[April 28, 2016] |
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Lincoln Financial Group Raises Awareness Related to the Insurance and Retirement Needs of Small-Business Owners and Employees
Lincoln Financial Group today announced survey findings related to
important insurance and retirement considerations for small employers
and their employees. According to the Lincoln Financial study, employees
working for small businesses are generally offered fewer benefit options
than those at larger organizations, underscoring the unique challenges
small-business owners face when it comes to remaining competitive,
attracting and retaining talent, and protecting their businesses.
The Lincoln Financial study - Special
Report: M.O.O.D. (Measuring Optimism, Outlook and Direction) of America
on Employee Benefits - found that health insurance is the most
common benefit offered to employees at both large and small companies,
with 96 percent of all employees and 89 percent of small-business
employees stating that they are offered medical coverage. Outside of
medical, however, the gap widens significantly:
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74 percent of employees at small businesses are offered dental
insurance, compared with 91 percent of employees surveyed from
organizations of all sizes;
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72 percent are offered a retirement plan, compared with 89
percent total;
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66 percent are offered vision insurance, compared with 84
percent total;
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62 percent are offered life insurance, compared with 81 percent
total; and
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52 percent are offered disability insurance, compared with 74
percent of all employees.
Reality versus expectations: benefits at small businesses
While small-business employees don't always have access to nonmedical
benefits, these products are still considered very important and not
just "nice to have." Ninety percent of employees at small businesses say
employers should offer a retirement plan. Dental, vision and life
coverages are considered the most important ancillary insurance benefits
- 87 percent and 83 percent of small-business employees say it's
important for their employer to offer dental and vision insurance,
respectively, and 76 percent cite life as a key benefit.
"Small businesses are critical to economic growth in the U.S., making
their overall success vital. That's why it is so important that
small-business owners offer attractive benefits to ensure a productive
workforce and help to sustain competitiveness over time," said Mark
Konen, president of Insurance and Retirement Solutions at Lincoln
Financial Group. "We realize that it is a balancing act - small
employers have to mitigate costs and administrative needs so they can
offer the benefits packages that bring in talent and reduce turnover."
Almost 70 percent of employees at small businesses say that workplace
benefits have influenced their decision to join a company in the past.
And employers do have options that can help them strike the balance
between cost - both monetary and time - and providing valued benefits.
Voluntary, or employee-paid, insurance coverages could help lower costs.
In addition, employers can identify insurance and retirement providers
that specialize in small-business - offering products and expertise
dedicated to small-market needs.
Protecting small businesses
In addition to taking care of their employees, small-business owners
need to be prepared for unforeseen events in theirown lives. More than
50 percent of small-business owners are between the ages of 50 and 851,
making business continuation strategies critical for owners, their
partners and their families. Life insurance can help ensure business
continues in the event of a tragedy, such as the sudden passing of an
owner, co-owner, or key employee.
"Small-business owners work hard to build something special. It is
critical that they not only provide security for their employees but
also take the necessary steps to protect themselves and preserve that
hard work," Konen said. "Lincoln Financial is committed to offering
solutions and services that cater specifically to the needs of this
market."
Visit www.LincolnFinancial.com
for more information about group
insurance, retirement
plans and individual
life coverage for small businesses and small-business owners.
For related infographics, click
here.
About Lincoln Financial Group
Lincoln Financial Group provides advice and solutions that help empower
Americans to take charge of their financial lives with confidence and
optimism. Today, more than 17 million customers trust our retirement,
insurance and wealth protection expertise to help address their
lifestyle, savings and income goals, as well as to guard against
long-term care expenses. Headquartered in Radnor, Pennsylvania, Lincoln
Financial Group is the marketing name for Lincoln National Corporation
(NYSE:LNC) and its affiliates. The company had $219 billion in assets
under management as of December 31, 2015. Learn more at: www.LincolnFinancial.com.
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About the Special Report: M.O.O.D. of America on Employee Benefits
Results for the Special Report: M.O.O.D. of America on Employee Benefits
are based on a national survey of employees conducted by Whitman Insight
Strategies (WINS) on behalf of Lincoln Financial Group. The research was
conducted in early February 2015, among 933 employed adults ages 22 to
69. Data shown in this report is weighted to reflect the proportion of
U.S. employees by gender, age, region, race and ethnicity, based on data
from the Bureau of Labor Statistics and the U.S. Census Bureau. The
margin of error is +/- 3.1% at the 95% confidence interval for the
entire sample.
National Small Business Week is an annual event organized by the
Small Business Administration to recognize the achievements of the top
small businesses in the nation. Since 1963, the president of the United
States has issued a proclamation calling for the celebration of National
Small Business Week. This year National Small Business Week will be
recognized from May 1-7 with national events planned in Washington,
D.C., New York, Denver, Phoenix, Oakland and San Jose, Calif. Events
throughout the week will be live-streamed on SBA's website at www.sba.gov.
Make sure to check in during the event for live social media engagement,
using the hashtag #DreamSmallBiz. For more information on the national
events, please visit: www.sba.gov/smallbusinessweek.
1. Small Business Association, 2015.
LCN-1481828-042516
View source version on businesswire.com: http://www.businesswire.com/news/home/20160428006224/en/
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