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How Small Businesses Win Big
by Offering Supplemental Benefits

From fighting for market share to clamoring for top talent, it can be a challenge for small businesses to compete with larger competitors. Finding great employees is even more challenging when medium and large companies offer more in the way of employee perks like wellness programs and supplemental benefits. Research has shown that larger employers are more likely to offer at least one supplemental benefit compared to smaller organizations.1

When a small employer offers supplemental benefits to their employees, they can better compete with these larger companies. And most employees agree that this would steer them toward an employer. Nearly 70% of employees who are eligible for benefits agree that they are more likely to work for an employer that offers employee-paid supplemental benefits.2

Here are a few significant ways that offering supplemental benefits can help small businesses.

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Attract and retain talent

For small business owners, getting and keeping good employees is vital, but recruiting and onboarding is time-intensive and expensive. Where large companies can afford to absorb these costs and keep adding perks, smaller companies may have trouble keeping up.

By offering supplemental benefits, smaller employers add a high-impact tool to their portfolio of employee benefits. A study found that nearly half of HR professionals said supplemental benefits attract new talent and almost 60% said they retain talent.3

Employees tend to agree, finding value in benefits that go above and beyond standard health coverage. According to LIMRA, "employees who are more satisfied with their benefits are much more inclined to stay with their companies because of them."4

Build a reputation for focusing on employee well-being

In recent years, the focus throughout the business world has shifted toward workforce wellness. From financial counseling to mental health programs, all employers are encouraged to create an atmosphere centered on employee well-being.

Again, the cost of these programs may be more easily absorbed by large employers, but when smaller businesses offer supplemental benefits like accident insurance and critical illness insurance, more resources are available to employees to maintain a healthy lifestyle.

Supplemental benefits empower employees to stay mindful of their health and seek care when needed. Employers can even add wellness-based riders to supplemental products that help promote employee health. These may include preventive care benefits to help pay for screenings or vaccinations, or lifestyle enhancement benefits to help cover the cost of treatment and health management programs.

Offer added benefits without a financial burden

As an employee-paid program, a supplemental benefits package can cost employers very little to administer. But that doesn't mean employees are left paying a fortune for these benefits. Thanks to discounted group policies, employees can receive reduced rates for coverage options, and premiums are typically payroll-deducted.

Small Market Solutions from Allstate Benefits

Allstate Benefits offers a signature Small Market Solutions (SMS) program for employers that have fewer than 250 employees. This unique product portfolio offers Accident Insurance, Critical Illness Insurance, Disability Insurance, Hospital Indemnity Insurance, and Life Insurance—all with the same generous coverage details usually reserved for larger employers.

SMS also offers competitive underwriting and streamlined enrollment without adding to an employer's bottom line. Learn about SMS by clicking here or by contacting an Allstate Benefits Representative.

We are Allstate Benefits

From innovative group health coverage to our industry-leading portfolio of group supplemental insurance products, we have the experience, knowledge and service you need, and a name you know and trust.

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