GROUP BENEFITS
Employee benefits have become essential to business owners and managers, who now recognize them as critical to attracting and retaining valuable employees.
Providing benefits will help you attract top talent by showing commitment to them and their needs. It also provides a great business case for increasing employee retention and productivity.
Employee benefits are provided to an employee by their employer in addition to the compensation earned through wages, salaries, and commissions. These benefits are intended to make the employee’s job more attractive.
Employee benefits comprise all the additional things that you offer to your employees on top of their regular salary, which could include:
- Group health benefits
- Group retirement plans, including pensions or group RRSP
- Training and education programs
- Flexible working hours and remote work
- Wellness programs
Employees are increasingly interested in the potential employer’s total benefits package. As a result, companies today offer more benefits to attract the best talent. On average, engaged employees with less stress lead to bottom-line success for companies.
Employee benefits can be a powerful recruiting and retention tool. Health coverage is vital to employees and their families, providing security when people need it the most. In addition, your employees will value group health insurance’s financial and emotional benefits — mainly if you include flexibility in your plan.
When you offer a group benefits plan to your employees, it does three things:
- Employer-sponsored health and dental benefits are a tax-effective way to help attract, reward, and retain your employees
- Group benefits make it easy to take care of your most important assets- your employee’s health and wellness.
- Group benefits are often viewed as an essential morale booster. Employees can feel empowered when recognized for being more than just a number. In addition, when allowed to participate in a group benefits plan, the employee feels pride in contributing to their company’s future success, and loyalty is established between employer and employee.
There are four main components to an employee benefits plan:
EXTENDED HEALTH & DENTAL
Health and dental coverage are core benefits in any employee benefits package. These plans can be designed to provide affordable options for family coverage and extend coverage to dependents. As the cost of healthcare continues to rise exponentially, it is more important than ever for employers to offer this coverage to their employees. When putting together your plan, you can choose the types of coverage you provide, including:
- Prescription drugs
- Paramedical expenses
- Dental
- Vision
DISABILITY
Group disability insurance is essential when offering health benefits. It works with your medical coverage, removing the financial pressures of losing income if they become ill or injured and unable to work. In addition, this will ensure peace of mind in knowing that should that unexpected event happen, you’ll still be able to keep your employees feeling secure and supported.
LIFE & CRITICAL ILLNESS COVERAGE
Employee life insurance can help provide financial support to employees, their families, and beneficiaries in times of need. It’s an essential part of your employee benefits package. For example, if a covered employee becomes critically ill, their designated beneficiary can receive a lump sum benefit to help cover medical costs.
4. EMPLOYEE WELLNESS
Good mental health is essential to a healthy work environment and having a support network ready to assist is a necessary component of having good mental health. An employee benefits plan typically includes access to counselling, a resource that supports your employees.
The Group Benefits program provides a wide range of benefits, including health and dental plans, life insurance and more. These benefits help your employees feel secure and valued, positively impacting the workplace.
A benefits package is integral to your employee compensation and salary. Therefore, it’s worthwhile for business owners to consider how much you can offer employees a competitive package compared to other employers in the sector.
We’re here to help you design a group benefits plan that meets your employees’ needs and fits your budget. Talk to us today.