What are employee benefits?
When a business owner, hiring manager, or HR representative sends a job offer to a potential employee, this offer will include a proposed salary as well as an employee benefits package.
Employee benefits are offered to employees over and above what they are receiving as a salary. Additional benefits such as insurance and retirement make up this compensation package and are becoming increasingly more complex.
Examples of benefits within a package may include:
- Extended Health Care and Dental
- Health Spending Account or Wellness Spending Account
- Short-Term Disability Insurance
- Long-Term Disability Insurance
- Critical Illness Insurance
- Life Insurance
- Accidental Death & Dismemberment Insurance
- Dependent Life Insurance
- Employee Assistance Programs
Advantages of Group Benefits
Offering a comprehensive employee benefits package has several advantages for small businesses and large corporations alike.
- It shows that you recognize that employees have needs beyond the workplace and that you’re invested in your employees’ overall wellness and health.
- They can help you differentiate your company from competitors in the hiring market, allowing you to attract talent by offering more than other similar businesses in your industry. The types of benefits offered as well as the details of each can be a reflection of your brand and tell a lot about what your company values.
- Employer Benefits (Group Insurance) are an increasingly important employee attraction and retention tool, which is more important now than ever post-pandemic as employees are switching jobs at rapid rates.
- Employees are more aware now than ever and are willing to play a role in managing their own health. For many, finding an employer that offers a good benefits plan is an essential first step and focus on mental health, assisting employees through challenging times.
An investment in a Group Life and Health plan is a clear investment in your team, and is a step in the right direction when it comes to attracting and maintaining talent. Whether or not you’re making the right investment is often a complicated question, as it depends on what your team wants and values, the competitiveness of your plan and your budget.
Johnston Insurance Brokers will work with you to answer your questions. We can customize a plan for your needs. We will then approach our partnered group insurance carriers in Canada for a quote to ensure we find you the most effective and cost-efficient option available.
Call us or email us today and we can get a quote started for you or answer the questions you may have about Group Insurance.