Employees of African-American business owners are more likely to receive robust benefits packages

Employees of African-American business owners are more likely to receive robust benefits packages

As unemployment rates remain low across the country, strong employee benefits packages are a key driver of both recruitment and retention.

According to Nationwide’s fourth annual survey of U.S. business owners with 1-499 employees, 85 percent of African-American business owners say they offer some form of an employee benefits package — well exceeding the broader business owner market (64 percent).

Across every benefit category included in Nationwide’s survey, more African-American business owners indicate they provide more benefits to their employees than the general population of business owners:

• Medical insurance: Offered by 62 percent of African-American business owners and 41 percent of total business owners

• Dental insurance: Offered by 48 percent of African-American business owners and 25 percent of total business owners

• Workers’ compensation: Offered by 40 percent of African-American business owners and 33 percent of total business owners

• Life insurance: Offered by 38 percent of African-American business owners and 22 percent of total business owners

• Retirement benefits: Offered by 37 percent of African-American business owners and 27 percent of total business owners

• Vision insurance: Offered by 34 percent of African-American business owners and 20 percent of total business owners “Employee benefits help business owners take care of their most important asset: their employees,” said Syed Rizvi, Nationwide’s chief specialty insurance officer.

“And when it comes to caring for their employees, diverse business owners appear to be among the most generous. From retirement plans to workers’ compensation, they are more likely to invest in their employees’ futures and personal well-being.”

Latest Stories

Latest Podcast

A.L. Smith - Harold Washington Legacy Committee