The Importance of Employee Benefits in Calgary
Small businesses are the driving force behind Calgary’s economic stability, as these companies account for nearly 95% of all businesses operating within the area. Residents benefit from the job opportunities local businesses provide, and business owners benefit from being an important part of the greater Calgary community. By offering competitive employee benefits in Calgary, you invest in the lives of the people around you.
Nearly 800,000 people are working in the Calgary area, but there are still almost 200,00 who aren’t employed. Though the regional unemployment rate is around 5.5%, you can make a small dent in the numbers. Large corporations tend to attract skilled employees on account of better resources, but this doesn’t mean you can’t be competitive and attract highly qualified talent to your own company.
Through HUB’s customised employee benefits plans, you can give employees an incentive to join your team. While some benefits are required, going a step further with supplemental or voluntary options helps your company stand out from the rest when recruiting and retaining exceptional talent.
Offering More Than the Required Employee Benefits in Calgary
Canadian law has established several statutory benefits. These are the entitlements employers must provide to employees, though the specifics of eligibility and the nature of the benefits are determined by the province. Employees who meet particular criteria could be eligible for some of these mandatory benefits:
- Vacation time or pay for both full or part-time employees
- Job-protected leave for several different personal situations
- Employment insurance contributions
- Time off/pay for national statutory holidays
- Canadian Pension Plan contributions
Although these are important benefits, employees or potential new hires aren’t motivated to remain loyal to a company that offers only the minimum requirements. Things like healthcare coverage and prescription drug coverage top the list of desired employee benefits in Calgary.
Choosing Supplemental Employee Benefits
You want your workforce to have all the tools and resources needed to be happy, healthy and productive at work. To achieve this goal, it’s important to invest in the personal and financial health of your employees through supplementary or voluntary employee benefits.
Working with a HUB broker gives you access to experience and expertise that can transform your benefits plans and provide a strategy to keep up with the demands and challenges your workforce faces. You need to know what employees are looking for from employers and what they aren’t willing to compromise on.
Supplemental and voluntary benefits give employees options for taking care of their personal health and making investments in their financial futures. Employees are looking for customised options with benefits, which means you can’t rely on a one-size-fits-all plan. Consider these additions to your employee benefits options.
Supplemental Health Care
This benefit extends an employee’s ability to afford dental care or critical illness services. Some of the more desired aspects of this care include vision services, telehealth options and long-term care planning.
Financial Wellness
Offing services that promote employees’ financial health allows them to prepare for retirement or achieve personal goals concerning debt or savings. Life insurance is just one of the financial benefits to consider including.
Lifestyle Management
Invest in the health and security of your employees by giving them ways to promote a healthier, happier lifestyle. Options for lifestyle coverage include discounted rates for home or auto insurance, special discounts or savings programmes for gym memberships or cellular service, and travel insurance.