There are many reasons for a company to offer their employees group benefits. We have shortlisted the top 5 reasons why you as a business owner, should consider adopting an employee benefit plan.
Health benefits will help you hire and keep the right employees
In today’s competitive job market, employees expect good benefits from an employer. In the end it’s often the final factor for employees deciding whether they should join a company.
To recruit and retain the best talent, your company needs to offer more than just a paycheck. By providing a benefit plan, you show your employees they and their health are valued.
Recent studies from Glassdoor confirm that people are 60% more likely to join a company based on the types of benefit plans they provide. So, if your business does not offer a good benefit plan to employees you won’t be able to compete with those who do.
Families need benefits
Having health benefits drastically improves the quality of life, not just for the employee but for their families as well.
The cost of medical bills, prescriptions, hospital stays, optical and dental procedures can be costly, especially with rising inflation. A good benefit plan is essential to ensuring family security isn’t disrupted in the case of increasing medical costs.
Boost productivity & moral
When your company offers benefit plans, it allows employees to be present, focus more on their work, and less on the stresses of everyday life. Disability insurance provides the security of knowing you’ll be able to pay the mortgage if there’s an accident.
Creates a healthy work environment
A healthy workforce is a happy workforce. Everyone works at their optimal capacity when they feel good. The provision of a benefit plan ultimately helps to create a healthy work environment.
Benefits are a good investment
In the long run, a benefit plan is a good investment and helps manage and minimize losses related to human resources that companies face.
Losing an employee and going through the lengthy recruitment process is a headache. A benefit plan will increase retention rates, increase productivity, and reduce recruitment and training costs.
Conclusion
There’s no question that having a great benefit plan is a good investment for both the employee and the employer. Get answers you need by contacting MERIT Saskatchewan. We’ve been supporting open shop contractors for over 30 years. Ask us about our premium full suite of benefits for contractors.