Posted in:Total Rewards
As an employer, you have several decisions to make regarding the type and structure of Group Benefits you will offer to your employees. It is important to carefully consider the benefits you offer, as this will likely comprise a large portion of your overall labour costs. Where possible, it is always advisable to include a mix of monetary and non-monetary rewards.
Today we will look at group benefit plans. A strong benefits package, designed with your workforce’s values in mind, can be a crucial tool in ensuring you are able to attract and retain the top-tier talent your business requires.
Benefits: An Overview
There are several types of benefits that employers in Canada and elsewhere tend to offer their employees. In terms of insurance benefits, these generally include some or all of the following:
• Basic Life Insurance • Optional Life Insurance • Optional Spousal/Dependent Life Insurance • Accidental Death and Dismemberment (AD&D) Insurance • Optional AD&D Insurance • Health, Dental and/or Vision coverage • Out of Country Health Benefits • Critical Illness Insurance • Short Term Disability Insurance • Long Term Disability Insurance
Other components of your Total Rewards Package may include bonuses, as well as perks such as company vehicles, daycare, cell phones, gym memberships, stock options/restricted stock units and much more.
Determining the Right Benefits Package for your Company
Before committing to a benefits provider, it is important to get a sense of what your workforce values. Offering benefits does come with a cost; a well-designed rewards package will help you avoid offering benefits that are under-utilized and thus not valued by your employees. Your Honiva HR Services Consultant can help you determine what you need for your Group Benefits Plan, giving you powerful insight into the types of benefits and perks most valued by your employees. We will also help you determine the degree of flexibility that is appropriate for your company and your employees, from a single company-wide package to a la carte flexible benefits options chosen by each employee.
Choosing the Right Benefits Provider
In Canada there are a handful of large nationwide benefits providers that offer a variety of options that are especially suited for medium to large companies. Small businesses tend to choose Alberta Blue Cross, Chamber of Commerce Benefits Plans or private insurers who can provide more cost-effective options. Your Honiva HR Services Consultant can help you navigate the different providers, their similarities and differences, and will help you to determine the right fit for your company in relation to the type of service you are seeking.
Here to Help
We can be reached for a free confidential consultation at +1-403-470-5350 or [email protected] For further details on additional HR service offerings, please visit our website at https://www.honiva.com or follow along for more informative tips by joining us on LinkedIn, Facebook, Twitter, or Instagram. We also run a complementary LinkedIn and Facebook group called “Insights by HonivaHR” where you can access free information on how to become an effective and legally compliant employer. Or you can sign-up for our quarterly newsletter to have help sent straight to your inbox from our company homepage.