Jessica Moser, senior vice president, Small Business Solutions at MetLife sat down with me to discuss the results of the Small Business Index. This is a survey done in partnership with the U.S. Chamber of Commerce and focuses on the small business economy.
I asked Jessica to share her insights into:
- Why small businesses are growing?
- Why business owners are optimistic?
- What does it mean for America as far as marketplace outlook?
According to the SBI, nearly 62% of small business owners expected increases in revenue. Almost 64% of employees prefer to work for small to mid-size companies. These numbers are a good reason to be optimistic.
The flip side is that small business owners work almost twice as many hours as the average worker. About this Jessica says, "small business ownership looks glamorous, but in reality it takes an incredible amount of passion and execution. With this work ethic and their demonstrably positive attitude, small businesses will continue to be the engine of economic growth."
When I asked Jessica why the number of small business was growing, she noted that employees are more loyal to companies that allow them to manage life in and out of work. “More and more employees are looking for a human connection in their workplace.” “A reflection to how important it is for employees to feel valued at work and to feel that their values will be reflected in the workplace. Our study shows that 70% of employees want their employer to provide financial compensation and to be a good corporate citizen.” Jessica went on to say that smaller businesses are more nimble and flexible, creating a shorter path to that human connection employees are seeking.
As a provider of group benefits to small business, I asked Jessica to help customers reframe how they think about employee benefit packages. The SBI reports that 50% of employees said that benefits were a reason that they chose to join or stay at a company. According to Jessica. “The war for talent is real, and it’s continuing to get more and more intense. Ancillary benefits, the ones that offer group rates to employees, can be provided at no cost to the business owner. They are an excellent way to attract, retain and motivate employees.