Why Should You Consider Offering Benefits To Your Employees?
As a small business owner, you understand how important your employees are to you. The company wouldn’t be where it is without them. Simply put, employees can make or break the company.
Besides wanting to treat your employees well and making sure they have everything they need to do the best job they can, you want them in good health. Employee benefits are the only way you will be able to ensure and enforce that your employees maintain the best of health.
This can be even more critical if your employees are operating machinery and vehicles or performing any task that could potentially put themselves or others at risk.
Employee benefits plans have numerous advantages:
- Attract and retain high-quality employees; studies show better compensation and benefits is the number one reason candidates cite for accepting a job.
- Creates a healthy culture; having healthy employees’ results in increased productivity and reduced absenteeism. This mitigates some of the cost of providing the benefits plan.
- Tax Deduction; they are a tax efficient way to increase a compensation package for both employee and the employer.
- Cost Effective protection for employees and their families; there are no requirements to pay into CPP or EI and the employee gets tax free medical benefits.
- Increased morale; it helps establishes the company policy on health and sickness, employees feel that their well being matters.
- And last but not least… Employees value employee benefits! For some people it can mean the difference in whether or not they or their child can get something like braces or glasses.
Today, top employees demand a comprehensive health insurance plan. In fact, in a 2016 Canada health survey, 77% of respondents say they wouldn’t move to a job that didn’t include some health benefits.
As an employer that gives some solid reasoning as to why you should implement benefits (if you don’t offer them already). Employees are looking for a company that takes care of them and their needs, just as much as employers are looking for someone who takes care of the company and puts their best foot forward every day.
Employee benefits are just another reminder that you give what you get. In life and business it is doing things differently or better than everyone else that sets you apart. The truth of employee benefits is that offering them at all can help you rise above the competition when it comes to recruiting your next star employee.