Employees are the most important asset for many businesses, and a high salary on its own isn’t always enough to keep them around. People value attractive employee benefits and perks, so employers who offer them will always stand out.
What’s more, research shows that employee job satisfaction can improve productivity, reduce absenteeism, and lower turnover rates. By investing in the right benefits and retaining a hardworking and loyal workforce, you have more to gain in the future.
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What are Employee Perks?
Company perks exist to make everyday work life easier, fun or rewarding for your employees. While benefits might take precedence, these additions can foster an encouraging and accommodating work environment.
Flexible Work Hours
If your business structure allows it, flexible working schedules are one of the most cost-effective perks to consider. It doesn’t cost employers money to let their workers move their hours around for their convenience. Some companies—like Netflix—take this perk to the next level by tracking their employees’ work output instead of their work hours.
Remote Work Options
While countrywide COVID-19 vaccinations are already being distributed, remote work remains an attractive option for business owners and employees alike. You can save on office space and expand your talent across the globe, while employees save on commute times and enjoy the many conveniences of home.
Volunteer Time Off (VTO)
VTO hits two birds with one stone. This perk compensates employees who want to donate their time to help others, skipping the need to dip into their paid time off. On the business owner’s side, VTO can help improve the company’s image toward attracting potential connections, employees, and customers.
Focus on Family
While Canadian law requires businesses to provide unpaid maternal and parental leave, these might not be the greatest options for parents who still need to earn money. Your company can offer paid time off to retain good employees—or attract new ones who are planning to become a parent. Some employers also provide on-site childcare facilities to make it easier for working parents.
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What are Employee Benefits?
Aside from a good salary offer, employee benefits are the main bargaining chip for business owners. These bonuses cover the worker’s basic needs, and then some.
Health Insurance
Some people might regularly require services not covered by the public health care plan, such as prescription drugs outside hospitals, medical equipment, exams, procedures, and services of other healthcare providers like physiotherapists. Health insurance plans can help cover the medical needs of employees and give them peace of mind.
Paid Time Off (PTO)
Whether it’s to recuperate from sickness, deal with personal responsibilities, or simply combat burnout, everyone needs occasional time away from work. Therefore, many people value time off—and paid time off even more so. Many companies let their workers accumulate their PTOs so they can use them when needed.
Life Insurance
Life insurance is one of the most desired employee benefits offered by employers. As many people have dependents to care for, a company offering an excellent life insurance plan might be more appealing.
Some plans like Group Accidental Death and Dismemberment pay benefits to an employee’s beneficiary if they die from an accident or lose a portion of their body. The latter usually results in paying a percentage of the total benefits.
Retirement Savings Plans
Apart from health care coverage, many argue that retirement and financial planning offerings are the most valued employee benefits. Generous retirement savings plans show employees that you’re in it for the long haul, and you care about their future.
Taking Advantage of Group Benefits
Group benefits, as the name suggests, cover every member of your company. Group plans have a much larger network than individual plans, which expands on the services you can receive. You also have the option of choosing different benefits based on employee groups—like management, maintenance, and office—for added flexibility.
Many insurance providers offer grouped plans, including:
- Health Care Spending Account (HCSA)
- Group Retirement Savings Plan
- Group Disability Insurance
- Group Dental Insurance
- Extended Health Care
- Group Life Insurance
Group Enroll – The Easiest Way to Find the Best Plans
Many insurance providers offer many packages with a variety of options. While flexibility is generally welcome, it also makes it harder for employers to navigate through each one and choose the right plan for their company. That’s where we come in.
Instead of handling group benefits on your own, we recommend partnering with a benefits broker. At Group Enroll, our main objective is to match every business with the best plans using a simple and straightforward process.
We will ask about your company, your goals, and the benefits you want. Then, we will pool proposals from the best Canadian providers and evaluate each one. This way, you don’t have to compare plans, sift through different deductibles, and check the legalities—we do all of the heavy liftings.
If you want to start today, fill out this form for a free quote! For questions and concerns, please send us an email at hello@groupenroll.ca. While face-to-face appointments aren’t necessary, you have the option of visiting our office at 10 Great Gulf Drive, Unit 5, Vaughan, ON, L4K 5W1.