Group Benefits to Attract and Retain Workers
Employee group benefits are an important part of today’s total compensation packages. When given the choice, employees have been known to choose benefits and perks over higher wages. As such, employee group benefits have emerged as a very valuable way to attract and retain employees.
Recruiting, hiring and training new employees is costly. It can also reduce your organization’s focus on increasing productivity and sales. As a cannabis employer, this alone should be something to consider when exploring the idea of introducing a group benefits plan. Employee benefits may be one way to discourage employees from looking elsewhere for work.
In addition to a positive effect on recruitment and retention efforts, employee benefits are also a valuable way to support your employees. They encourage employees to get the physical and mental support they need, so they are happier, healthier and more productive. It’s a way to reward employees, and it’s also a tax-deductible business expense.
Employee Health Benefits: The Basics
There are a number of different employee health benefits that can be offered through an employee benefits plan. Some common benefits include:
1. Extended health and dental. This usually includes coverage for prescription drugs, paramedical services, vision care and travel medical coverage. Often when employees think about employee benefits, this is what they think of. There are many options around what is covered, how it is covered and how costs can be contained. You can tailor coverage for your workforce to ensure that, if your employees need something special, your employee benefits plan can include it.
2. Disability. Common disability coverages can include short, mid-term and long-term disability benefits. GroupHEALTH’s mid-term disability coverage is a unique option that helps control costs. Disability management services can also be included in a plan to help control costs and support ill or injured employees.
3. Life and Critical Illness. This coverage is for life’s most difficult times, such as a death or serious illness. These benefits provide a lump sum payment if a covered illness or event occurs. Again, these benefits can be customized to fit the needs of the employer.
4. Employee Wellness. These benefits are focused on supporting employees in pursuing a healthy lifestyle. Providing resources for mental wellbeing and encouraging employees to get active are just some of the wellness supports available.
Smart Plan for Small Business
If you’re in the cannabis industry and you’re considering introducing an employee benefits plan, GroupHEALTH’s Smart Plan for Small Business may be the right place to start. If you’ve never sponsored an employee benefits plan before you’re probably looking for cost transparency and flexibility along with excellent benefits. These are a big reason the Smart Plan for Small Business was created. The plan includes all of the common benefits (prescription drugs, paramedical coverage, dental and disruptive health events), and it’s customizable so you will not pay for benefits that you don’t need. You’ll have a clear picture of how much the plan will cost, so you can plan for the future.
The Smart Plan for Small Business is just one option. The right employee benefits provider can walk you through many different options to find a solution that fits with your goals and your budget. The right plan can pay off by helping retain employees and grow your workforce. If you and others in the cannabis industry really want to compete for the best workers, an employee benefits plan may be an important addition to your strategy.
Good Advice is Key
Are you an employer in the cannabis sector who is interested in sponsoring an employee benefits plan? Do you want more info on what is involved in sponsoring a plan and how it will support your efforts to grow your company? Review your options with one of our licensed advisors on the phone, or contact us for a comparison quote.
Whether you’re looking for extended health and dental coverage, disability coverage, or life and critical illness coverage, GroupHEALTH has affordable benefits packages that work as hard as you do.