U.S. small businesses, or those with fewer than 50 workers, offer 68% of their employees paid time off work for holidays and 67% of their employees paid time off work for vacation, according to the Bureau of Labor Statistics.
More than half of workers can receive medical insurance through their company. Contribution plans, such as 401(k) plans, were available to 47% of employees in small businesses. Benefit plans, such as pension plans, were available to 7% of workers.
Employee compensation cost small businesses an average of $27.72 per hour worked in December 2017, according to the BLS. Nearly 75% of the cost was attributed to pay, while the remaining 25% went to benefit costs. Paid leave costs small businesses an average of $1.61 per hour worked, representing 5.8% of the total cost of compensation. Paid time off for vacation comprised of nearly half of paid leave costs. Insurance costs were an average of $1.75 per hour worked and accounted for 6.3% of total compensation costs. Nearly all of the cost for insurance was attributed to health insurance costs at $1.66 per hour worked.
Life insurance is offered to 36% of employees of small businesses and accounted for 3 cents per hour worked. Nonproduction bonuses are offered to 34% of employees, and account for 85 cents per hour worked, or 3.1% of total compensation. Legally required benefits such as Social Security, Medicare and unemployment insurance comprise of $2.33 per hour worked, or 8.4% of total compensation.
Following are other benefits small businesses offer and the percentage of employees with access to the benefit:
- Jury duty leave, 42%
- Military leave, 17%
- Wellness plans, 19%
- Dental insurance, 24%
- Vision insurance, 14%