Top Five Reasons for Having an Employee Benefits Plan
One of the biggest investments employers can make is in their employees. And it makes sense to want productive, healthy, and engaged employees. Employees with poor health cannot exert the effort required to be highly productive, and you need engaged employees in order to create innovative solutions. Offering employee benefits is a way to address both of these factors.
Below are the top five reasons for having an employee benefits plan:
1. Gain competitive edge by retaining key employees
As an employer, you know the cost of recruiting far exceeds the cost of keeping employees. There are hard costs related to advertising and recruiting fees, and soft costs in time lost to interviewing and training. There is also the question of fitting into the company culture. One of the ways of hanging on to high-performing employees is by offering them a total compensation package that includes an employee benefits plan. An employee benefits plan can be a major factor in creating loyalty and helping to boost employee morale.
2. Create a caring culture by providing protection and peace of mind for employees and their families
Providing a benefits program shows that an employer cares about its employees’ well-being by providing protection to the employee and his or her family from the possibility of economic hardships caused by illness, disability, loss of life, or unemployment.
3. Attract talent and give employees what they want
Fifty-nine per cent of employees would keep their benefits plan over the option of receiving $10,000 in cash*. This shows how important a benefits program is as an integral part of the total compensation an employee receives and that a benefits plan could be used to attract valuable employees.
4. Tax advantages
When your company contributes to a group benefits plan, your expense is tax-deductible, and the employee can derive the full value of the benefits. Considering the tax-effectiveness and the high perceived value of a group protection insurance plan for a relatively low cost, group benefits are a great way to make the most of your hardearned dollars.
5. Having a healthy, productive workforce
Investing in your employees is investing in your company’s future. You know where you want to go and you need engaged employees that are productive and healthy to help get you there. An employee benefits plan will encourage employees to be more proactive about their health.
If you wish to speak to a benefits consultant who can walk you through everything you need to know about employee benefits plans, please email the BCCA Employee Benefits team at firstname.lastname@example.org or call (604) 296-3259. You can also visit us online at www.bccabenefits.ca.
* 2011 sanofi-aventis Healthcare Survey
This article first appeared in the Fall 2016 issue of SICA's Construction Review Magazine. To read the entire magazine click here.
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