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As a business owner, you know that one of the most valuable assets the company possesses is the employees. The investment in hiring and training them is more than covered by the commitment, hard work, and loyalty they provide. Along with reasonable salaries or wages, it’s in your best interests to provide them with excellent health benefits. Here are four of the main reasons to take a second look at the benefits you offer and decide if something more is needed.
Covering What Provincial Coverage Does Not
There’s no doubt that the health coverage provided by the province is excellent. In fact, it covers quite a few basic needs as well as benefits for more serious injuries or health issues. Even so, the coverage does not include every potential medical procedure or expense. That’s where the plans you provide some into the picture.
One way you can ensure your employees are prepared for most health needs is by offering some type of Benecaid.com extended health insurance plan. Plans of this type are designed to work in tandem with the provincial coverage. Since you get to choose the level of coinsurance and the range of benefits, it’s easy to come up with a plan that works well with what is already in place. This type of arrangement can help with prescription costs, alternative treatments like massage therapy, acupuncture, or chiropractic treatments, and even things like ambulance fees.
Absenteeism and Proper Health Coverage
Have you considered the connection between additional health coverage and a lower level of absenteeism? The fact is that when your employees don’t have to worry about finding a way to pay for certain medical expenses out of pocket, they are more likely to seek help when they don’t feel well. The result is that whatever is wrong gets treated quickly and they end up being away from work for shorter periods of time. This benefits the company since those employees are there to take care of their responsibilities and get things done in a more timely manner.
Reducing Turnover
It takes a lot of resources to replace employees who choose to leave. Consider the amount of time and money spent interviewing potential candidates, training them before they assume their positions, and the mentoring that’s done as they settle into those new jobs. While the resources are well invested if the employee remains with the company, what if he or she leaves for another job after a few months? You have to start the process all over again.
Additional health benefits is one of the ways that you provide valuable employees with the incentive to remain with you. Assuming they earn a reasonable living and have benefits they consider important, the temptation to seek employment elsewhere is kept to a minimum. Over the course of a year, you could save quite a bit of money thanks to reducing employee turnover.
Strengthening Employee Loyalty
Feeling as if you are wanted and needed is something every human being enjoys. That’s true in any relationship, including the workplace. Choosing to provide more employee benefit plan options like additional health coverage is one of the ways you let employees know you appreciate and need them. Your desire to provide them with reasonable benefits motivates those employees to remain with you rather than taking their expertise elsewhere. The result is your company gets the benefit of their experience and expertise for many years to come.
Today is the right time to evaluate your current employee benefit packages and consider adding something new. Talk with your management team and get feedback from the employees in general. You may be surprised at what an impact making even a couple of minor enhancements will accomplish.