3 Benefits of Employee Benefits

Updated:
April 6, 2021

An employer's business is only as good as its employees. As such, to retain employees and keep them engaged, healthy, and feeling appreciated, it's important to offer a comprehensive employee benefits program.

Employer-sponsored employee benefits plans can help organizations provide more than drug and dental coverage for their employees.

3 Reasons to Offer Employee Benefits

  1. Improved Ability to Attract and Retain Talent
  2. Comprehensive Protection for Your Most Important Asset
  3. Higher Employee Morale

Improved Ability to Attract and Retain Talent

While cash compensation is important to your employees, competitive benefits related to things like retirement, dental, and medical coverage can go a long way toward keeping employees engaged and healthy.

While provincial health plans like OHIP provide significant coverage, group benefits plans are a great supplemental tool, filling in potential gaps for your employees.

This makes employee benefits plans all the more attractive, helping you stand out from your competitors and retain quality workers.

Comprehensive Protection for Your Most Important Asset

The health and happiness of your employees should be of the utmost concern. Ensuring the well-being of your staff can help reduce unforeseen costs related to long-term illnesses and on-the-job injuries.

What's more, if wellness concerns aren't addressed in a timely fashion, employee well-being and happiness can suffer, even resulting in missed days or weeks of work.

Offering employee benefits plans ensures your employees are connected to the care they need when they need it - helping them remain focused and healthy.

Higher Employee Morale

When your employees feel valued, they are more likely to be happier, engaged, and dedicated. Offering employee benefits plans can help you give back to your employees, therefore can build a sense of company loyalty

Not only can this help reduce turnover, but it can go a long way toward improving the quality of your employees' work.

Want to Learn More About Employee Benefits Plans?

Creating an employee benefits package that works for you and your workers can be a challenge. Thankfully, your dedicated insurance broker can help, connecting you with the resources you need to launch your company's employee benefits plan.

To get started, contact a Scrivens Employee Benefits Specialist today.

FAQs

What is financial advising?

Financial advising involves providing guidance and advice to individuals, families, or businesses to help them make informed decisions about their financial matters. This can include various aspects such as investment planning, retirement planning, tax planning, estate planning, and more. Financial advisors analyze their clients' financial situations, goals, and risk tolerance to create customized strategies that align with their objectives.

Why is financial planning important?

Financial planning is crucial for several reasons:

Goal Achievement: It helps individuals set and achieve financial goals, whether they are short-term, such as buying a home, or long-term, like funding a comfortable retirement.

Risk Management: Financial planning addresses risks by considering insurance, emergency funds, and other protective measures.

Budgeting and Saving: It promotes responsible money management through budgeting and saving, fostering financial stability.

Wealth Building: Effective financial planning can lead to wealth accumulation and the creation of a secure financial future.

Can financial advisors help with debt?

Yes, financial advisors can help with debt management. They can assess your overall financial situation, create a budget, and develop strategies to pay down debt efficiently. They may also negotiate with creditors on your behalf, provide debt consolidation recommendations, and offer guidance on prioritizing and managing debt repayment.

What exactly does a financial advisor do?

The specific responsibilities of a financial advisor can vary, but generally, they:

  1. Conduct a thorough analysis of a client's financial situation, including income, expenses, assets, and liabilities.
  2. Develop personalized financial plans based on the client's goals, risk tolerance, and time horizon.
  3. Provide investment advice and portfolio management services.
  4. Offer guidance on retirement planning, estate planning, tax planning, and insurance.
  5. Monitor and adjust financial plans as needed based on changes in the client's life or market conditions.
  6. Educate clients on financial matters and empower them to make informed decisions.
What is the average fee for a financial advisor?

The fees charged by financial advisors can vary widely based on factors such as the advisor's experience, the services provided, and the region.

Common fee structures include:

Hourly Fees: Advisors charge an hourly rate for their services.
Flat or Fixed Fees: A set fee is charged for specific services or a comprehensive financial plan.
Asset-based Fees: Fees are a percentage of the assets under management (AUM).
Commission-based Fees: Advisors earn commissions on financial products they sell.
Combination of Fees: Advisors may use a combination of the above fee structures.

It's important to discuss and clarify fee arrangements with a potential financial advisor before engaging in their services.