Keep your work force loyal with a employee group benefits plan
Employer-sponsored benefits plans can help organizations provide more than drug and dental coverage for their employees. Read on to learn about the importance of group benefits plans and how your dedicated insurance broker can help you craft a plan tailored to your needs.
Benefits providing your work force with a group benefits plan
An employer’s business is only as good as its employees. As such, to retain employees and keep them engaged, healthy and feeling appreciated, it’s important to offer a comprehensive benefits program.
Improved ability to attract and retain talent
While cash compensation is important to your employees. competitive benefits related to things like retirement, dental and medical coverage can go a long way toward keeping employees engaged and healthy. While BC provincial health plans provide significant coverage. group benefits plans are a great supplemental. Filling in potential gaps for your employees This makes group benefits plans all the more attractive by helping you stand out and retain quality workers.
Comprehensive protection for your most important asset
The health and happiness of your employees is of the utmost concern. Ensuring the well-being of your staff can help reduce unforeseen costs related to long-term illnesses and on -the-job injuries. What’s more, if wellness concerns aren’t addressed in a timely fashion, employee well-being and happiness can suffer. Even resulting in missed days or weeks of work. Offering group benefits plans ensures your employees are connected to the care they need when they need it – helping them remain focused and healthy.
Higher employee morale
When your employees feel valued they are more likely to be happier, engaged and dedicated. Offering group benefits plans can help you give back to your employees, which, in turn, can build a sense of company loyalty. Not only can this help reduce turnover but it can go a long way toward improving the quality of your employees’ work.
What Are Group Benefits Plans?
Typically, when sponsoring a group benefits plan, employers will hire a group insurance provider who insures the plan members, pays out claims and runs the various aspects of the program. Reliance has a dedicated team to help you find the best plan suited to your business, workforce and budget.
While programs are often customized on an employer basis, organizations have the option to sponsor benefits like:
- Extended health care—This benefit reimburses eligible medical expenses not covered by an employee’s provincial plan. This can include coverage for prescription drugs, vision care, hospital care, medical services and equipment, paramedical services and assistance with out-of-province emergency travel.
- Group life insurance—In the event that a plan member dies while enrolled, this benefit is paid out to their family. The benefit itself is typically based on a multiple of the plan member’s earnings or a fixed amount.
- Accidental death and dismemberment insurance—This benefit pays out to an employee should they become paralyzed or lose their hearing, eyesight or ability to speak in an accident. What’s more, should the employee die accidentally, the benefit would be paid out to their family.
- Dental care coverage—This benefit covers preventive and diagnostic dental treatments for your employees.
- Disability benefit plans—This benefit is designed to replace a portion of a plan member’s income should they become ill or injured and can no longer work.
Provincial plans provide limited levels of coverage for employees. This makes group benefits plans all the more attractive, helping you stand out and retain quality workers. Creating a benefits package that works for you and your workers can be a challenge. Reliance Insurance Agencies, Ltd. is here to help with this process, connecting you to the resources you need to launch your very own group benefits plan.
Resources
Government of British Columbia: Employment standards and Workplace Safety
