The Vital Role of Group Benefits for Small and Medium-Sized Businesses in Canada
In today's dynamic business environment, small and medium-sized businesses (SMEs) in Canada face a myriad of challenges, from attracting top talent to maintaining a competitive edge in the market. One vital tool that SMEs can leverage to address these challenges is offering comprehensive group benefits packages to their employees. As recent studies show, nearly half of Canadian workers (47%) rely on benefits to improve their well-being, highlighting the critical importance of group benefits in today's workplace landscape.
It is interesting to see that the Health and Well-Being Workplace Report in 2024 makes a direct link between employers and the well-being of Canadians.
Four in ten people say their employer does not make employee mental health a priority.
The employees lack adequate access to mental health resources, both in the public and private systems. Employer-provided extended health benefits are an important way to fill this gap and support employee mental health.
Expertise and Knowledge
The vast amount of information available can be overwhelming. Having an experienced broker to provide clarity on the objectives of the benefit program and assess performance relative to those objectives is crucial.
Today's workforce is diverse, with employees spanning different generations, backgrounds, and lifestyles. Navigating the different needs and preferences of today's workforce can be challenging for organizations seeking to determine the most suitable benefits offerings.
The first step for organizations in determining the most suitable benefits for their employees is to articulate the purpose of their benefits plan and identify its current achievements compared to its potential. This step is essential in providing clarity on the objectives and goals of the benefits program.
Here are questions you can ask to assess your current benefit plan:
Does my current benefit plan effectively attract and retain employees by offering competitive and appealing benefits packages?
Have we observed improvements in employee well-being and productivity as a result of our benefit plan offerings?
Does our benefit plan offer flexibility and customization options to accommodate the diverse needs and preferences of our workforce?
Is our benefit plan structured to be tax efficient, maximizing savings for both the organization and its employees?
Does our benefit plan prioritize mental well-being by providing access to resources and support services such as Employee Assistance Programs (EAPs) or mental health initiatives?
By partnering with brokers who have established relationships with strategic providers, you can access specialized expertise, comprehensive solutions, innovation, scalability, and value-added services that drive long-term success and employee well-being.
In summary, your advisor should be a trusted partner who collaborates with you to implement a tailor-made benefits solution that enhances the value of your plan for its members and your organization, all while ensuring cost-effectiveness.