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Finance

5 Reasons to Provide Group Employee Insurance Benefits

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In Canada, providing additional employee benefits will help you to attract top-notch talent to your company. These employee benefits will help to supplement what your staff can receive through their personal health insurance. When your competitors attempt to draw your best talent away, providing comprehensive group insurance that other companies cannot offer will encourage your top talent to stay in your company. Even though you can save some money by offering minimal employee insurance, you may regret it in the long term. Your company will reap the following benefits by investing in solid group benefit insurance plans:

Ability to Attract New Employees

If you work in a competitive industry like I.T. and other tech related fields, you need to ensure that you can constantly attract new talent. Since most tech workers tend to move from one company to another so they can move up the corporate ladder and gain experience, you should have a strategy for absorbing fresh talented workers. Part of this strategy should be providing unbeatable benefits. Remember that if you offer fewer benefits than competing companies, they may lure your best employees away.

A Healthy and Vibrant Workforce

When you have an effective insurance policy for group plans, you will give all your employees an incentive to remain healthy. As long as it is easy for them gain access to medication, preventive and diagnostic tests at affordable rates, they will easily enjoy premium quality medical services. This will enable them to get regular medical checks, manage stress and become more productive at work.

Reduced Tax Burden

Providing group insurance cover for your employees helps you to lower your taxable revenue. The benefits you offer do not create an increase in the Canada Pension Plan, which is used to pay for retirement and disability benefits. Also, it does not increase the Workers Compensation Plan, which offers wage replacement or medical benefits to workers injured in the course of duty. In most cases, what you pay to health insurance companies as employee premium is tax deductible.

Strong Motivation to Stay in the Company

With the high level of employee mobility today, many companies find it very difficult to keep their best workers. But if you can offer exceptional healthcare benefits to your staff in addition to other benefit oriented programs, your employees will develop confidence in you. They will believe that you are truly concerned about their welfare. Your employees will be motivated to stay in your company and build their homes and take care of their aging parents while working for you.

Effective Branding

Attractive employee health insurance benefits will position your company as one of the employee-friendly organizations in your industry. Since millennials account for close to 40 percent of the active workforce, members of this age bracket will want to join companies that value their contributions and care about their welfare. Your benefits package will position you as a company that is forward looking and treats employees as valuable assets.

Providing group employee benefits that improve on the personal health insurance benefits of your workers will help you to retain a highly motivated and productive workforce. Your workers will do their best to move your company forward by giving you their commitment and dedication.