Employee Benefits for Business Owners
There is a direct link between business success and employee benefits. Some of the most successful businesses are those with satisfied employees. And it shouldn’t surprise anyone that some of the most satisfied (and productive, dedicated and loyal!) employees are those that are content with the employment benefits provided by their employer.
But just as success doesn’t automatically happen in business — it takes dedication and hard work; putting together an equitable employee benefits package requires careful planning and foresight.
Why Employee Benefits Planning is Important
The very success of your company could actually depend on the types of benefits package you offer your employees. With so many of your peer and competitor businesses competing for good talent, it is often not the pay-rate that attracts good employees, but the complete benefits package they receive.
But there’s more to employee benefits than just enticing great talent to join your company. If your benefits package doesn’t keep pace with the industry you are in, chances are that your competitors will win over talented workers from you. All your investment in training and equipping them with business knowledge and skills will become an expense to be written-off – instead of an asset to capitalize on!
What We Can Do for You
While you focus on encouraging your clients and business associates to establish profitable business relationships with your company, our Employee Benefits specialists will help find a package of employee benefits that will motivate your workforce to work hard and stay committed to your ideals. Our emphasis is always on:
- Finding personalized solutions, as opposed to cookie-cutter out-of-the-box plans.
- Recommending solutions that help you reduce benefits management and administration costs across the company.
- Offering benefits packages that are in line with what your industry peers are offering their employees
- Proposing plans that are low on red-tape, and high on delivering real value to your employees: Targeted benefits. Quicker processing. Seamless and secure access. Transparent reporting.
- Advising on plans that don’t just meet today’s needs, but that can continue to evolve as your business grows and matures.
Before we bring forward recommendations for an ideal Employee Benefits plan for your business, we’ll first understand what it is that you wish to accomplish from the package. We then review the existing landscape of employee benefits, and bring forward recommendations that will best meet the needs of your company.
Here are just some of the areas that our Employee Benefits team can assist you in finding a solution to help your business grow, and to keep your workforce motivated and committed:
- Traditional group benefits plans
- Employee / dependent Life Insurance coverage
- Short-term and long-term disability insurance
- Critical illness insurance
- Staff / executive reimbursement plans
- Insuring against accidental death or dismemberment
- Prescription and non-prescription drug coverage
- Professional medical services coverage, including Physiotherapy, chiropractic and psychological assistance
- Dental and vision care
- Hospital coverage
- Healthcare spending accounts
- Employee / dependent assistance programs (grief counselling, substance-abuse therapy, mental health advisories, elder-care counselling)
- Emergency travel assistance planning
So, what does it mean for you and your business to have a great Employee Benefits plan? Better-quality employee attraction. Higher employee morale. Greater employee productivity. Stronger employee retention.
* The cost and availability of life insurance depend on factors such as age, health, and the type and amount of insurance purchased. Before implementing a strategy involving life insurance, it would be prudent to make sure that you are insurable by having the policy approved. As with most financial decisions, there are expenses associated with the purchase of life insurance. Policies commonly have mortality and expense charges. In addition, if a policy is surrendered prematurely, there may be surrender charges and income tax implications.