At least that’s what some small businesses are betting on.

According to a recent survey from Lincoln Financial, small businesses are looking for better ways to compete for top talent without breaking the bank. Better benefits, which include alternative benefits, are shaping up to be an obvious solution.  

The survey found that employers with fewer than 500 employees see benefits, like health insurance, retirement plans, and paid time off (PTO), as clear tools for attracting and keeping quality talent. After all, benefits can sway a candidate’s decision when choosing a role, not to mention an employee’s thought process when deciding to stay at a company. 

Regardless of company size, we remind every client, your employees are your greatest asset. A premium benefit plan is a tangible way to show you care about your team.

Flexible work arrangements, mental health support, and supplemental offerings, like dental or life insurance, are becoming more common, not just at large corporations, but at smaller firms that want to stand out. In fact, wellness benefits offered by small businesses nearly doubled between 2018 and 2021.

But here’s the thing…offering great premium benefits also comes with serious responsibilities for an employer. According to the study, only 63% of small business owners said they are very familiar with options related to covering medical expenses—and that’s even lower for other types of benefits. These knowledge gaps are common and understandable; it’s a complicated process to build benefits. If you’re exploring new or expanded benefits, it’s essential that you work with a fiduciary who can help you stay compliant while designing plans that support both your teams and your business growth. 

More takeaways from the larger study.