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Business consulting, also known as management consulting, is the act of providing professional advice for a fee. Typically, small business consultants are specialized in a certain field and are hired on a per-diem basis.
The business consulting industry is growing at a steady rate, with a reported 0.5% growth year over year since 2016. This growth drives home the need for employers to invest in valuable employees to ensure the industry continues on a sustainable growth path.
One of the easiest methods to attracting and retaining quality employees is by offering an in-depth employee benefits package as a differentiator to your competition. As these employees are educated and skilled workers, competitive benefit packages can help to attract talented employees and lower turnover rates. Additionally, benefits can help to lower major healthcare utilization and therefore could see lower than average rates on a PM/PM basis. Some examples of this include student loan repayment, flexible work schedules are attractive and more creative mechanisms like FSAs, HSAs and similar products are likely to be used.
There are about 248,000 business consulting firms nationwide, employing more than 1.9 million individuals. On average, each firm has 8 employees, and the employee demographics are pretty evenly split between male and female. The median age of each employee is 42 years old.
60% of business consulting firms provide access to both short and long-term disability insurance. In comparison, the national average is 42% and 34%, respectively.
A full 75% of business consulting firms offer life insurance coverage. The national average is 56%.
As it stands, the business consulting industry stands in-line compared to other nationwide organizations. To improve their employee healthcare insurance for small business consultants, employers can increase their average medical premiums for both family and individual coverage. Amping up these benefits packages will lead to increased employee retainment, which results in cutting costs and increased productivity.
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