When is a good time to implement an employee benefits plan?
It’s taken a lot of hard work to get your small business to where it is today. You probably haven’t done it alone: in many cases, your employees have been right there working with you, and your family has sacrificed for their success. Now you are considering implementing an employee benefits plan to support them, but you want to be sure: what’s the right time to provide an employee benefits plan?
1. When you’re planning for the future
Implementing an employee benefits plan (a first for your company!) is an important step, and needs careful consideration and planning to be successful. It makes sense to look at adding employee benefits when you’re already developing plans for the future of your company. As you set goals for the future, develop plans for expansion or simply figure out what the next year or two will look like for your business, include employee benefits in the mix. Consider how an employee benefits plan will align with your strategy, and how it can support the journey your business is on.
Tip! Avoid locking in: If you have a vision of where your business is going, your benefits provider can help design an employee benefits plan that supports it. Knowing that you are planning to grow your workforce in the coming years, or scale it back, will help your benefits provider design a plan that is flexible to meet your changing needs.
2. When you have established some financial stability
Starting a business can be challenging. In the beginning, finances are tight as you get the business off the ground. When it comes to finances, when is the best time to implement an employee benefits plan? Not surprisingly, the best time is when you have established some financial stability.
Once you begin sponsoring an employee benefits plan, you don’t want to take it away a year later if you find you can no longer afford it. But this doesn’t mean you need a huge budget, it just means that you should be confident in your ability to continue with the budget you set.
Tip! Pace your benefits plan with your business: A good benefits provider will work with you to design a plan that fits within your budget. It’s always better to start small and increase benefits or coverage over time, as opposed to starting off with everything and then finding you can’t support it.
3. When you’re focused on recruiting or retaining employees
For many businesses, an employee benefits plan is a valuable tool used to attract and retain top talent. When your company is focused on recruiting employees or needs to retain the employees that have gotten you to where you are, offering employee benefits can be the incentive you need to staff your business for the future.
It’s simple: employees value group benefits. According to the 2020 Sanofi Canada Healthcare Survey, 71% of employees say that their health benefit plan is a strong incentive to stay with their employer. You’ll need team members to be successful: use a benefits plan to stay competitive in the job market.
Tip! Use your employee benefits to grow your business: Your benefits provider can build a benefits plan that doesn’t just support your business but grow it as well. Ensuring you have a good plan can make all the difference as you compete for the best workers.
What benefit plan to implement?
If you’re just dipping your feet into the world of employee benefit plans, you’re probably a bit anxious about cost. You want to support employees, attract top talent and increase productivity, but you also have to carefully watch your bottom line. Employee benefits can be confusing, and the number of options out there can be overwhelming. Good news: GroupHEALTH has developed a benefit plan with you in mind.
The Smart Plan for Small Business
The Smart Plan for Small Business is meant for businesses that are new to group benefits with 3 or more employees (including you and your family). The Smart Plan for Small Business includes quality benefits that cover the most common needs of employees – the things they need, and the things they want. The core plan includes basics as well as more sought-after benefits such as virtual healthcare (through Akira) and short-term counselling. The best part is that it’s flexible and configurable. You can opt-out of benefits that your employees don’t need, or upgrade to new levels of coverage.
The Smart Plan for Small Business is straightforward. No “insurance talk” – just plain language so you can easily see what you’re signing up for. It’s also competitively priced, with quality benefits. Whichever way you look at it, it’s a great starter package for businesses looking to implement an employee benefits plan at affordable prices.
Good Advice is Key
Are you wondering whether now is the right time for you to implement an employee benefits plan? Are you wondering what type of plan you should implement? Review your options with one of our licensed advisors on the phone, or contact us for a comparison quote.