Being the owner of a start-up or small business can bring with it a multitude of challenges. No matter how sound your business plan may be, there are always unforeseen obstacles that can stand in the way of success. One such obstacle, faced by many Canadian business owners, is the issue of attracting and retaining key employees.
The number of vacant job positions in Canada has never been higher with nearly 1 million vacancies in May of 2022 alone. This lack of labour supply has made it essential for employers to do whatever it takes to attract and retain the best talent to gain a competitive edge in the market.
After the Covid-19 pandemic, the labour market has also changed drastically. Today, employees value health and wellness, work/life balance, and less workload stress more than ever before. As such, most corporations, companies, and businesses have found the addition of perks and employee benefits to be amongst the most valuable and successful ways of attracting and retaining talent within the organization.
So, if you are a business owner, struggling to attract new applicants, or retain existing staff members, offering a comprehensive benefits package to your employees can help resolve these issues. To learn more about what a comprehensive benefits package is and how it can help? Read on!
The Most Common Types Of Perks You Can Offer Your Employees
According to Canadian labour laws, employers have to provide their employees with certain mandatory/statutory benefits. These benefits include pension plan contributions, legislated and parental leaves, Paid Time Off (PTO), Employment Insurance (EI), and bi-annual eye exams.
However, many companies go well over these mandatory benefits and provide a range of supplementary benefits or perks that focus on covering health and wellness expenses, saving for retirement, and funding for personal growth. These added perks are a great way to increase employees’ overall satisfaction, loyalty, and productivity, as well as, care for their mental and physical health needs.
Health insurance is offered by approx. 90% of all businesses in Canada according to a Humi survey and is one of the most common types of added perks that can make a benefits package that much more attractive.
Health insurance covers all medical expenses that are not covered by your provincial health plan. This includes emergency room costs, prescription drugs, and doctor visits.
While health insurance is a common perk, disability insurance is something that is only offered by fewer than 50% of Canadian businesses according to a Newswire report. By adding a disability insurance plan to your current benefits package employees can feel a lot safer about their and their families future making them a lot less likely to leave.
Disability insurance can be added to an existing group benefits plan and can become one of the most valuable perks of any employee benefits package.
Dental & Vision Care
Many Canadian employers also offer dental and vision coverage as an added perk. As we all know, dental and vision care costs in Canada can be incredibly high. Having this coverage is a highly attractive perk that is certain to attract the best talent to your organization.
Dental and vision care plans are affordable and can be easily tacked on to any existing benefits plan to provide your employees with something that the rest of your competition may not be offering.
Life insurance is just as meaningful to employees as disability insurance. A company that offers a life insurance policy in its benefits plan is a company most employees would want to stick with!
A life insurance policy helps protect your loved ones financially in case of your untimely demise. A company that offers to contribute to a life insurance policy or pays for it outright as an added perk can be a hugely attractive incentive for all employees.
Even though child care is provided by the Canadian government, it doesn’t cover all of your children’s expenses. This is why some companies that have a majority family-oriented staff, offer added childcare benefits such as paying for daycare and extra PTO for parents.
Registered Retirement Saving Plan (RRSP)
In a recent survey by Nest Wealth, it was found that nearly 70% of employed Canadians agreed that they would leave a company that doesn’t offer a retirement saving plan for one that does. Companies that offer Group RRSP plans have happier, less stressed, and more loyal employees.
Working From Home & Flexible Schedules
The dynamic of the labour industry has changed dramatically after the pandemic. Today, more and more companies allow employees flexible work schedules and work-from-home days which wasn’t as common pre-pandemic. Offering flexible working schedules and remote working opportunities can be a great perk for workers seeking a better work/life balance.
Family Leaves & Paid Holidays
Amongst the most requested perks by employees in today’s job market are paid maternal and paternal leaves. Companies that offer this perk are amongst the ones that tend to attract the top talent. Some companies go as far as offering paid family leaves to allow employees to spend additional time with their families to maintain better work/life balance.
Student Loan Repayment Plans & Tuition Grants
In the pursuit to attract and retain the best talent, many companies offer employees tuition grants for courses, certifications, and degrees that can help improve their skills, knowledge, and expertise in their field of work.
For companies that tend to hire a lot of recent graduates, offering a student loan repayment plan that helps pay off a portion of the employee’s student loan can be an excellent perk to attract the best fresh talent available in the market.
Setting Up A Group Benefits Plan To Give Your Employees The Protection They Deserve!
The best way to attract and retain the best talent is to provide them with a benefits package that is good to pass. However, getting the right benefits package that not only meets your employees’ needs but also the businesses’ budgets is easier said than done.
That is why many small and medium Canadian business owners rely on McIver Insurance to provide their employees with the most comprehensive benefits package possible, that is market competitive and meets budget requirements.
To learn more or get a free quote call now at +1-902-220-3279.