By Pension and Benefits Editorial Staff
More than half of small businesses (56 percent) plan to offer new benefits to their employees in 2019, according to recent research from small business consultant Clutch. Small businesses offering new benefits are most likely to offer paid time off (19 percent), health benefits (15 percent), and retirement benefits (11 percent).
The survey contained responses from 529 small businesses and found that 30 percent do not have formalized human resources (HR) processes, such as an in-house HR staff, outsourced HR functions, or a contract with an HR consultant. Of companies without dedicated HR resources, only 10 percent offer benefits to their employees. Meanwhile, roughly two-thirds of companies with HR resources (64 percent) offer benefits to their employees.
Nearly one-third of small businesses offering new benefits (30 percent) are doing so to fulfill employee requests, while 27 percent are doing so as a means of improving morale and reducing turnover. Far fewer companies are offering new benefits because they are required by law (13 percent) or as a result of union negotiations (9 percent).
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