April 25, 2024 at 09:09 am EDT
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Through tailored employee benefits packages and retirement solutions, small businesses have access to resources that help attract and retain talent and support holistic business needs.
As National Small Business Week (NSBW) approaches, April 28 – May 4, Lincoln Financial Group (NYSE: LNC) acknowledges the vital role of small businesses in driving economic growth and innovation. In recognition of their invaluable contributions, Lincoln Financial Group reaffirms its commitment to supporting small businesses by highlighting opportunities for growth across three key areas: attracting and retaining talent, supporting the holistic needs of employees and fostering business growth.
"Small businesses are the backbone of our communities, fostering entrepreneurship, driving innovation, creating jobs and fueling our local economies," said Jimmy Reid, executive vice president, president of Workplace Solutions, at Lincoln Financial Group. "Throughout National Small Business Week, we want to shine a spotlight on the many solutions and resources available to small businesses and offer our support to help them thrive."
Unlocking opportunities for small businesses
Small businesses have unique opportunities for growth and success as they consider ways to leverage their resources efficiently and effectively in a rapidly changing business environment:
- Attracting and retaining talent: Small businesses can attract and retain top talent by offering competitive benefits packages, fostering a positive work culture and providing opportunities for professional development. Employees need support across all aspects of their lives, and 57% of those surveyed who work for small businesses say benefits impact their loyalty to their employer.¹
- Supporting the holistic needs of employees: Employee well-being is essential for business success, and small businesses can support the holistic needs of their employees by promoting physical, emotional and financial wellness. Among those surveyed who have used wellness resources, professionals in small organizations are among the most likely to report that wellness resources have positively impacted their physical (77%) and mental health (78%).² By prioritizing employee wellness, small businesses can enhance productivity, engagement and retention rates.
- Fostering business growth through partnership: Small businesses can achieve sustainable growth by embracing innovation, adapting to market trends and leveraging strategic partnerships. More than half of all small business owners surveyed discuss business and revenue growth with financial professionals, and more than 60% say that they trust financial advisors and provider representatives for benefits information.³ Seeking expert guidance for employee benefits and other key business needs can help small businesses navigate challenges and capitalize on opportunities for growth.
Empowering small businesses with Lincoln Financial and U.S. Small Business Administration (SBA) resources
As advocates for small business owners, Lincoln Financial Group offers tailored solutions to address their unique needs and support employee well-being and productivity, including:
- Employee benefits: Leave management, supplemental health, life, disability, dental and vision insurance, and 401(k) and 403(b) group retirement plans appeal to the various types of support employees look to their employer to provide.
- Financial wellness: Self-serve education, one-on-one support and solutions like Lincoln WellnessPATH® provide the tools and personalized guidance to help your employees make smart financial decisions and relieve stress today so they can focus on their tomorrow. Additionally, Elevate Wellness℠ is a program specifically designed for women and minority-owned businesses, delivering access to a broad range of financial wellness services and benefits to help support more equitable financial outcomes for their employees and business.
- Business protection and growth: Corporate-Owned and Bank-Owned Life Insurance, key person life insurance to protect small businesses and expert guidance and support to respond to changing business needs and growth.
In addition to Lincoln's offerings, small businesses can benefit from resources provided by the US SBA, including financing options, business counseling, educational workshops and its free NSBW Virtual Summit from April 30-May 1.
For more information about Lincoln Financial Group and its offerings for small businesses, visit lincolnfinancial.com. To learn more about resources available from the US Small Business Administration, visit sba.gov.
¹Lincoln Financial, Wellness@Work: Group Benefits, 2022
²Lincoln Financial, Wellness@Work: Group Benefits, 2022
³Lincoln Financial, Small Business Owner Survey, November 2021
About Lincoln Financial Group
Lincoln Financial Group helps people to plan, protect and retire with confidence. As of December 31, 2023, approximately 17 million customers trust our guidance and solutions across four core businesses — annuities, life insurance, group protection, and retirement plan services. As of December 31, 2023, the company had $295 billion in end-of-period account balances, net of reinsurance. Headquartered in Radnor, Pa., Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. Learn more at LincolnFinancial.com
LCN- 6569409-042224
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