Three reasons to offer employees a group benefits plan

If you’re trying to think of ways to attract, retain and engage employees, it may be worthwhile to consider adding a group benefits plan or updating your existing plan.

When you offer a group benefits plan to your employees, it could increase engagement more than giving employees a raise in pay for three major reasons:

1. Benefits can be a tax-effective way to compensate your employees—health and dental benefits are tax-free for employees in all provinces except Quebec (other exceptions may apply)
2. You can help protect the well-being of your employees and their families by helping them manage their health and wellness, and by creating a sense of security and belonging
3. You can improve employee appreciation and loyalty by tangibly conveying your support for your employees beyond their day-to-day work

If you’re starting to look at group benefits plans, here are some options to consider for your company and your employees:

• Comprehensive and flexible group benefits plans, including pharmacy benefits, health care and dental care
  
• Short and long term disability insurance that can provide employees with income replacement should they become disabled due to an injury or an illness
• Group critical illness benefits to provide a non-taxable lump-sum payment following the diagnosis of a covered illness
• Employee and family assistance programs to help employees manage stress and achieve work-life balance
• Tools that can help employees steer their way through the health-care system and may give them access to world-class doctors when they need a second opinion
• Information and resources on how to detect and manage the most common mental health issues. For example, you can point your employees to resources on the Mental Wellness Solutions website
• Online tools to inform, encourage and support your employees in leading a healthier lifestyle