Employee benefits services represent a growing segment where you can increase employee retention with some simple additions to your current policies. Employees are not looking for a complete overhaul, just some additional services or benefits. It is steady at 91 percent for those that prefer their Canadian state sponsored healthcare, but some oversight and expansion may be preferable. Regardless of your established group health benefits, the majority of the Canadian health care costs are still funded from income taxes, and there are some implications to employee benefit solutions.
Before establishing employee benefits packages, you may need to have an employee benefit audit completed to insure compliance with the updated regulations and best practices. Using a Canadian Employee Health Benefits Plan is one way of establishing a baselin of the pricing and benefits using the employee benefits insurance premiums. Whether you are looking at business insurance costs, deferred compensation retirement plans, or fairly straight forward employee benefit planning, some due diligence can give you a competitive advantage in terms of hiring new talent and retaining current employees.
When you have quality employees, you should consider what group health benefits you can reasonably offer to them without restricting their choices in other services. Leading HR organizations have shown that salary is not the sole factor in accepting a position. Using your employee benefit audit can help you structure packages that include additional components and additional employee benefits services. You may find that the cost of additional benefits to employees decreases your employee turnover.
As an alternative to adding additional services, you can increase the paid time off to offset other employee benefit gaps. It is easy to define new best practices for your industry, thereby leaving you some flexibility with additional holidays and earned vacation. Also, you should be aware that as you set up insurance and retirement benefits that they require certain levels of government oversight. This is where you will need some guidance and an employee benefit audit to maintain compliance. For example, if you have both full time and part time employees, there may be different requirements around exclusions of any benefits.
Your ability to adapt employee benefits services could be a key recruiting and retention tool in your company, plus it allows you increase employee satisfaction. While traditional compensation is a key employee benefit, health and expanded benefits coverage will pay off in the long run. Check out this website for more.