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The 8 Best Reasons to Offer A Group Benefits Plan

1. Minimize Turnover  

The cost and time involved in finding, hiring, and training new employees can be a strain for any company. It is important to find ways to keep your employees engaged and satisfied with their compensation package. A larger salary is great, but that doesn’t always meet your employees needs. It is a good idea to look at the big picture and see if Group Benefits is something your employees would benefit from.  


2. Attract Talent

A survey of Canadian employees who have benefits coverage stated that next to their salary their benefits coverage is the most important. This is clearly something employees are looking for when applying to new jobs. If you do not have a benefits plan to offer you will not be as competitive as other companies when attracting new employees. 


3. No Medical Evidence

With individual insurance some people may be declined due to their health. However, these same people could still receive insurance through a Group Plan, as the medical underwriting required is almost non-existent. Some employees can find this very beneficial. Important to note there can be some general health questions asked, and full medical evidence is required occasionally for higher amounts of Life and Disability insurance. 


4. Lower Absenteeism

Absenteeism is something a lot of companies struggle with. There are many strategies a company can implement to help mitigate this issue. One of those strategies is providing employee support. This could be providing support with health concerns, or even personal issues. A Group Benefit plan can help with both. 

 

5. More Loyal Employees

We already discussed the role Group Benefits can play in retaining employees. With those longer-term employees, we don’t just want them to stay, but we want them to be attractors and not detractors for the company. Attractors will be an ambassador for your company, spreading only good words. This will in turn help you find other employees and even clients. Group Benefits plays a role in how employee sees the company they work for. 


6. Tax Deductible Expense

Premiums for a Group Benefit policy that are paid for by the employer are a business expense deduction. This helps make your benefits plan more cost effective. There can be other tax advantages as well, and it is important to discuss this with your accountant or tax expert.  


7. Group Buying Power

Due to the fact the pricing is based on a group of employees it is usually cheaper then if compared to employees that purchase a personal plan. You will also have access to better coverage then if a personal plan was being purchased. 


8. Improve Employee Productivity

Similar to pints # 2 and #5, Group Benefits can have many positive impacts on employees. The last we will mention, is that it can positively impact employee’s productivity as well. If they have health concerns, or a dental bill in front of them and know it is covered through their workplace, it can help reduce stress and let employees focus on their job.