Benefits: smaller-firm workers often getting less.While it seems common knowledge that big firms are able to offer more attractive benefit packages than their smaller counterparts, a new study funded by the Small Business Administration (SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government ) Office of Advocacy The act of Pleading or arguing a case or a position; forceful persuasion. quantifies the difference in cost to the employers. The study, Cost of Employee Benefits in Small and Large Businesses, confirms that costs associated with these benefits vary dramatically in relation to firm size, resulting in fewer benefits for employees in smaller firms. Some of the highlights from the study include: [ILLUSTRATION OMITTED] * Paid vacation Noun 1. paid vacation - a vacation from work by an employee with pay granted holiday, vacation - leisure time away from work devoted to rest or pleasure; "we get two weeks of vacation every summer"; "we took a short holiday in Puerto Rico" leave is the most frequently available benefit; access to pension plans is least common. * The weighted average cost of health insurance premiums per enrolled employee is relatively high for the very smallest firms (fewer than 10 employees), and declines as firm size increases (25-99 employees) before increasing again for the largest firms (more than 1,000 employees). * Access to retirement benefits is more prevalent prevalent widespread occurrence. in large firms (75 percent) than in small firms (35 percent). * Small and large businesses continue to provide benefits to their employees, but at a declining rate. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the Department of Labor's Bureau of Statistics, 29 percent of civilian workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. comes from benefits--at an average of $7.40 per hour. Of that, a majority comes from the most typical "voluntary" benefits--health insurance, private pension plans, and paid leave (vacation and sick days). The study can be downloaded from the SBA Office of Advocacy site at www.sba.govladvolresearch/rs262tot.pdf. |
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