Group benefit plans are a vital element in attracting and retaining the very best staff and staying competitive in an ever changing market. Irrespective of their industry and market size, business can keep the edge by employing cost-effective group benefit programs and strategies. Consider these top three reasons to effect a proper group benefits program in your organization.
Group benefits can help attract skilled employees especially in a shrinking workforce, where the competition for talent is fierce, so businesses need to offer a highly rewarding place to work. High quality employees look at three things when assessing potential employers: compensation, career opportunities, and benefits. Beyond a decent wage structure, an attractive benefits package can tilt the scales in your favour.
A diverse benefits package can help businesses stand out and added benefits like a health care spending account, which gives employees flexibility in how they use their credits, can help employers respond to their employees’ diverse needs.
It’s no secret that turnover is costly, both in replacement costs and customer satisfaction. Plus, in recent years, employee loyalty is on the wane, particularly among younger workers. That’s why an attractive group benefits package can help retain employees and give you an edge when it comes to retaining them. In a recent survey from Harvard Business Review Analytics Services, 75% of employers interviewed said that attractive employee benefits aided in employee retention. On any day, most people value the peace of mind that a good benefits package can bring.
There are other financial advantages to purchasing group benefits in addition to attracting and retaining top performing employees. Most premiums are tax deductible as a business expense, and health benefits are a non-taxable benefit. What’s more, a lot of working Canadians have access to at least one employee benefit and the number of businesses providing those benefits increases every year.
That’s why it pays to have a benefits package in place to retain a loyal workforce and to attract new employees.