Benefits for part-timers: Where does your business stand?
Businesses of all sizes have often focused benefit packages on taking care of their full-time employees. But with employment rate at an all-time high, some companies have been adding benefits for part-time workers.
Recently, CFO Strategic Partners conducted a poll regarding time off, but that’s only a small slice of the benefit pie. To follow up, our team distributed an informal survey expanding on this topic to find how companies handle benefits, particularly for part-time workers.
Despite the tight market, most of these companies are not changing their benefit packages in favor of part-time employees or altering their benefit packages in an attempt to attract more qualified candidates.
Still, there are signs that examination of benefits for all types of employees has a foothold in the minds of business owners. For companies that are early adopters of the all-inclusive benefit movement, they tend to go all-in with paid time off, short-term and long-term disability, life insurance and 401(k) or other retirement plans for part-time employees.
This survey was taken by companies in the construction, professional services, healthcare, hospitality, food distribution, insurance and manufacturing industries. See our full survey results below.
How benefits are handled for each employee category
In today’s competitive labor market, the need for part-time or seasonal workers is high. This factor can leave business owners at a loss for who should be eligible for benefits. Our survey found an overwhelming amount of participants offer benefits to only full-time employees.
How benefits apply to part-timers
While full-time employees typically receive a wide range of benefits, it’s not a given part-timers will as well. Our survey found while most participants don’t offer benefits to part-timers at all, there are several common ones that are available. A significant amount of companies offer part-time employees paid time off and access to a 401(k) or other retirement plan.
How benefits are awarded
It’s common knowledge companies differ widely on how they award benefits. Our survey found most companies award benefits based on employee type, with a combination of employee type and tenure following closely behind.
How companies have enhanced benefit packages
One strategy for attracting top talent in the competitive labor market is to enhance benefit packages. While this approach is employed by some companies, a majority of our survey participants responded their company hasn’t expanded benefits in the past year.
For the companies that have gone all-in on benefit packages, medical, PTO, long-term disability, insurance and retirement plans have all been enhanced.
So, what have we learned?
Our survey has shown us there are some early adopters of the all-inclusive benefit movement, but as of now, a majority of companies are comfortable adhering to traditional benefit standards.
As times change and this benefit movement unfolds, CFO Strategic Partners can help you develop the best package for your business. We have experience working with companies of all sizes, in a variety of industries, and always have the whole financial picture in mind.
Call us at 407-426-8288 or email Shannon@CFOSP.com, and let’s start the conversation.