Next to salary, having a good employee benefits plan is one of the best ways for you to attract and retain employees. A group benefits plan allows your employees and their loved ones to have security around health benefits.
Running a successful business, keeping employees happy and attracting new talent can be difficult. For a busy business owner, a big part of your value proposition are the individuals that work at your company.
Employee Benefits are non-cash compensation paid to an employee.
Why employee benefits make smart business sense:
Save money and time
Increase the wellness and productivity of your employees
Be competitive and attract new employees and key talent
Provide a solid framework for the future
Form a part of your business’ value proposition
Increase employee engagement
There are a number of employee benefits and perks that can be valued more than pay raises:
Health Benefits (ex. medical, dental, life disability insurance)
Vacation/Paid Time Off
Paid Sick Days
Flexible Schedule (ex. work from home)
Office Perks (ex. Casual dress, free lunch)
Employee Development Programs (ex. Professional development, on-the-job training)
Gym Membership or Wellness Program
Stock, Stock Options and/or Equity
Paid Parental Leave (ex. Maternity leave, adoption assistance)
Child care Assistance (ex. On-site Childcare, Financial Assistance)
Commuter Assistance (ex. Company shuttle, commuter checks)
Next to salary, health benefits coverage is the most important tool in attracting and retaining key staff. 59% of employees would rather keep benefits coverage than receive a $10,000 raise. (2011 Sanofi-Aventis Healthcare survey)
How to get started?
Establish and define the advisor-client relationship.
Gather information about current your employer-employee situation and establish goals.
Analyze and evaluate current employer-employee status.
Your advisor will develop and present strategies and solutions to achieve goals.
Your advisor will implement recommendations.
Your advisor will monitor and review recommendations. Adjust if necessary.
Talk to us about helping put together an employees benefit package that makes smart business sense.
Dowco Financial serves clients in Langley, Surrey, Vancouver, White Rock, Delta, Richmond, Maple Ridge, Coquitlam, Burnaby, North Vancouver, West Vancouver, and across the Lower Mainland.