Small Business Benefits Landscape Infographic
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The document discusses a survey of small employers (1-49 employees) regarding their use of health reimbursement arrangements (QSEHRA) and benefits budgeting. Key findings indicate that the top reasons for selecting QSEHRA include ethical considerations and the high cost of group insurance, while employers prioritize increasing wages and health reimbursement allowances. Additionally, many small businesses plan to increase benefits, although a significant portion do not plan any increases due to budget constraints.
Small Business Benefits Landscape Infographic
- 1. The top five reasons employers selected a health reimbursement arrangement include “It’s the right thing to do.” Small Business Benefits Landscape The data from this study were sourced by a June 2019 online survey of 400 U.S.-based qualified small employers (1-49 employees) who were currently offering a QSEHRA to employees. This research was generated by PeopleKeep. Copyright © Inc. 2019. PeoplekeepⓇ is a registered trademark of Peoplekeep, Inc. Learn more at peoplekeep.com How are small businesses thinking about, prioritizing, and budgeting for health and non-health benefits in 2019? 21.6% It’s the right thing to do 21.6% Group insurance is too expensive 20.1% Overall employee retention 12.2% Overall employee recruiting 6.9% Retain one or two existing employees 41.8% Increase wages 17.6% Increase health reimbursement allowance 14.0% Add another benefit 15.9% Add retirement benefit 5.3% Increase retirement benefit 5.3% Contribute to employees' health savings accounts Top priorities for small businesses that anticipate having extra budget are increasing wages (41.8%) and increasing health reimbursement allowances (17.6%). 27.7% reimburse cell phone expenses 13.4% reimburse for commuter / transit expenses 61.0% reimburse for professional development / continuing education expenses In addition to health benefits, small business employers are reimbursing other expenses... of small businesses are prioritizing increasing benefits in the next 12 months. 1 in 10 have already planned increases. Over half see benefits increases as likely to occur. of small businesses do not plan on increasing benefits in the next 12 months. 47.6% cited lack of budget 23.8% recently made increases 21% don’t think this is necessary 7.7% cited other reasons