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Salesforce’s “Small & Medium Business Trends Report” surveyed over 2,000+ small and medium business (SMB) owners and leaders to uncover their motivations, challenges, and goals. According to this 2019 global report, SMBs face many obstacles in getting their dreams off the ground and growing their businesses.
Approximately three in five SMB leaders are challenged to hire the right talent, access capital, and find enough time to get everything done. 62% of the male SMB leaders and 55% of the female SMB leaders cited hiring the right talent as a top business constraint. Among SMBs in the United States, hiring the right talent was the top factor constraining business activities.
Strategic Benefits Can Help Attract and Retain Talent
When searching for the right talent, benefits can play a big role in helping SMBs compete. Leveraging and expanding employee benefit programs help recruit and retain employees in today’s tight labor market and diverse workforce, which includes five generations.
Employees want what makes the most sense for them, so a variety of offerings, and tiered pricing, is important for benefits such as dental, chiropractic/acupuncture, vision, life, disability, legal support, and personal protection, whether voluntary or ancillary. Research, including MetLife’s annual Employee Benefit Trends Study, shows that flexibility and a variety of benefit choices are highly valued by employees and are increasingly possible for smaller companies to offer.
Brokers can create value by offering no-cost or low-cost digital enrollment, simplified administration, and medical and ancillary plans, combined with voluntary benefits, to help SMBs hire the right talent.
For more details and insights that can be used as conversation starters with your small business employers, download the Salesforce “Small & Medium Business Trends Report.”
Download The Report
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