Open enrollment is squeezing small businesses. Nearly 70% want outside help
With businesses now overseeing open enrollment for their workers, many employers admit they’re struggling to find ways to finance and organize increasingly complex benefit plans . Yet rather than decide to simply cut those programs as too costly and laborious to continue, a majority of small business owners are considering turning to outside experts’ help to make them more effective. Employers’…
Nearly 70% of small business owners in a recent U.S. Chamber of Commerce and JustWorks survey admitted they need outside help to manage their employees' complex benefit plans. The growing costs of health care insurance, which rose over 9% this year, are particularly burdensome for small businesses. Despite the challenges, many entrepreneurs are expanding benefit coverage to more staff members through budgeting and financing adjustments.
A majority of business owners surveyed plan to seek expert assistance to manage their benefit programs effectively. Benefits have been shown to improve staff productivity, retention, and loyalty, with around 80% of small business owners reporting employee satisfaction with current offerings.
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