By HUB International
(Edmonton) – Company sponsored benefit programs have historically been considered an essential component of employee compensation plans. For most, the ability to find and keep qualified staff is the key driver.
Here are some additional advantages to both Employee Group Benefit Packages and Group Retirement and Savings Packages.
For Employers, benefit packages are a business differentiator identifying the Employer as one who cares about the Employees and their families. Investing in Employees increases loyalties among the workforce by addressing their basic needs. Other advantages for the Employer is that a benefit package will result in a healthier workforce which will result in less absenteeism and increased productivity. One other positive factor for Employers is that premiums are tax deductible.
For Employees, benefit packages result in real cost savings. They provide protection for not only the Employees but for their families which results in piece of mind for the Employees. Benefit packages are convenient and easy for Employees to manage, with oversight by the Employer. They also provide the foundation for long-term savings and encourage financial literacy through education.
It is important to review your programs regularly to understand what motivates employees, what culture you are building in your organization and employees’ perception of the value. The better able you are to align these, the increased success you will have.
Ask yourself these questions in considering Group Benefit Packages: Is your provider the right fit for your business? Are your benefits up to date? When was the last time a market survey was done for your plan? Are there gaps in coverage for your executives and high-income employees? Are employees being educated through employee sessions on what their benefits plans include?
Ask yourself these questions in considering Group Retirement and Savings Packages: Do you have a well-defined documented process supporting your compliance with the CAP Guidelines? Do you apply annual reasonability tests for investment performance, fees and service? Are your employees getting value for the fees they are paying? Are employees invested appropriately? Are you communicating your due diligence and providing education to increase the appreciation of your plan?
Collaborating with expert resources can help you chart and monitor your plans course efficiently and cost effectively as well as reduce potential risk.
Keep your plans modernized and relevant to meet your objectives.
For more information on company sponsored benefit programs visit the experts at HUB International. Contact Michael Moland, Account Manager, Employee Benefits at (587) 984-4970 or email Michael.firstname.lastname@example.org. For retirement programs, contact Dianne Verschuere, Consultant, Comprehensive Retirement Solutions at (403) 973-5995 or email Dianne.email@example.com.