Our survey shows what small and midsize business owners prioritize and which plans they put in place. How do your priorities and plans compare?
Business owners are gaining in confidence and growth, according to the latest Principal Business Owner Insights survey of 1,000 small and midsize businesses (those with fewer than 500 employees).1
A record 43% of businesses classify themselves as “growing.” These businesses are concerned with retaining talented employees and want to offer more employee and key employee benefits. Almost 80% of growing businesses say their benefit package improves the ability to recruit and retain employees. And 74% say it improves productivity.
How do your business priorities compare?
We asked business owners to rank their priorities and share whether they have a plan in place.
1. Business protection
Business owners have chosen this as their No. 1 priority since 2010, yet just over half have a plan.
2. Health and wellness solutions
Health and wellness offerings have grown significantly, including comprehensive health insurance, health savings accounts (HSAs), employee assistance programs (EAPs), and emotional and mental wellness programs.
Explore an EAP as a wellness solution.
3. Income protection
It's been a Top 4 priority since 2010, yet less than half have a plan. Of those that do, 45% own individual disability income insurance.
4. Business succession planning
Confidence in succession plans has reached record levels. The most popular—and growing—succession strategy is to give the business to family members.
Build your business succession plan.
5. Non-medical and voluntary benefits
Dental (59%), maternity leave (57%), paid family and medical leave (56%), vision (55%), and accident insurance (53%) are the five most popular options.
Benefits help attract and retain the right talent
Recruiting and retention are critical issues for any business. Record levels (over 70%) of owners say offering benefits improve retention, recruiting, and productivity of their workforce.
Get insights on the importance of employee benefits.
Almost all businesses (98%) have key employees. More than half of business owners (55%) would like to reward these key employees with additional benefits.
Explore ways to retain key employees, including retirement solutions.
Online tools to help you and your business.
Assess your business needs
Use this tool to get a personalized report to explore best practices for helping protect your business, your employees and your lifestyle.
Compare your benefits
See how your benefits compare to what other organizations of your size, industry, and region offer their employees.
What's next?
Contact your financial professional, or let us help you find one.
Find a financial professional1 The 2023 Principal Business Owner Insights survey is based on 1,000 online interviews conducted in January 2023 by Dynata.
Insurance products issued by Principal National Life Insurance Co. (except in NY), Principal Life Insurance Company®, and the companies available through the Preferred Product Network, Inc., Plan administrative services offered by Principal Life. Referenced companies are members of the Principal Financial Group®, Des Moines, IA 50392.
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