact, 58% of workers at small businesses couldn’t pay $1,000 or more for out-of-pocket expenses without relying on credit and going into debt if an unexpected serious illness or accident occurred today, according to Aflac’s WorkForces Report. In addition, more than half (52%) of small businesses that offer benefits say rising health insurance costs are preventing their company from increasing wages.4

While many small businesses have been hit hard, finding ways to enhance benefits packages can add value to overall compensation packages and, in turn, help attract and retain talent.

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