Building an Employee Benefits Package With an Insurance Brokerage
As an employer in Canada, creating a comprehensive employee benefits package with help from a reputable insurance brokerage is a critical step in attracting and retaining top talent and keeping employees secure and healthy. According to a 2022 survey conducted by Benefits Canada, around 54% of employees in Canada with a plan are content with what they receive, with 17% stating that their current benefits are excellent and 37% claiming their benefit plans are very good. Additionally, plan sponsors within this same survey have chosen between multiple options pertaining to the purpose of their health benefits plan, with a large number of sponsors selecting reasons revolving around attracting and retaining talent (21%), protecting employees from financial burden (17%) and keeping employees healthy and productive (16%), all of which showcases how a benefits plan can directly contribute to wellness and contentment within the workplace. A well-designed benefits package not only demonstrates a commitment to your employees’ well-being but also contributes to positive work culture and increases employee loyalty.
Learn all about the key components of an effective employee benefits package in Canada how it can help you build a thriving and engaged workforce.
Ensuring Compliance In Canada, certain benefits are legally required, such as Employment Insurance (EI) and the Canada Pension Plan (CPP). Employers must contribute to these programs to provide employees with income support during periods of unemployment or retirement. Familiarize yourself with the mandatory benefits in your province or territory to ensure compliance with the law.
Extended Health and Dental Insurance
One of the most valuable components of an employee benefits package in Canada is extended health and dental insurance. This coverage helps employees with medical expenses not covered by government health plans, such as prescription medications, dental care, vision care, and paramedical services like chiropractic or physiotherapy. Providing comprehensive health insurance shows your commitment to your employees’ well-being and helps them maintain good health, which can prove particularly important as many of these health-related expenses can add up, where typical Canadian dental care can be priced around $378 on a per capita basis, and prescription drug costs can expand to almost $900 on a per capita basis.
Building a Secure Future Helping employees plan for retirement is a crucial aspect of a well-rounded benefits package. Offer retirement savings plans, such as Registered Retirement Savings Plans (RRSPs) or pension plans, to assist employees in building a secure financial future. Consider matching employee contributions to encourage participation and long-term savings.
Paid Time Off and Vacation
Promoting Work-Life Balance Employees in Canada are entitled to statutory holidays and vacation days. Ensure your benefits package includes paid time off for employees to rest and rejuvenate. According to an American study from 2016 by Project: Time Off, 95% of people have claimed that using their time off is very important, and those who have taken at least ten days off of work per year actually have a higher chance of receiving a bonus or raise, while those chances became increasingly diminished for who took less than ten days off. Encouraging work-life balance through generous vacation policies demonstrates your commitment to your employees’ well-being and helps prevent burnout.
Flexible Work Arrangements
Embracing Work-Life Integration Flexibility is highly valued by employees in Canada. Offering flexible work arrangements, such as telecommuting, flexible hours, or compressed workweeks, enables employees to better manage their personal and professional responsibilities. Embracing work-life integration promotes a positive work culture and enhances employee satisfaction and productivity.
Employee Assistance Programs (EAP)
Mental health support is essential for a well-rounded benefits package, which becomes explicit by a survey conducted by Benefits Canada, where 47% of plan members who have expressed dissatisfaction with their jobs also expressed poor mental health. Employee Assistance Programs provide confidential counselling services, resources, and referrals to help employees cope with personal or work-related challenges. EAPs demonstrate your commitment to supporting employees’ mental well-being and contribute to a healthier and more engaged workforce.
Professional Development and Education
Investing in Growth Encouraging continuous learning and development is crucial for employee engagement and retention. Support employees’ professional growth through training programs, educational reimbursements, or mentorship opportunities. Investing in their development not only enhances their skills but also demonstrates your commitment to their long-term success.
Wellness Programs and Fitness Subsidies
Promoting a Healthy Lifestyle Promoting employee wellness is becoming increasingly important. Implement wellness programs, such as gym memberships, fitness classes, or wellness challenges, to encourage a healthy lifestyle. Providing subsidies for wellness initiatives shows your dedication to employees’ physical well-being and fosters a positive work environment.
Building an effective employee benefits package with an insurance brokerage in Canada goes beyond meeting legal requirements. It is an investment in your employees’ well-being, job satisfaction, and long-term loyalty. By offering mandatory benefits, extended health and dental insurance, retirement savings options, paid time off, flexible work arrangements, mental health support, professional development opportunities, and wellness programs, you create a workplace where employees feel valued and supported.
At Health Risk Services, we help managers of benefits plans make strategic decisions to craft cost-effective personalized plans that can assist you and your organization in building a comprehensive employee benefits package for your current and future employees. Whether the solution of preference for your company is adding additional support programs, renovating your existing coverage, or crafting intentional messaging, Health Risk is here to help!
To schedule your Complimentary Consultation with Health Risk Services, please call 403-236-9430 OR email: [email protected]