RADNOR, PA — In observance of National Small Business Week, Lincoln Financial Group (NYSE: LNC) has announced its continued support for small businesses, emphasizing growth strategies in talent acquisition, employee well-being, and business development. Jimmy Reid, executive vice president and president of Workplace Solutions at Lincoln Financial Group, lauded small businesses as the driving force behind community prosperity, innovation, and job creation.
The company outlined three pivotal areas where small businesses can harness their potential:
Talent Attraction and Retention: By offering comprehensive benefits packages, nurturing a positive work environment, and providing professional growth opportunities, small businesses can secure and maintain a dedicated workforce. A recent survey indicates that 57% of small business employees view benefits as a crucial factor in their loyalty to their employer.
Holistic Employee Support: Addressing the complete well-being of employees—physical, emotional, and financial—is vital for a thriving business ecosystem. Data shows that employees of small organizations who utilize wellness resources report significant improvements in their physical (77%) and mental health (78%), underscoring the importance of a holistic approach to employee wellness.
Strategic Business Growth: Small businesses are encouraged to seek sustainable expansion through innovation, responsiveness to market shifts, and strategic alliances. Over half of the small business owners surveyed engage with financial professionals on discussions about growth, with more than 60% trusting advisors for benefits information. Leveraging expert advice is key to navigating the complexities of business operation and development.
To support these growth strategies, Lincoln Financial Group, in collaboration with the U.S. Small Business Administration (SBA), offers tailored solutions designed to meet the unique needs of small businesses:
- Employee Benefits: A suite of offerings including leave management, supplemental health, life, disability, dental, vision insurance, and group retirement plans (401(k) and 403(b)), caters to the varied support employees expect from their employers.
- Financial Wellness: The Lincoln WellnessPATH® program provides self-serve education, one-on-one support, and customized advice to aid employees in making informed financial decisions. Additionally, the Elevate Wellness℠ program targets women and minority-owned businesses, offering access to financial wellness services aimed at fostering equitable financial outcomes.
- Business Protection and Growth: Products like Corporate-Owned and Bank-Owned Life Insurance, along with key person life insurance, safeguard small businesses against uncertainties. Expert guidance also supports businesses in adapting to market trends and realizing growth opportunities.
Lincoln Financial Group’s initiative underscores the essential role of small businesses in the economy and highlights the company’s commitment to empowering these entities through comprehensive support and resources.
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