Small businesses: Benchmark your employee benefits

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in Centerpiece,Compensation and Benefits,Human Resources

medical benefitsMany small employers make decisions about medical plans and other benefits based on cost alone. But here’s another factor to consider: How does your organization stack up against employers of the same size?

You can benchmark your benefits against other small employers using the information from the 2012 U.S. Bureau of Labor Statistics National Compensation Survey. Some highlights:

Providing benefits. Among companies with 50 to 99 workers, 69% offer employee health benefits, compared to 54% at companies with 1 to 49 workers.

Share of premium costs. At private companies with 50 to 99 employees, employers paid an average of 78% of coverage for single-employee medical coverage, while employees paid 22% of the tab. At smaller companies (1 to 49 workers), the share was 79% and 21%.

Paid leave. Among organi­­zations with 50 to 99 employees, 55% offered employees paid sick leave, compared to 50% at companies with 1 to 49 workers. The figures for paid vacation were 67% for em­­ployers in both the 50 to 99 and 1 to 49 groups.

When it comes to paid holidays, 67% of the smallest (1 to 49 employees) employers offer them to employees, compared with 76% in the 50 to 99 em­­ployee group.

Life insurance. The BLS says 57% of companies with 50 to 99 employees offer life in­­sur­­ance benefits, compared to 36% in the 1 to 49 bracket.

 

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