According to a recent survey, most Alberta businesses claimed that going beyond pay and traditional employee benefits programs was a key factor for keeping good employees. In a competitive job market, having competitive employee benefits is vital.
Employee benefits and perks have never been so important to have in the workplace. The better your employee benefits program, the more effectively you can recruit and retain great employees.
Benefits for employees used to be something that very few businesses implemented to stand out from the crowd, and now it plays an integral role in employee satisfaction and employee retention.
But how exactly do you know which employee benefits packages to decide on? Which package or plan attracts the best employee retention?
That is exactly what we are about to teach you, keep reading to learn how you can plan an attractive employee benefits plan that will bring in the best employees, and keep them around.
Let’s get started.
Why Include an Employee Benefits Plan?
We have already touched on how a great employee benefits program is key to attracting high performing employees and keeping them loyal to the business, but what else?
Another recent study discovered that a whopping 79% of employees would prefer a better benefits package over a pay increase.
Including benefits for your employees also creates an atmosphere or “culture” that your business cares about their well being.
Too often now there are businesses that treat their employees like a number or a fly on the wall. If that happens, you can be assured that your employees would not feel very secure about their job as well as not feeling that their presence matters. Which in turn, will make them leave for something “better.”
Including a great benefits package will also improve productivity levels in the workplace because the employees feel that their level of security for themselves and their family is taken care of.
What Exactly Do Employees Look for in an Employee Benefits Package?
Most employees have a specific “wish list” of expectations for their benefits package. Keep in mind that depending on each employee, their benefits preferences can change a bit.
The most commonly desired employee benefits are:
- Pension and/or retirement plan options
- Prescription coverage
- Dental coverage
- Vision coverage
- Long-term disability
- Short-term disability
- Life insurance
- Health spending accounts
- Health practitioner coverage (massage therapy, acupuncture, psychologist visits, etc.)
If you feel like this is a lot to include in an employee benefits program, take a look at big businesses like Netflix, Spotify, Ikea, and Starbucks! They offer full spa packages, unlimited vacation time, high-end restaurant meals and more — it’s no wonder their employee retention rates are so high!
How Do You Set up an Employee Benefits Plan?
Because of the complexity of most employee benefits packages, it is advised for businesses to seek the assistance of a professional in the industry. They will help you with all the steps involved with setting up an appealing employee benefits program.
The best part of hiring a professional is that they know how to navigate through the costs, finding you a plan that is the best fit for your employees and your budget.
When you are shopping around for the best benefits plan, make sure you request a few different quotes to ensure you are getting the best deal.
How Much Do Employers Pay for Benefits in Canada?
This answer completely changes from company to company, some financial factors to include are:
- Size of your company
- Number of employees
- Which benefits you include (life insurance, dental, etc)
- Percentage of coverage you decide on (80-100% of the cost)
- Which amounts you put a cap on (such as physiotherapy up to $400)
- Whether or not you include deductibles
As you can see, there are numerous factors that determine the costs of the employee benefits programs. Check out our online resources and calculators that can help you determine the cost of a plan.
Remember to keep in mind that the cost of re-training employees because of high turnover can end up costing you far more than any benefits plan.
Some Extra Perks to Keep in Mind
Personal Development/Coaching has been a big determining factor in an employees decision of their workplace environment. Nothing better than working for a company that wants you to not only grow with them but also helps you grow as an individual.
Support for Mental Health is another huge component for most employees. With 1 in every 5 people suffering from a mental health problem or illness, it is vital to show that you care by offering Employee Assistance Programs, which offer professional support such as counselling.
One more huge determining factor is financial education. Show your employees that you care more by giving them more than just a paycheque. By helping them to invest in their retirement you can help to generate a sense of loyalty from your employees.
How to Get Your Employee Benefits Plan Set Up
Keep in mind that employee benefits programs are more than just “perks.” They can be the determining factor in the success of your business — because your business relies on its people.
At BP Group Solutions, we go the extra mile to ensure you have a carefully selected benefits plan that suits your business and your employees.
We are an exclusive advisor for the Chambers plan and partnered with multiple Chambers and their partners as well. This offers businesses of any size the opportunity to provide a benefit plan for the owners and employees.