Diverse business owners more likely to offer top-shelf perks
Small, minority-owned companies are leading the country in strategizing benefits offerings as the war for hiring remains tight and unemployment low.
Businesses owned by African-Americans and Hispanics are more likely to offer a robust benefits package to workers than businesses overall, according to a new Nationwide survey of business owners with up to 500 employees.
Specifically, 85% of African-American business owners and 81% of Hispanic business owners say they offer some form of an employee benefits package — well exceeding the broader business owner market (64%).
“We treat our employees like family,” says Natasha Pongonis, a native Argentine who is co-owner of Nativa, a multicultural marketing communications agency based in Columbus, Ohio. “That’s why these survey results weren’t that surprising to me. They reinforce the fact that diverse business owners are diligent not only in job creation, but also in job security.”
Across every benefit category included in Nationwide’s survey, more African-American and Hispanic business owners indicate they provide more benefits to their employees than the general population of business owners.
For example, dental insurance is offered by 48% of African-American business owners, 43% of Hispanic business owners and only 25% of total business owners, according to the report.
“Employee benefits help business owners take care of their most important asset: their employees,” says Syed Rizvi, Nationwide’s chief specialty insurance officer.
See also: The 15 most popular employee perks
The reasons for this form of employee generosity may vary, but one potential factor may be that the majority of African-American (64%) and Hispanic (55%) business owners surveyed believe it’s their responsibility to help their employees save for retirement, and about half said they feel their employees are on track to retire, according to Nationwide.
“When it comes to caring for their employees, diverse business owners appear to be among the most generous,” adds Rizvi. “From retirement plans to workers’ compensation and even pet insurance, they are more likely to invest in their employees’ futures and personal well-being.”