Workforce Well-Being...Not So Well
Like most Americans, small business workers want less stress and better work-life balance
Benefits offered by small firms contribute greatly to the financial, physical and emotional wellbeing of America. Guardian’s latest Workforce Well-being Index reveals that employees of small firms have an Index score of 6.5 on a 10-point scale, virtually the same as the 6.6 average for all working Americans. However, the financial wellness component of the Index is low among small business workers, and is lower when compared to employees of large companies.
% Rated excellent/very good health by small business workers
Money is the primary stressor for small business workers. Six in ten cite personal finances as the top source of stress in their life. That is nearly twice as many as those citing job-related concerns and three times as many as those mentioning personal health issues, housing costs or the economy.
The well-being of 60 million Americans is linked to small businesses
Top Sources of Stress: % of small business workers
Workers place a high value on their time: time to care for themselves and their loved ones. Greater flexibility in how, when, and where individuals work is becoming a very desirable benefit, and is a factor in attracting and retaining talent, especially in competitive labor markets.
Workers Seek Employer Support on Wellness
% of small business workers who strongly agree
Half of all small business workers feel that their employer cares about their overall well-being, which is an improvement over 2015. That’s important because those who believe their employer cares about their overall well-being are more loyal; they are 1.7 times more likely to prefer to stay with their company for at least 10 years compared to those who don't feel their employer cares.
The information above was taken from the 5th Annual Guardian Workplace Benefits Study.
Download a copy today -> Guardian Workplace Benefits Study
Unlimited Benefits, Inc. is always striving to stay at the forefront of industry changes and events. Call us today to learn how we can help you increase your employee satisfaction.
Founder of Unlimited Benefits and Financial Services Expert since 1994