Employee benefits are designed to keep employees happy, healthy and productive for the business. Most benefit plans contain your standard extended health and dental coverage, but there are many employee benefits commonly overlooked when developing an employee retention strategy. Here we will discuss some of the major overlooked benefits and how they can have a positive effect on your business.
Accidental Death & Dismemberment – Long Term Disability Insurance
Although not a popular topic at the dinner table, protecting your employee’s long-term earning potential is attractive for professionals looking to settle down with a company for a number of years. Not only is this important to your employees, protecting yourself as the business owner is also crucial should you face a serious injury or illness. This simple and cost-effective insurance component can be the difference between bankruptcy and providing for a family.
Tax-Free Health Benefits – Health Spending Accounts
DENT has written extensively on the benefits of a Health Spending Account (HSA). An HSA is an allowance to your employees for them to spend on eligible health and dental benefits, tax free! Also the HSA is a tax-deduction for the employer, so it makes financial sense for both sides.
Flexible Work Spaces
Although it isn’t tied to a group benefits plan, have an ergonomic work space can have a major effect on your bottom line. Many scientific studies agree that sitting for long periods of time is bad for your posture, and can lead to chronic pain. An ergonomic work space ensures employees don’t stay in one position for too long. It can be as simple as upgrading office chairs and designing a work flow environment that encourages employees to get up and move. Studies show that employees are much more productive when they are not tied to an office chair for 8 hours each day. Work with your employees to come up with ideas for how to tackle this problem.
Consolidating Your HR, Benefits and Payroll
Most small businesses don’t have the resources for a human resources department, usually it is one over-worked employee tasked with managing payroll, HR and benefits. An All-in-One HR Platform streamlines this large task and allows you to effectively manage employees in an online format.
There are many employee benefits commonly overlooked in Canada. They can be as simple as having opportunities for advancement, open communication with employees or additions to your existing health benefits. Consider Paramedical Services as a way to set your company apart from the competition.
To learn about more employee benefits commonly overlooked and how they can have an impact on your business, contact the employee retention experts at DENT Benefits.