The offerings, introduced during National Small Business Week (May 16-20), include a benchmarking tool that shows benefits offered by award-winning small businesses and national averages so employers can see how they compare. According to a press release, the tool, which includes other considerations for brokers, allows owners to assess benefits beyond insurance and includes ways to better manage benefits.
Other tools include:
- Guide to benefits best practices
- Benefits best practices checklists for voluntary, retirement, wellness and health care
- Best practices in communication and education
- Best practices in building and managing benefits
“Small business owners recognize a strong employee benefits package usually pays off for the business as well as for employees,” notes Amy Friedrich, vice president specialty benefits for the Principal Financial Group. “But, there’s no one-size-fits-all approach, which is why we work with advisors and their small business customers to find innovative ways to offer affordable benefits.”
Through additional tools like a tax calculator, owners can determine if they are eligible for a tax credit on their group health insurance premiums as part of the Patient Protection and Affordable Care Act. Many small businesses are eligible, yet only a quarter of small business owners realize they may qualify for credit, according to the Principal.