One of the most important components of running a successful business is keeping employees happy and providing them with enough incentive to maximize their productivity and be loyal to their employer.
Attracting the right employees will help create a strong foundation for your business. Employee benefits can help to differentiate your business from your competitors who may be looking at hiring the same individual. Offering solid benefits also demonstrates that you believe in your company enough to invest in your employees, and proves that you’re stable, which can help you acquire A-list talent
Employee benefit plans generally add 3-6% to payroll cost. As provincial governments cut back on public healthcare programs, private insurance plans have been absorbing the cost increases. This trend has the potential to cause significant problems. Clearly, firms will have difficulty improving their competitiveness while struggling to cope with rising benefit costs. Sound planning today can prepare your business to deal effectively with these issues.
When a business offers health and dental plans this can also result in less sick leave as your workforce should be in relatively good health.
While offering employee benefits may cost a bit more initially, the long-term advantages can greatly outweigh those costs and contribute to your overall success due to healthier employees, attracting the right people and gaining loyalty.