Tips for The Average Joe
What You Need to Know When Creating the Best Employee Insurance Benefits Package in Canada
Employees are very important to any company and most of the times they can determine your failure or success. Having a good benefits plan for employees is one of the major ways you are able to have a successful team backing you are. You can decide to go for the traditional benefits plans but there are flexible options that you can actually consider. One thing you cannot ignore however is that creating an employee insurance benefits plan can help you to attract and retain the best workers. Discussed more below are some helpful tips for creating the best employee insurance benefits package in Canada.
For you to create the best package, you definitely need to understand the different types of employee benefits. As you take your time to learn more , you’ll discover that there are two categories which include mandatory employee benefits and supplementary benefits. The mandatory employee benefits are outlined by the Canadian government as what employees must get from the employer. Everyone should contribute to the Canada pension plan, which is the bed from the staff wages as a mandatory benefit. Additionally, legislated leave is mandatory and it includes sick leaves and paid time off. Employment insurance is also important but doesn’t include health or medical insurance. You can take your time to learn more about this here.
Supplementary benefits is what is an employee can offer to help attract and retain talent. They are not legally required. Medical and health insurance are some of the benefits that you can offer and it can cover different services such as prescription drugs, paramedical services, hospital visits, dental care, and so on. Life insurance is also supplementary. Additionally, you should consider disability insurance.
After you are done. Understanding more about the types that you can offer, it is important to go over the costs of the insurance options. For example, you want to know more about insurable earnings of your employees as a way of calculating the cost. Another thing you cannot ignore is looking at the cost of employer health insurance plans. You want to discover more about this because there are very many factors to consider including the size of the company. Additionally, you need to know more about the cost of group life insurance plans. As you read more on other factors, also consider the cost of disability insurance.
You might discover that the cost can be very high but there are tips you can follow to keep the cost low. You have options like sharing the cost with employees, limiting coverage to certain amount, building deductibles into the coverage and so on.