Inflection Point

10th Annual Guardian Workplace Benefits Study

Small businesses are among the hardest hit during the COVID-19 pandemic. And those that did weather the dramatically altered business landscape have been tasked with developing practices and systems that can attract, retain, and support an employee workforce whose expectations around work have changed. In the past, advantages to working at a small business, like closer connection to an organization’s mission and a more personal work environment, were enough to attract and retain employees. However, today this is no longer enough to support employee well-being and build a committed, satisfied workforce.

As small businesses experienced significant revenue losses, many were forced to downsize their workforce through furloughs or layoffs. In response to a workforce under pressure, nearly half of all small businesses report that the pandemic caused them to focus more on employees’ well-being. The pandemic placed a spotlight on the need for employee benefits offerings that address myriad complex workforce needs — from resources for child or elder care to mental health support. More than two-thirds of employers with fewer than 100 employees say they aim to offer better benefits to remain competitive.

Read on to learn about where small businesses and their workforce base are today and discover what solutions and strategies they may adopt as they move forward.

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