Five Benefits of a Group Benefits Plan

Posted: October 04, 2017
Tagged As: Group Benefits, LAS Programming

If your municipality or organization offers a group benefits plan, you might not much of it.  However, a well-designed group benefits package that offers employees the protection they deserve and can make your workplace an attractive and satisfying place to work.  Without one, your organization may be selling itself short.  The following are five excellent reasons why you should look at offering a group benefits program if you aren’t already doing so.

Attract & Retain Talent

Some people may take their group benefits package for granted, or even think they are entitled to it.  The truth is, not every business or organization offers employees a benefits plan.  For those that do, a well-designed group benefits plan can help attract top talent, retain existing employees, and boost employee morale.

Provide Additional “Compensation”

Without a group benefits plan, your employees are left to pay for their own day-to-day heath, dental, and prescription drug expenses.  Bear in mind those expenses come out of their take-home earnings (i.e. after-tax earnings).  A 2016 study finds that in many cases, employees would prefer to have a group benefits package that focuses on their health and well-being rather than additional perks, such as a salary increase.  While a well-designed group benefits package won’t provide additional income for your employees, it can leave them with more money in their pocket.

Protect Your Employees’ Financial Security

Living in Canada allows us to enjoy one of the better healthcare systems in the world, providing access to doctors and medical treatment.  However, it doesn’t cover everything, and seems to cover less on an annual basis.  New drug treatments can cost hundreds of thousands of dollars a year.  How can one afford to pay for all of this out of pocket when earning an annual salary at a fraction of that that cost?  Group benefits plans can help protect the financial situation of your employees and their family by offering life insurance in case an employee passes, disability insurance in case an employee is unable to work due to illness or injury, and drug coverage in case an employee needs prolonged treatment or permanent therapy.

Protect Your Business, Municipality or Organization

A group benefits plan isn’t just about protecting your employees, it can also protect your business, municipality or organization in the event that one of your employees becomes ill or injured.  Group disability insurance protects against the financial strain of an employee being unable to attend work for an extended period.

Boost Productivity

Life can be hectic, and finding a good work/life balance can be difficult.  Offering a group benefits plan alone can help make your business more competitive and increase your employee productivity, but including an Employee Assistance Program that provides resources, tools and support goes the extra mile to make sure your employees are receiving the care they need to stay focused and on point at work.

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