Thursday, May 9, 2013

Group Benefits for Small Businesses: How Do I Choose?

Did you know that offering competitive Employee Benefits is a key factor to both attracting and retaining top talent for your business?  And that retaining talent is crucial to improving your bottom line performance?

Canada's Top 100 Employers - a trusted survey that you've likely seen published in The Globe and Mail (and now in its 14th year) - ranks the excellence and desirability of Employers in Canada based on key factors that include "Health, Financial & Family Benefits" as a significant part of that rating.  How can you attract top talent vs. your competitors without this important factor?  The simple answer is: you won't.

A report by The Wall Street Journal on Employee Retention also confirms that "providing health insurance, life insurance and a retirement-savings plan is essential in retaining employees."  

When you don't retain good employees, you incur the costs of recruitment and retraining, which can add up fast and negatively impact your bottom line - not to mention the cost of the lost productivity happening at that temporarily empty desk.

It also goes without saying that when employees have access to great benefits and aren't worried about out-of-pocket costs, it helps to keep them healthy.  That means less sick time and more productivity from your team!

Forbes magazine asserts that Health Benefits is one of the Top 5 Reasons Employees Will Quit Their Jobs in 2013 along with stability, compensation, respect, and work-life balance.

It's simple.  You absolutely must provide an attractive health and benefits plan for your employees if you want the best - and you want to keep them.  So it's time to look at your business and think about how competitive and comprehensive you are in terms of perks like medical benefits, dental benefits, and group RRSPs (GRSPs). 

One of the things we specialize in at Continuum II is helping employers select the best benefits plan for their company.  We know it's a fine balance between creating a competitive plan that employees find worthwhile, and doing the right thing for the balance sheet where final costs and your budget are concerned.  Our process looks at the big picture with you and helps you identify and articulate all the things that matter:

We'll help you understand what you need, and create the financial path to get there for both you and your employees.

If you're a small to medium sized business with 5 to 500 employees, and you value their talent, want to retain them, and want to be sure you're getting the best value for your budget, we can help.

Make employee benefits a key part of your recruitment and retention strategy, and you'll see great results from the level of talent you'll be able to attract and, more importantly, keep!