5 Reasons to Introduce Employee Benefit Plans

Establishing an employee benefit plan is an important step for any company. Now more than ever, employees want their health benefits to reflect their changing lives. Providing health insurance, executive benefits, and other forms of assistance as it relates to employee wellbeing, are necessary investments for your organization. In fact, over 59% of employees in Canada say that health and wellness benefits are important for increasing loyalty to their employer. Employee benefit plans can help to create a positive, healthy, and productive work environment.

What is an Employee Benefit Plan?

An employee benefit plan ensures that your employees can cover the cost of things that provincial health care plans may not pay for, including certain prescription drugs, dental, hospital, and vision care. Employee benefit plans prioritize your employees health and wellness, and can ensure that the wants and needs of your employees are being met. Employee benefit plans can include dental care, prescription drugs, travel insurance, life insurance, disability, retirement plants, employee assistance plans, healthcare spending accounts, and more.

5 Essential Benefits of Employee Benefit Plans:

Attract and retain top talent

In order to attract and hire the best employees, implementing a comprehensive employee benefit package is a good place to start. For many, a benefits program is a key factor in choosing where to work. One study found that approximately 50% of businesses with fewer than 50 employees offer health care benefits, and more than 95% of businesses with over 100 employees do. In absence of a benefits package, your business is likely to lose strong candidates. Additionally, providing benefits shows that you believe in your company and that you want to invest in your work force. 

Minimize employee turnover

Not only do employee benefit plans help to attract top talent, but they can also minimize employee turnover. A positive, supportive work environment is a key factor in retaining talented employees and ensuring that they are not swayed by other job offers. Providing employee benefits ensures that employees feel that both the company, and their job, is stable and secure. In turn, this can save your company money on hiring and training new employees. 

Keep your workplace healthy

Implementing an employee benefit plan can create both healthier employees, and a healthier business overall. Employee benefit plans ensure that your employees remain healthy through providing them with the resources and the time they need to heal and get better.

Boost employee productivity, morale and engagement

According to the American Institute for Stress, workplace stress is one of the nation’s leading health challenges. Stress can negatively impact both physical and mental health, causing employees to either stay home from work or come in while sick. Providing strong employee benefit plans can help to keep your workforce healthy, boost productivity, and reduce absenteeism. Employees who feel supported are more likely to be efficient and engaged at work. 

Enhanced worker morale

A strong, comprehensive benefits plan can increase employee morale, thus leading to a better overall workplace. An employee benefit plan can help to show your employees that you care about their personal health and needs; in turn, this can contribute to employee satisfaction and loyalty.