This post was originally published on this site
99.9% of businesses in the U.S. are small businesses. Despite increasing inflation and a troubling worker shortage crisis, small businesses continue to prove their resilience and positive impact on the economy, employing nearly half of the American workforce and representing 43.5% of America’s GDP. It’s no doubt that supporting these businesses and their employees is vital to the overall American economic ecosystem.
Unfortunately, small businesses face challenges that large enterprises don’t, such as lack of access to comprehensive benefit packages. Due to high costs, administrative complexities, and limited resources, small businesses often struggle to provide employees with benefits that help them live more stable and fulfilling lives. This can decrease retention rates, decrease employee satisfaction, and increase financial stress.
Incorporating a financial wellness offering might seem like an unnecessary addition for a small business. However, neglecting this aspect could be a big misstep. Research indicates that finances are the primary source of stress for more than half (57%) of U.S. workers. However, according to the HR Research Institute, only 15% of organizations are effectively assisting employees in enhancing their financial well-being.
Human Capital Management (HCM) and Payroll providers have both an opportunity and a responsibility to better support employers using
