Addressing gaps in your employee benefits package today

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Over the last several months, U.S. businesses have been adding workers at a record pace. According to the U.S. Labor Department, employers added 311, 000 jobs in February alone even as fears of a potential recession loom. While more than two-thirds of businesses expect a recession to occur within the next six months, businesses, especially small businesses, say they wouldn’t reduce employee salaries and benefits or lay off staff if a recession does occur, especially those with less than 500 employees.

The continued competition for talent has changed the way businesses interact with their employees and the benefits they offer. A recent Principal^® survey of small and midsized business owners found that record levels of employers (more than 70%) say offering benefits improves retention, employee recruitment and workforce productivity. It’s no surprise that businesses want to offer more benefits.