p18nogf22o1erqbd8e4g2tu1nc5o.jpg

Employee concerns


When it comes to personal finances, small business employees have the following financial concerns, finds a Colonial Life online survey:


  • Not having enough savings to retire as planned 50%

  • Not having enough savings to cover an emergency 39%

  • Not having enough savings to cover a period of being unable to work due to an illness or injury 39%



  • [Images: Shutterstock]
    p18nog6v2okmp1t251tbd14hl1hdje.jpg

    Employee interest


    Small business employees have interest in buying additional insurance benefits if they had access to them through their employers:


  • Life insurance 49%

  • Short-term disability 46%

  • Critical illness 40%

  • p18nogi81iu9j1hk415b11q91bopq.jpg

    Economic lifeblood


    “Small businesses are the lifeblood of the U.S. economy,” says Rich Williams, senior vice president, growth markets, at Colonial Life. “Our research shows the concerns of their employees aren’t that much different than larger firms when it comes to personal finances.”


    If you’re considering adding voluntary benefits to increase retention at your small business, here are five things you should look for:
    p18nog487vfkqlmm2ip6bj1md6.jpg

    Special experience in the small employer landscape

    When considering voluntary, there’s a world of difference between a company with 50 employees and one with 500. Employers should look for a vendor with expertise in businesses that look like theirs.
    p18nog4v32higaib4id6rc1nk98.jpg

    A consultative approach

    Every company’s culture is unique. Employers should select a vendor partner that will take the
    time to get to know their goals for benefits communication, and that will work closely with them as part of a team. They should be evaluated in the same way as any other consultant.
    p18nog8tdo13rmo2e4r315m5145si.jpg

    Ability to make your job easier

    A qualified partner can handle the benefits information, education and enrollment process. Check to see if the vendor can verify employee and dependent information to help keep company records current and ensure employees and dependents are eligible for benefits.
    p18nog5ert1h3k9o1939g7j1j22a.jpg

    Strong education and communication program

    A benefits provider should be able to bring a range of communication methods, from personal, face-to-face counseling sessions to paper brochures and e-based technologies. Materials should be offered in simple-to-understand terms employees can understand. Communication can help reinforce the value of employee benefits — and enhance an employer’s retention efforts.
    p18nog9ge91jpkaovqhgnth1f23k.jpg

    A full portfolio

    You might only be interested in voluntary disability and life insurance benefits this year, but next year may bring the opportunity to expand. Select a vendor with a range of benefits offerings that can grow with your needs.
    MORE FROM EMPLOYEE BENEFIT NEWS