Benefits of Group
Investment in a sound benefits package is a method to attract and retain employees. For the employee it is an advantage to supplement their salary package.
Glassdoor conducted a survey that indicated nearly 80% of surveyed employees preferred benefits to a higher pay rate. When business owners try to reduce expenses by slashing their benefits package, they are not helping. There are serious reasons why a small business should offer group benefits to their employees:
Retain and attract talent
In-demand employees are able to negotiate with potential employers and they are interested in more than generous salaries. They consider the overall employee satisfaction and retention rate when deciding which job offer to accept. A good group benefit package is an incentive to join your company over another.
Your most valuable asset is the employees. Canadians are fortunate to have national healthcare but there are still situations of long-term illnesses and accidents. Group health coverage helps secure your employees and their families. This can play an important factor in employee turnover.
With fewer worries about health-related medical and dental issues, your staff can focus on their jobs with you and be more stress free. This results in better output.
Group benefits have been shown to increase loyalty among employees. The personnel feel appreciated and that the company shows an interest in their wellbeing. Happy employees are less likely to seek other jobs.