According to the U.S. Census Bureau's Statistics of U.S.Businesses Employment and Payroll Summary: 2012 (released February2015), small businesses employ more than 39 millionpeople. Based on MetLife estimates, about half of today's 4million small business employers in the U.S. offer employeebenefits.

Like their larger counterparts, businesses with 100 employees orless struggle to attract and keep employees. The challenge ofbalancing cost concerns with employee needs falls on companies ofall sizes, but is much more daunting to small business owners.

Small business owners also have limited resources, making itchallenging to identify and manage affordable benefits options andpackages. Plus, they tend to be more focused on their business andhave neither the time nor the inclination to become experts inbenefits options and regulations. Still, small business ownersshould be providing the most attractive, useful benefits possibleto their employees. These employer clients need help understandingwhich products are best for their employees — and where to findthem.

“Small business owners don't have a staff of people whose job itis to shop for benefits – they're doing it themselves,” saysJessica Moser VP, Regional & Small Business Strategy atMetLife. “They need simplicity and choices.”

What Brokers Need to Succeed

The needs of today's employers are elevating the broker's role.More than just finding the best price, brokers are being calledupon for their knowledge and expert guidance. Yet it's not alwayseasy for brokers to maintain long-lasting connections with theirsmall business clients. The small business market tends to betransactional, with brokers needing to accumulate a larger quantityof accounts than if they were dealing with larger companies, Mosersays.

“In order to succeed, brokers need a way to conduct a highvolume of business and still create a personalized, consultativeexperience for their small business clients,” she says.

If brokers can get in front of the small business owner, thatis.

Time is a commodity that small business owners protect, Moserwarns. Employers may be reluctant to share business informationwithout first establishing a relationship. In order to honestlydivulge their business struggles and needs, they must trust theirbroker, she adds.

In the end, brokers need to set themselves apart. Brokers whowant to differentiate themselves within the small business spaceshould connect with small businesses by demonstrating anunderstanding of their challenges and the ways that benefits canhelp the company's bottom line, says Moser.

“Small businesses want cost-effective benefits packages andsolutions that make administration simple, yet many business ownersdon't believe that's possible,” she says.

Many brokers are just as doubtful. While technology cancertainly help manage accounts, brokers still have to do thelegwork of sourcing right-sized benefits options tailored to eachemployer's needs.

That's where working with the right carrier can make adifference, Moser says.

“A carrier that's dedicated to the small business space cancreate value for brokers in a number of ways,” she says. “Alongwith a range of product options, brokers can access tools andtechnology that can help them more easily serve the small businessmarket.”

Plus, Moser says, a carrier with expertise in the small businessmarket can provide competitive, right-sized plan design optionsbased on company size, industry and geography, along with smallbusiness-focused sales support and customer service.

Brokers can be a small business owner's best asset by providingthat kind of support — and by staying at the forefront of a complexand confusing benefits market. Brokers can help their clientsunderstand their responsibilities, while at the same timedelivering expertise, recommendations and consultation to smallbusiness clients.

Brokers to the Rescue

The best way brokers can create value for small business clientsis by offering something simple. Preset, presourced bundles thatpair coverages like vision and dental benefits can help improveworkplace satisfaction: MetLife's most recent Employee BenefitTrends Study revealed that 68 percent of employees want dentalbenefits and 49 percent want vision benefits. By offering theseproducts, brokers can show their small business clients how toimprove employee loyalty — affordably.

“Bundles that are smart and simple and that a broker doesn'thave to spend hours researching is key. That's how brokers canmanage the balancing act for their small-business clients,” Mosersays.

Adding benefits doesn't have to break the budget, especiallywith the range of employee-paid options available. Small businessowners are sometimes surprised to learn how receptive theiremployees are to voluntary benefits. In fact, over half of allemployees are willing to bear more of their benefits cost if itmeans they'd have wider access to benefits that meet their needs,according to MetLife research.

The reward for brokers is twofold, says Moser. “First, they'vegained the employer's trust by bringing them affordable benefitsand administration, which frees up time that would otherwise havebeen spent exploring benefits. And brokers who are working with theright carrier can easily source benefits packages and provideoutstanding service to accounts. The added bonus is that brokersare well-positioned to become the trusted advisor small businessowners need.”

It isn't always easy to create connections with small businessclients — but when brokers are successful, they can reap therewards of long-term relationships and business growth.

“There's a path toward easing the benefits search,” Moser says.“Simplifying the process allows brokers to deliver an array ofoptions that address each small business owner's needs and helpthem attract and retain employees.”

For more information, please visit www.MetLife.com/smallbusiness.

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