5 Reasons to Offer a Group Benefits Package
Peace of mind for your company and employees
With group benefits, you can offer your employees the protection they deserve, and make your company a place where people want to work.
Here are five great reasons to offer group benefits:
Attract and Retain Key Talent
A well-designed group benefits package can help to make your business more competitive, recruit top talent, retain employees and boost employee satisfaction and productivity.
Provide Tax-Efficient Compensation
59% of employees would prefer to have a benefits package rather than a salary increase as high as $10,000. Without a benefits plan, employees must pay for day-to-day health, dental and prescription drug expenses with after-tax income. Employee benefit plans can be designed to cover these expenses using before-tax income—leaving more money in your employees’ pockets.
Protect Your Employees’ Financial Security
While Canada’s national healthcare program gives Canadians access to doctors and emergency medical treatment, it doesn’t cover everything. In fact, some new drug treatments can cost as much as $400,000 per year! A group benefits plan helps to protect the financial security of your employees and their families against a range of situations: life insurance in case a breadwinner passes away; disability insurance for when a breadwinner is unable to work; and drug coverage, in case an employee or dependent needs prolonged or permanent therapy.
Protect Your Business
Group disability, health and dental benefits ensure your investment is protected in case an employee becomes sick or injured. Group disability insurance also helps to protect your business from the financial strain of an employee being unable to work for an extended period of time.
Your employees face many common challenges created by the competing priorities of work and life. Our confidential Work-Life Employee Assistance Program and the Best Doctors‡ Program provide outside resources, tools and support—helping them receive the care they need to stay focused at work.