A group benefits plan is among the most powerful tools available to employers to attract and retain the best and brightest talent. Nearly all surveys of both Canadian and U.S. workers reveal that they would choose better benefits over increased pay; improved health benefits often topped the list of desired benefits.
A primary goal and challenge of many Canadian companies is the attraction and retention of top talent. Without the right mix of workers, a company may find it difficult to compete against other companies and to fulfill its core mission.
What Is Group Benefits Insurance?
Group benefits refer to any solution that leverages the power of a group of people joining together to receive better benefits and lower premiums. For a company, this often means enrolling its workers together in a plan. This works for small, midsize and large businesses. The hallmarks of pooled benefits often including the following features:
- Stability – The fluctuations of premiums for enrollees remain more stable from year to year
- Simplicity – A plan can be set up that is easy to administer Flexibility – A plan can be
- customized by the group health insurance provider to meet the specific needs of a company
- Accessibility – All employees of the company can be included in the plan
Best of all, a group health plan benefits both a company and its workforce. The financial health of each group is strengthened by joining together.
How Employers Benefit?
By purchasing group health benefits for employees, a company fortifies itself in several ways. Top talent is more likely to work for a company that offers a robust compensation plan, and group health insurance is a powerful way to add value to the complete package. Just as importantly, a healthy and productive workforce is a large benefit to a company. Quality health insurance is one way to ensure all workers are able to see a doctor or dentist when necessary.
What Does a Group Benefit Plan Cover?
A comprehensive insurance plan is more than just a health plan. It also covers several important areas, including the following:
- Group health plan
- A group retirement saving plan
- A health savings account
- A dental and eye care plan
A strong company compensation plan often includes this complete mix of benefits. It provides stability and financial strength for all employees.
