The consequences of the pandemic continue to impact small businesses, as they try to support employees while also navigating economic uncertainty. According to the most recent MetLife and U.S. Chamber of Commerce Small Business Index, 78% of small business owners view the current economic situation as average to somewhat poor or very poor.¹
The impacts on business health varies by industry, with small retailers and manufacturers less likely to say their companies were in good health than those in professional services. Additionally, the immediate crisis of the spring has transitioned into more of a long-term state for most small businesses. In fact, 55% of small businesses said that they believe it will take at least another six months to get back to normal, up from 46% in the spring.²
Yet, amidst the challenges employees still need support. As a result, many small businesses find themselves in a balancing act—looking for ways to prioritize and improve employee well-being, while keeping costs to a minimum. This is where a multi-product plan can provide a game-changing advantage.
The small business juggle
The pandemic has caused stress for employers and employees alike. In MetLife’s 2020 Small Business Employee Benefit Trends Study, two in three employees reported that they were more stressed out now than they were before the Covid-19 crisis.³ Employer benefits and support can help keep employees well—and improve their performance.
Indeed, the report revealed that 81% of employees who felt their employers were providing benefits and support during this time said they were engaged, compared to 67% who didn’t feel supported. The same goes for productivity, with 87% of employees who felt supported with benefits saying they were productive, opposed to only 74% of employees who felt unsupported.⁴
Looking toward the future, small business employers can help maintain these positive feelings and sustain their company performance by continuing to provide and expand their benefits offerings. The question, though, is how to juggle the dual priorities of providing employees with the benefits they want, while creating a budget that accounts for the current economic climate.
The multiproduct advantage
More than half of small business employees are interested in having their employer provide a wider array of non-medical benefits.⁵ Bundling insurance products together offers a smart solution for small businesses wanting to balance benefit needs with cost concerns.
MetLife’s range of products allows small businesses to select the right products for their employees at the right price for their budget. For instance, an employer may start with a dental plan—something that 56% of employees deem as a “must-have.”⁶ Then they can add two or more products including disability, vision and life insurance. Employers also benefit from caps on rates when they renew their plans, further increasing their savings.
Bundling products together reduces the costs and makes an improved benefits offering more affordable for small businesses. Few can predict the future, but practical small business solutions like the Multi-Product Advantage plan can help small businesses take care of their employees and sustain performance over the long term.
For more information about how bundled products help small businesses save, visit www.metlife.com.
For questions or help with a MetLife quote, please contact a member of your B&P Sales Team - 888.722.3373.
1 MetLife/U.S. Chamber of Commerce Small Business Index https://www.uschamber.com/sbindex/pdf/sbi_reports/SBI_2020_Q3.pdf
2-6 MetLife 2020 Employee Benefit Trends Small Business Report https://www.metlife.com/employee-benefit-trends/ebts-small-business-2020/