Despite the fact that enhanced and in many cases creative employee benefits package offerings are an increasingly common field on which the competition for top talent is currently taking place, newly released data from Fidelity Investments indicates that not all companies are buying in equally and that there are still many opportunities to gain a competitive advantage on this front.
Only a little more than 1 out of 3 small businesses currently offer retirement benefits, for example, with almost half of those companies who don’t offer a plan claiming a lack of sufficient funds as their reason for choosing not to make retirement savings options available to their employees. Interestingly, about 1 out of 5 of the businesses currently opting out on offering retirement benefits claims they simply don’t know where to begin when it comes to including retirement savings into their employee benefit plans, which provides a ripe opportunity for insurance brokers and benefits advisors to provide educational and navigational services.
In total, nearly 3 out of 4 small business respondents simply don't believe they can compete with larger companies when it comes to providing comprehensive employee benefits packages, which in turn provides opportunities for insurers, brokers, and advisors alike.
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