Do you offer health insurance? What about PTO and paid holidays? If not, you can be missing out on business growth.
It’s understandable – there are a lot of expenses when running a small business. You want to be able to give back to your employees. But group benefits may be out of your budget.
However, the Chamber of Commerce can provide assistance to small and micro businesses. These non-profit plans are simple to manage and include both health and dental insurance.
Time to move past your employee benefits budget. Read on to find out your benefits options:
Chambers Health Insurance
The Chamber of Commerce helps provide Canadian businesses with health and dental insurance.
This insurance has been rated is especially popular amongst small businesses. Specific plans partner with the Chamber to offer coverage that’s affordable and convenient to manage.
These plans offer health insurance, but they also include more group benefits such as:
- Employee Assistance Program (EAP)
- Death and Injury (for employer and employee)
- Life Insurance
Why Small Businesses Don’t Offer Health Insurance
There are more ways for a small or midsize business to offer health insurance. However, not all companies jump on this bandwagon.
For starters, health insurance can become expensive. Monthly costs add up and not every business qualifies for a tax credit.
This also poses other questions: will your employees use the health insurance?
The difference lies in the number of employees in the office.
Businesses with over 100 employees have a better chance of gaining group benefits. Small businesses with less than 20 employees will usually not offer any.
Another factor is a recession or any point in time where a business starts to struggle. If a business requires a stricter budget, one of the easiest expenses to let go is employee benefits.
How Many Canadian Citizens Are Covered by Health Insurance?
While some Canadians only use the bare minimum coverage, most Canadians prefer supplementary benefits. This is why two-thirds of Canadian citizens are covered under health insurance.
About 30 percent of Canadians prefer private health insurance. Over 35 percent pay out-of-pocket for supplementary benefits.
But 60 percent of Canadians are covered under an employee plan. This is an overwhelmingly high number compared to private and personal plans.
How Group Benefits Offers Business Growth?
One of the simplest ways to enhance business growth is by offering your employees a group benefits package. The reason comes from the core of your business: your employees.
Any great employee understands their worth and has standards when settling for a job.
You know any employee will love working for you, but you hope they understand you don’t offer benefits. But this fact may make or break recruiting or keeping a talented employee.
Benefits Help Boost Recruitment
Maybe you’re considering hiring an employee with a great skill set and a wonderful attitude. But they’re also being considered for another job.
You inform them that the position does not require benefits, but the competitor offers employee benefits. This employee will more than likely settle with the competitor for this reason.
Benefits Help Boost Employee Retention and Satisfaction
Your employees are talented and hard-working. You want to do what it takes to keep them working for your company. But your benefits may be what will prevent them from seeking out other jobs.
Retaining employees as a small business is difficult. You may not be able to provide the best salary or any benefits. But you also understand a talented team is what will allow your business to grow.
The job market is competitive. Your employee may like the job but aren’t satisfied with paying for their own health insurance or not receiving PTO. Therefore, they may look out and find another job.
You especially want your employees to be happy. When you give your employees benefits and a decent salary, their satisfaction will encourage them to work harder.
They will be given a reason to produce their highest effort for your company.
Sometimes, it’s hard to picture your employees outside of the office. But they have families and busy lives where they will appreciate other benefits such as PTO. Offering benefits helps their personal lives as well as their professional lives.
Why Choose the Chamber
There is no minimum size. You can receive coverage for an office of 50 employees or even a one-person business.
These benefits are also perfect for any industry. If your industry participates in the Chamber, you’re eligible for a group benefits plan that partners with the Chamber.
This even means a home-based family business can receive Chamber coverage.
Approval is also easy and managing your plan is convenient.
Is It Effective?
The Chamber understands the importance of providing the best group benefits to your business.
You’ll receive an affordable plan with lots of doctors and medical providers listed under coverage. You and your employees will be able to receive a wide range of treatment.
Some plans even offer additional benefits. These include customization and even choosing the cost. This prevents your employees from paying, or only paying a little, for health insurance.
The Chamber only partners with plans that are established and serve several businesses of all sizes. This way, you’re guaranteed to receive incredible business and benefits.
Give Back to Your Employees with Benefits
As an employer, you want to give your workers a token to remind them of their hard work.
The easiest way to do this is by offering group benefits. Encourage their production with PTO and help them feel secure with retirement and life insurance plans.
Don’t be one of the businesses that don’t give back to your wonderful employees. See what the Chamber can do for your business.
If you’re ready to give your employees great benefits, take a look at our services!