Corporate Insurance

Group Benefits: More Than Employee Retention & Acquisition

A comprehensive Group Benefit Plan can reduce employee turnover and increase retention, but there is a lot more to it than that.

On any given day, business owners will have a thousand different things on their mind, from marketing, to staffing, to accounting, to sales.  As a result, one crucial aspect that often slips the mind of business owners is group health & dental plans.  Initially, benefit plans are often implemented as a means of managing the owner’s personal health & dental expenses, and then as the business expands, employees gradually get added to that plan.

However, it is important to look at the root of benefit plans and why they exist in the first place. Is it obligatory on the owner’s behalf? Does the owner view it as a necessity in terms of being able to compete with other companies? While employee retention & acquisition are undoubtedly influenced by the benefit plan being offered, it goes much further than that.

It is about peace-of-mind for employees, knowing their health, dental, and medical needs are covered in the event something jeopardizes it.  Furthermore, more and more companies are including wellness benefits such as gym memberships or access to nutritionists and therapists.  This is part of an overall holistic attempt at employee health & wellness, both physically and mentally. A healthy, jovial workforce is a productive workforce. By eliminating costly employee absenteeism and turnover, businesses can spend less time worrying about covering shifts and re-hiring. Consequently, their focus can be on the business aspects that are profitable.

Whether this task falls on the shoulders of the business owner, the H.R. team, or the office administrator, it will pay dividends in the long run to put an emphasis on a comprehensive group benefit plan for the business.  Most importantly, the business owner can rest assured that they are providing their employees with much more than income – they are providing access to health & wellness.

At First Oak, our team specializes in implementing and managing top of the line employee benefit plans for companies of all sizes.  Whether you are wanting to establish a new plan or want a second opinion on your current plan, we can be of service.  Contact Jeff Graham at (604) 363-7549 or jeff@firstoakfinancial.ca to get started.

DISCLAIMER: this commentary is provided for general informational purposes only and does not constitute financial, insurance, investment, tax, legal or accounting advice.