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Stay Informed on the Latest Trends in Group Benefits & Retirement

12/06/2024 Group Benefits Plan 5 minutes read

Which Group Benefits Are Most Important to Canadian Workers?

Employers know they need to provide benefits to workers. Not only do these perks create a healthy and fair work environment, but they can also aid companies in keeping quality employees.

The problem is that not all benefits plans are the same. If you are going to make the effort to offer a package to your workforce, you should make sure it has the traits and features your employees want.

The question is: what features do most employees prefer?

Several studies have looked at the most common types of benefits that employers offer their workers in Canada. Here are the results of a 2024 survey of the benefits employers offered to their staff members.

  • Life insurance: 88%
  • Accidental death and dismemberment (ADAD): 87%
  • Health insurance: 87%
  • Dental insurance: 82%
  • Retirement accounts: 77% (from a different 2023 survey)

The data shows what elements your benefits packages need to have to keep you competitive in attracting new employees and retaining current staff. However, what if we look beyond the percentages? What do employees really want? They want financial protection for their families if they aren’t able to work (life and ADAD coverage), access to healthcare (health and dental insurance), and long-term financial stability (retirement savings).

Let’s get into why it’s important to look beyond the percentages and really understand your employees’ desires.

12/06/2024 Group Benefits Plan 5 minutes read

The Cost of Employee Turnover and How to Lower It By Keeping Your Best Workers

Employee turnover creates headaches for companies. You have to deal with the inconvenience of adjusting processes and projects and taking time to find and hire replacements. Meanwhile, your remaining employees have to shoulder extra tasks (and added stress) until the replacement gets onboarded and trained.

Also, when someone quits your company, it costs you money. Replacing workers in Canada costs $30,674, on average. This amount includes the expenses related to recruiting, hiring, and onboarding and the lost productivity due to the employee leaving. The costs can be significantly higher when managers or C-suite executives leave a company.

Yes, you’ll have to deal with some employees leaving and factor the cost of recruiting, hiring, and training into your budget. However, you can take steps to reduce turnover. And no, these steps do not have to include salary increases or bonuses that strain your finances.

Here is a closer look at employee turnover, its costs, and how to avoid it.

12/06/2024 GRRSP 5 minutes read

Attract and Keep the Best Employees: The Benefits of GRRSPs for Employers

One of the biggest challenges for employers is hiring and retaining skilled employees. Yes, you can try to compete on salary or build a positive and supportive culture within your company. Fair pay and a good work environment are vital for keeping quality employees — but at the end of the day, you might wonder if these traits are enough.

Skilled workers bring tangible benefits to your company. They ensure productivity, help you keep clients or customers, and increase your profits. Why not give them tangible benefits in return?

The problem is that you probably don’t have an unlimited payroll budget. If you’re competing with bigger companies with deeper pockets, it will be hard to match their salary offers. So, what can you do?

Group registered retirement savings plans (GRRSPs) are an excellent solution to the problem. Let’s explore why.
10/18/2024 HCSA 5 minutes read

Balancing Cost and Care: Strategies for Sustainable Employee Benefits Plans

Have you ever leaned back in your office chair and wondered if your benefits plan will hold up in the long run, without sacrificing quality? You’re not alone. With rising healthcare costs, many business leaders face the challenge of balancing top-notch employee care with financial sustainability.

Nearly three-fifths of employers are grappling with this very issue. If you’re managing a benefits plan, you know firsthand how tricky this balancing act can be. Every company strives to provide high-quality benefits for their employees while ensuring long-term affordability. But, as you’ve probably experienced, that’s easier said than done.

09/27/2024 Group Benefits Plan 5 minutes read

Top Challenges in Canadian Group Benefit Plans: What Employers and Employees Need to Know

Group benefits are a vital component of any comprehensive employee compensation package, particularly in Canada. These plans can enhance employee retention, satisfaction, and well-being. However, despite the benefits, managing group benefit plans can present challenges for employers and employees alike.

Understanding these obstacles is crucial to ensure both parties get the most from their coverage. Below, we explore the top challenges employers face when implementing or managing group benefits plans, and how to overcome them.
09/15/2024 Group Benefits Plan 5 minutes read

Mental Health Coverage Through Benefit Plans: A Comprehensive Guide for Businesses

Mental health is a real issue in Canada. Just like with any other form of health, poor mental health can make life miserable. 
It can also make it difficult for people to go about their daily lives. This includes going to work.

This is where mental health coverage through benefit plans can make a real difference across the country. Read on to discover more about this form of insurance.
09/04/2024 HCSA 6 minutes read

Unlocking Employee Satisfaction: Your Ultimate Guide to Group Benefit Plans

Welcome to the world of group benefits, where employee satisfaction meets modern business strategy! As a Canadian small or medium size employer, offering the right benefits isn’t just about attracting top talent—it’s about keeping your workforce engaged and ensuring their well-being.

But with so many options available, how do you decide which is best for your business?

n this guide, we’ll break down the most common group benefit plans, including fully insured, self-insured, hybrid, and Health Care Spending account (HCSA) plans. We’ll highlight the key features, benefits of the plan, potential limitations, and value to your organization for each type, making it easier for you to choose the perfect plan for your eam.
08/29/2024 Group Benefits Plan 5 minutes read

Group Benefit Plans: Key Challenges Employers and Employees Need to Know About

Group benefits plans are very popular among businesses. Employers can boost employee retention and secure a healthier, happier workforce by subsidizing health insurance for their workers.

But these plans are not perfect. There are potential complications involved, and these issues impact both employers and employees. Whether the problems are increased costs or coverage gaps, this is something you need to know about if you want to make an informed decision.

Read on to discover more in our guide.