SMBs biggest hurdle in offering benefits? Money.
Learn ways SMBs can combat high costs associated with offering benefits
For many small and midsize employers, the biggest challenge when it comes to offering a comprehensive employee benefits package is cost. Without the big benefits budget larger corporations have, SMBs have to stretch their dollars and make the most of the benefits they can afford to offer.
We surveyed small and midsize employers to identify key strategies today’s SMBs use to combat the high costs associated with offering benefits and help employees get the most value out of the benefits they’re currently being offered.
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Nearly three quarters of SMBs identify cost of their biggest challenge
It’s no surprise—while time, education, compliance, and employee participation are all challenges employers face when offering benefits, they each are overshadowed by the biggest hurdle of all: cost.
A sneak peek at our key findings
SMBs aren’t changing their benefits package next year
Over half of the employers surveyed (53%) reported that they don’t plan on making any changes or additions to their benefits package in 2023—likely because of cost.
Not all benefits employees want are expensive
Many of the benefits employees want don’t cost much, or anything at all, such as generous PTO, remote work flexibility, and tax-free health plans.
Educating employees on their benefits goes a long way
Majority of employers surveyed (83%) make a dedicated effort to educate employees on their current benefits to increase utilization and participation rates.
Learn more about PeopleKeep
What is PeopleKeep?
PeopleKeep is a personalized benefits administration software company. We serve small and midsize employers across many industries ranging from nonprofits, to high tech, to engineering. Because our software is intuitive and can be managed in minutes per month, we make providing benefits more accessible to organizations that do not want to manage complex and tedious administrative tasks.
What other reports has PeopleKeep published?
As the industry leader in HRAs and personalized benefits, PeopleKeep prides itself on publishing proprietary data on all things HRAs and employee benefits.
PeopleKeep releases an annual QSEHRA report covering usage data on how small businesses use their health benefit, as well reports on the individual coverage HRA (ICHRA) and its evolution since first coming to market in 2019.
What products does PeopleKeep offer?
We provide software that allows organizations to offer health reimbursement arrangements (HRAs) and employee stipends. Learn more about each of our products below:
- Qualified small employer HRA (QSEHRA): A simple, controlled-cost alternative to group health insurance for employers with 1-49 employees.
- Individual coverage HRA (ICHRA): A flexible health benefit solution for employers of all sizes that can be used alone or alongside group health insurance.
- Group coverage HRA (GCHRA): A group health supplement for employers already offering a group health insurance plan to help employees with out-of-pocket expenses.
- WorkPerks: Reimbursable employee stipends that broaden employee benefits.
How much does a plan with PeopleKeep cost?
At PeopleKeep, we help you implement budget-friendly, compliant benefits without the hassle. Pricing will vary depending on which product you're interested in and how many employees you'll have enrolled in the benefit.