As a small business owner, one of the most critical elements for your company is quality employees. After all, unless you run a very small business—you can’t do everything yourself! You need qualified people you can rely on, and you need them long-term. High employee turnover can quickly become an expensive problem no matter what industry you’re in.
How can you attract and keep long-term, dependable, hard-working employees that will be a true asset to your company? Make your business an ideal place to work. One of the best ways to do that is by offering a good employee benefits package. Here’s a bit more about employee benefits and how they benefit your workforce.
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What Are Employee Benefits?
One of the primary considerations new employees have when applying for a job is the wage paid. Payment for work is standard, whether it is a consistent weekly salary, compensation per hour of work, or payment for services as delivered.
Non-wage compensation or employee benefits includes various perks and incentives to improve your employees’ quality of life, increase their security, and encourage them to remain a part of your small business staff.
An employee benefits package may include:
- Health benefits
- Disability coverage
- Paid and unpaid vacation and sick leave
- Social security
- Retirement benefits
- Profit-sharing in the company
Employees may earn other types of benefits as they reach milestones with the company, such as first-choice of assignments, scheduling preferences, or the option to work from home.
In Canada, where diverse workforces are the norm, a significant trend in employee benefits is customization. This allows small businesses to offer various benefits options, and employees can choose the benefits they need most.
Employee Health Benefits
Though small businesses are not required to provide health benefits to their employees, offering healthcare coverage options is a valuable option to consider. Canada’s public health options don’t cover all medical expenses your employees might experience, so offering a health benefits package that provides for extended health coverage, as well as vision and dental, is ideal.
Extended Health Care
While most group benefit plans are enough to meet basic medical needs, it is wise to have extended coverage for any treatments and medical services not covered under the government’s public health plan. The best thing about extended health coverage is that it is flexible, so you can customize the coverage to suit your employees’ needs without going over your small business budget.
Examples of services covered under extended health coverage include:
- Prescription drug coverage
- Paramedical services, including Chiropractors, Osteopaths, Physiotherapists, Psychologists, and Dieticians
- Medical supplies and services, such as hearing aids, insulin syringes, canes, crutches, and oxygen supplies
- Vision coverage
- Hospital coverage
- Out-of-province emergency health care while travelling
Extended health coverage may also include accidental dental, ambulance transport, and private duty nursing.
Dental benefits should be flexible, allowing your employees and their dependents to customize their plans to suit their specific needs. Good group benefits often cover:
- Essential dental services, from exams and cleanings to extractions and root canals
- Major restorative services, including dentures, bridges, and crowns
- Orthodontic services, such as braces and other dental correction aids
Health Care Spending Accounts
Health Care Spending Accounts (HCSA) are another flexible employee benefit option that supplements a traditional health plan, covering items that the health plans do not. These accounts function individually, reimbursing for health care expenses and benefits not covered under provincial health insurance or other health care coverage.
HCSA plans usually have a set amount available for individual employees to claim, so it is easier for you to budget for them. Employees can use HCSA benefits to cover various medical expenses, including cosmetic procedures, at-home care, prescription drugs, massage therapy, and other medical or dental services not included in traditional health care plans.
Benefits paid from an HCSA are also tax-free for your employees and tax-deductible for you, which is one reason they are one of the best coverage options you can add to your plan.
Personal employee benefits range from maternity/paternity leave, counselling services, and short-term disability insurance to opportunities for continuing education and reimbursement for training. Special opportunities for advancing with the company are also a personal benefit that may be part of a comprehensive employee benefits package.
The Efforts You Put In To Cultivating A Happy And Productive Work Atmosphere Has A Direct Impact On The Quality Of Work You Receive From Your Employees
Benefits For The Future
Most employees aren’t just working for the present but the future. With families to provide for and retirement on the horizon, savings plans and life insurance become essential elements of good employee benefits.
Group life insurance can be a comforting and practical addition to the package. It allows employees to ensure that their loved ones are protected and cared for in the event of an accident, serious illness, or death.
Group retirement savings plans are another essential benefit with an eye to the future for your employees. Saving money can be difficult for many people. Having a retirement benefits package that automatically contributes to an employee’s retirement is a valuable incentive for them to continue working for you and will attract the best talent to your company.
Why Are Employee Benefits Important For Small Businesses?
Having a good employee benefits package isn’t simply a benefit for your staff. It also helps your business. When you offer a quality package of benefits, including many of those listed above, it is an attractive feature for potential employees and an appealing reason for current employees to stay.
Most employees say that the benefits of a job are nearly half the reason they will take it, and more than half will stay on because of those benefits. Quality employee benefits packages are more critical to retaining employees than raises, so offering small business benefits is very much an investment in your company’s future.
A good benefits package tells prospective employees that you value their talent and skill and are willing to compensate them adequately for what they contribute to your company. It attracts a diverse array of potential employees and ensures you can select the best candidates for each job.
Current employees are incentivized to stay when they have what they need to provide for themselves and their families and have some security for the future. Good employee benefits offer this in ways that wages can’t, which is why employees are more likely to stay on when their benefits are good, and they feel valued.
Learn More About Employee Benefits
Finding the best rates for group employee benefits for small businesses is what our experts here at Group Enroll do best. We understand that your workplace has diverse needs, and we strive to find you the best group plans for your business and budget.
Your time is precious, and employee benefits can be complicated, with many financial and business facets to consider. We can provide you quotes for cost-effective group plans from Canada’s top providers in minutes, keeping it simple and getting you what you need quickly.
Whether you need new coverage for your business or assistance with your existing coverage, we’re here to help. Fill out our quick quote form to get started or email us at email@example.com for more information about employee benefits.