From retirement plans to identity theft protection, Hispanic business owners are more likely to invest in their employees’ futures and well-being across categories.
In fact, they are 23 percent more likely than the general business owner population to offer benefits ranging from traditional medical insurance and retirement plans to more progressive offerings such as identity theft protection and domestic partner benefits. More than 1,000 business owners with 1-299 employees participated in Nationwide’s survey, including 102 Hispanic business owners.
“These results are proof positive that the Hispanic entrepreneur is not only leading the nation in job creation, but also in job security,” said Javier Palomarez, President and CEO of the United States Hispanic Chamber of Commerce. “It is imperative that our enterprises have access to a host of services and financial products that ensure the longevity of their businesses. As a long-standing partner of the USHCC, we are proud to collaborate with Nationwide on the circulation of this study and their efforts to support small business. When Hispanic business succeeds, the American economy succeeds.”
Hispanic business owners are making purposeful decisions to invest in their employees’ futures and well-being. Across every category included in Nationwide’s survey, Hispanic owners provide more benefits to their employees than the general population of business owners:
- Medical insurance: 57 percent versus 48 percent
- Paid time off: 44 percent versus 36 percent
- Workers’ compensation: 42 percent versus 37 percent
- Retirement benefits: 37 percent versus 32 percent
- Dental insurance: 34 percent versus 30 percent
- Life insurance: 31 percent versus 25 percent
- Short-term disability: 27 percent versus 19 percent
- Vision insurance: 25 percent versus 24 percent
- Long-term disability: 21 percent versus 17 percent
- Legal advice: 21 percent versus 13 percent
- Identity theft: 16 percent versus 10 percent
- Domestic partner benefits: 12 percent versus 10 percent
- Pet insurance: 5 percent versus 4 percent
Hispanic business owners are also more likely to help their employees plan for their futures. Regarding retirement benefits specifically, 73 percent of Hispanic owners said a retirement plan is an essential benefit to their employees — compared to 57 percent of all business owners surveyed.
Most Hispanic owners also reported that they believe it’s their responsibility to help their employees save for retirement (64 percent versus 47 percent), and that they are obligated to provide retirement benefits to their employees (57 percent versus 47 percent).
“It’s inspiring to know that Hispanic business owners are making such important investments in their employees’ benefits packages,” said Mark Berven, President of Property & Casualty for Nationwide, the No. 1 total small-business insurer in the country. “Our goal is to provide every business owner — regardless of background — with resources and expertise that allow them to take the right risks to better serve their customers, employ more people and be successful.”
For more information, visit Nationwide’s employee benefits page on the new Business Solutions Center. You can also read two personal examples of Hispanic business owners who excel at caring for their employees, family, community and clients.
Methodology Nationwide commissioned a 20-minute, online survey among a sample of 1,069 U.S. small business owners. Small business owners are defined as having between 1-299 employees, 18 years or older, and self-reported being a sole or partial owner of their business. The survey included 102 Hispanic business owners. The margin of error for this sample is +/-3% at the 95% confidence level. Conducted by Edelman Intelligence, a full-service consumer research firm, the survey was fielded between May 16-24, 2017. As a member of CASRO in good standing, Edelman Intelligence conducts all research in accordance with Market Research Standards and Guidelines.  Conning, 2014; Conning Strategic Study: The Small Business Sector for Property-Casualty Insurance: Market Shift Coming.