With an unemployment rate of 4.27%, Wellington County has one of the tightest job markets in Ontario. So how do employers stand out then when seeking to attract and retain the areas best talent?
With a comprehensive group benefits plan.
Gain access to 10 insurers and a host of investment options to offer your employees the best in group health and retirement with access to the professional advice that EFG provides on a daily basis.
By implementing a benefits package for your employees you’re not only helping to create a healthier work environment, you’re also proving your desire to retain and attract valued employees by reinforcing your concern for their health and that of their families. A benefits plan can be simple to set up and designed to suit your needs. Partnering with EFG allows us to do the lions share of the work for you, leaving you free to do what you do best.
Plan types can range from life and health benefits to full plans with disability and dental coverage. Plan designs can be as simple or as comprehensive as you need. And because your contributions to a benefits plan are deductible as a business expense and non-taxable to an employee (in most provinces) it can potentially be more valuable than a pay increase. Consider the example below:
Implementing an Employee Benefit plan is a more tax effective way to compensate your employees. An employer can offer an additional $1000 in salary to an employee or, $1000 towards a group benefits plan.
A $1000 salary increase costs the employer approximately $1113 with the addition of payroll taxes. The employee receives approximately $634 after taxes.
Where as a $1000 contribution to a group plan costs the employer $1080 (includes Ontario retail sales tax) and the employee receives $1000 in health insurance. Again, the employee will receive the health and dental benefits tax-free and employer contributions are deductible as a business expense.
Another option that is often overlooked is providing employees with a group retirement plan. A group plan shows your employees that you care about their future beyond their working years and offers the benefit of reduced investment fees so their money can grow faster. As each employees account grows over the years, every annual statement offers a reminder of the benefits of staying with your business.
At the end of the day you want your employees to know that they are not simply inputs into the production process, rather valued members of an organization that runs best, when the health and well being of its members are looked after.