The Key to Navigating Uncertain Times
In the wake of the pandemic, and all the strife that came along with it, small business owners now grapple with a new set of economic stressors.
Inflation, stagnant revenue, and the ongoing war for talent continue to impact business owners across the country — and even the most forward-looking employers are tasked to do more with less as they seek to grow their business and compete for talent.
Employees are struggling, too, which ramps up pressure on employers
Faced with many of the same financial pressures as their employers, small business workers are feeling the pinch when it comes to their well-being.
Poorer well-being has a ripple effect on job satisfaction and loyalty. While small business employees have traditionally demonstrated slightly less loyalty to their employers than workers at larger organizations, 2023 has seen that gap widen to the detriment of small businesses.
Small businesses must leverage employee care to safeguard their staff
Smaller organizations may struggle to match larger competitors on salary and benefits, but our research has identified another key differentiator through which small businesses can compete for talent: Employee care.
Care — which encompasses five pillars of the employee experience, layered upon a foundation of compensation — plays a critical role in strengthening the workplace culture, as well as supporting employees in their personal and professional lives.
It also benefits employers:
While small business employees are 15% more likely to feel cared for than those at large organizations, small business employers still overestimate the level of care they extend to their employees. What's more, many struggle to consistently deliver care across the employee experience.
MetLife’s Employee Benefits Trends Study 2023 sheds light on the nature of this “care gap,” including the aspects of care small business employees value most, and where small business employers are most likely to fall short.
EBTS 2023 REPORT
Download the full report to learn how to bolster productivity, engagement, and retention by excelling at employee care — and position your organization to win the war for talent.
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