Although expensive, there are many intrinsic benefits to providing your employees with a comprehensive benefit plan. For most, it is the ability to find and keep highly qualified staff that is the key driver.
With the sector being highly competitive and the number of new employees entering the workforce dwindling, employers are challenged to become even more creative and responsive in the design, timing and generosity of their benefit plans. The more progressive the organization, the more flexible the structure is in response to today’s challenges: i.e. like having four different generations of employees working side by side. Employers who continue to provide the more traditional and limited program, may find it more difficult to find and keep different types of employees. Here are just a few of the advantages of offering benefits to your employees:
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By providing increased access and flexibility in employee benefits, employers can not only recruit but retain qualified employees
Providing benefits to employees is seen as managing high-risk coverage at low costs and easing the company's financial burden
Employee benefits have been proven to improve productivity because employees are more effective with they are assured of security for themselves and their families
Premiums are tax deductible as corporation expense, which means savings for the organization
Employees can experience a peace of mind which leads to increased productivity and satisfaction by being assured that they are their families are protected in any mishap
Employees with personal life and disability insurance can enjoy additional protection including income replacement in the event of serious illness or disability
Employees can feel a sense of pride in their employer if they are satisfied with the coverage they receive