The Importance of Employee Benefits for a Small Business
Rudy Penner - Director, Risk Management
Regardless of the size of your organization, your employees play an important part in achieving your long-term goals and objectives. Offering a comprehensive employee benefits program at your workplace not only provides your employees with security but also can help improve your business’s productivity in the long-term. Here are 3 reasons why you should explore implementing an employee benefits program at your workplace.
1. Improve Retention
The workforce is undergoing a large shift in the way individuals see their career paths. Individuals are more willing to shift jobs multiple times in order to find a position that fits their goals or lifestyle. An online report found that from 1990-2000, 60% of individuals said they had been in the same job for more than four years. However, that figure has dropped to 30% over the last 5 years as workers continue to search for their desired position. An employee benefits program can help provide security for your employees which may factor into their decision to stay with your company for the long-term.
2. Increase Attendance Rates
Mental health, illness or financial stress can all play a role in an employee’s decision to call in sick. While it is important that employees take time to recover, absenteeism can drastically affect your company’s productivity. It is estimated that Canadian companies lose $16.6 billion in productivity due to workers calling in sick. Employee benefits programs offer supports for your employees to stay healthy, both physically and mentally, and improve attendance rates over the long-term.
3. Attract Recruits
The 2019 Canadian unemployment rate has dropped to its lowest level in the past ten years, making skilled workers harder and harder to find. This shift has resulted in companies investing more in developing strategies or offerings to recruit talent. An online survey indicated offering an employee benefits program can help bolster your recruitment strategy as 63% of individuals consider health and wellness benefits as a major factor when choosing a job.
If you are interested in setting up an employee benefits program for your business, reach out to one of our advisors. Our CRA Employee Benefits Programs provide life, health and dental plans to over 300 rental dealers across Canada. An advisor will review your current program with you and help identify areas for improvement or adjustment. Visit our Employee Benefits page or give us a call at 1-800-665-8990 for more information.
