Does your business provide employee benefits because you must provide them? Or because you want to provide them? Or a bit of both? Understanding the why of employee benefits is the first step towards a better benefits plan.
There are four major reasons why organizations invest in benefit plans, and they’re not mutually exclusive. In fact, the best plans take all of them into account.
1. Offering benefits helps drive business growth.
By developing a health benefits strategy, the business supports the objectives of the company. Whether the main goal is to increase the engagement of employees, cost contain the plan, or to return the employees back to work quicker, all will eventually improve the business. Money spent on a benefits plan is a key investment in helping your company grow.
2. A tailored benefits plan retains and attracts exceptional employees.
To get the most out of your investment in employee benefits, you need benefits that provide the most value to your employees – not someone else’s employees. Small businesses may feel at a disadvantage when attracting employees, but with the help of well-designed benefits plan they can increase their competitive advantage.
3. Employees need support (especially during a pandemic).
Small businesses took a growth and revenue hit when the pandemic reached Canada, laying off employees or slowing hiring. But Canadian employees still need benefits, especially during a public health crisis, and they looked to their employer to help. We’re glad that many Canadian businesses still found ways to support their people when they needed it most.
4. Employers care about the well-being of their employees.
More and more companies understand the importance of work-life balance, preventative care and mental health support. Investing in the health of employees not only increases productivity and drive loyalty, it’s also the right thing to do.