Dive Brief:

• Small businesses may have much to offer as employers, but they may not be able to compete with their larger brethren. According to an article at Employee Benefits News, the 14th annual MetLife U.S. Employee Benefit Trends study found that just 46% of small business employees said their company offered a range of benefits to meet their needs. That figure jumps to approximately 75% for employees at mid-sized and large companies.

• While owners tend to believe specific barriers prevent them from delivering a rich benefits experience, the barriers are myths, according to author Jimbo Story, vice president, small group sales and specialty markets at MetLife. Instead, the study offers strong data that shows benefits bring rewards such as stronger employee relationships and loyalty as well as boosted productivity.

• Small business employer and employee responses to the MetLife Study debunked a trio of the most prevalent myths: employees at small businesses aren’t interested in non-medical benefits; benefits aren’t going to be a factor that attracts and retains employees, especially in a small business; and administering benefits is too time-consuming.

Dive Insight:

With with the emergence of the ACA, small business employees care about benefit offerings other than medical, such as dental coverage. When ranking benefits they were interested in but did not already get from their employers, small-business employees ranked dental the No. 1 benefit after medical, according to the MetLife Study. Three-fourths (74%) of small-business employees said they were interested in receiving dental benefits, followed by a retirement plan (71%), prescription drug coverage (66%), and vision insurance (63%).

Benefits remain key to attracting, retaining and driving loyalty among small business employees. According to a 2014 study from the Employee Benefit Research Institute, 76% of employees say that benefits are a very or extremely important factor in their decision to accept or reject a job offer.

Finally, benefits do not have to be too time-consuming, even for small businesses, Story writes. According to the MetLife study, employers at small businesses found the benefit administration process to be much less cumbersome than did those at mid-sized and large companies. In fact, only 18% of small-business employers were confused by the benefits review and selection process, compared to 29% of those at mid-sized companies.