Group Benefits
What is Group Insurance?
Group Insurance is a way for employers to provide their employee additional benefits as part of an employee’s total compensation package. Such benefits are supplemental to existing government benefit programs. Group Insurance can help employers become more productive by retaining and attracting talent.
Group insurance benefits commonly provided in the Canadian marketplace include:
- Life Insurance
- Short-term Disability Insurance
- Long-term Disability Insurance
- Health Insurance
- Dental Insurance
For more information about how a Group Insurance plan can work for your business, please contact a Prudentia Advisor for more information.
“4 in 5 Employees Want Benefits or Perks More Than a Pay Raise” Glassdoor Employment Confidence Survey (Q3 2015)
Top 4 reasons business owners should offer group benefits:
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To retain and attract talent – A good benefits package is one of the best ways to attract and retain top talent to your company. Although money is certainly an incentive, in-demand employees are looking for more than just substantial salary offers. They’re looking at employee satisfaction and turnover rates, quality of life and a positive work environment. Those factors are often connected to a good group benefit package and the peace of mind it provides.
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To protect your company’s asset – Your employees and their health are your most important asset. Making certain your employees and their families are protected and healthy is a long-term investment that your employees will appreciate and factor in when considering a potential move.
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To maintain productivity – Comprehensive benefits and wellness packages ensure a variety of tools and resources are available for various health-related situations, ranging from dental care and mental wellness services to employee assistance programs that make it easier for your workforce to get the help they need, so they can focus on work. Happy, focused, stress-free employees are productive employees.
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To build and maintain morale and loyalty – Group benefits help increase morale and long-term loyalty in a company. Retaining experienced employees who know and understand the company and its particular demands is vital for success. High turnover not only instills distrust and disloyalty, it also breeds low morale and work dissatisfaction.