This Month Only! >> $20 off and a FREE SHRM tote with your membership and code TOTE2018!
Sign up for free email newsletters and get more SHRM content delivered to your inbox.
Is your employee handbook keeping up with the changing world of work? With SHRM's Employee Handbook Builder get peace of mind that your handbook is up-to-date.
Build competencies, establish credibility and advance your career—while earning PDCs—at SHRM Seminars in 12 cities across the U.S. this spring.
#SHRM18 will expand your perspective – on your organization, on your career, and on the way you approach HR. Join us in Chicago June 17-20, 2018
Members may download one copy of our sample forms and templates for your personal use within your organization. Please note that all such forms and policies should be reviewed by your legal counsel for compliance with applicable law, and should be modified to suit your organization’s culture, industry, and practices. Neither members nor non-members may reproduce such samples in any other way (e.g., to republish in a book or use for a commercial purpose) without SHRM’s permission. To request permission for specific items, click on the “reuse permissions” button on the page where you find the item.
Among the greatest challenges for today’s small-business owners is managing the cost of employee health insurance and other benefits. According to a survey of decision-makers at U.S. small businesses by Aflac, a supplemental health insurance provider:
“Employers are concerned about losing employees to competitors with better benefits packages, even while they may be struggling to reduce costs and make ends meet,” said Paul S. Amos II, Aflac president and chief operating officer, in a statement on the findings. “It’s a cost-benefit balancing act.”
The study revealed that small companies that experienced a decline in revenue over the past year are particularly pressured to reduce insurance costs, cut back on employee benefits and slash employee wages. In fact, 69 percent of small companies with reduced revenues are finding it more challenging to offer strong benefits packages, compared with companies whose revenues stayed the same (56 percent).
Nearly half of small-business decision-makers (43 percent) say they are more likely to cut back on employee benefits, with 65 percent admitting they are looking more aggressively for ways to reduce insurance costs.
Employee Benefit Anxiety
While small-business decision-makers struggle with costs, anxiety among their employees is also on the rise. According to a complementary Aflac consumer survey:
Employees with young children are especially worried, with 60 percent reporting increased anxiety about illness or injury from one year ago.
The Aflac small-business survey was conducted March 9-12, 2009, among a sample of 512 decision-makers at U.S. small businesses with five to 99 employees and annual revenues of at least $100,000. The Aflac consumer survey was conducted March 2-5, 2009, among a U.S. sample of 1,243 adults, age 18 and older.
Stephen Miller is an online editor/manager for SHRM.
Sign up for SHRM’s free
Compensation & Benefits e-newsletter
You have successfully saved this page as a bookmark.
Please confirm that you want to proceed with deleting bookmark.
You have successfully removed bookmark.
Please log in as a SHRM member before saving bookmarks.
Please sign in as a SHRM member before saving bookmarks.
Please purchase a SHRM membership before saving bookmarks.
An error has occurred
Recommended for you
CA Resources at Your Fingertips
SHRM’s HR Vendor Directory contains over 10,000 companies