Why Offer Employee Benefits in Chilliwack
Chilliwack is the second largest city in the Fraser Valley of southern British Columbia. The retail and service sectors account for about half of the gross domestic product of a metropolitan area in which approximately 63.4% of the 2021 population of 113,767 residents participate in the labour force. Companies and organisations offering employee benefits in Chilliwack can hire more qualified applicants than comparable firms without these strong selling points.
Competitive Benefits in British Columbia
Employers that offer personal care benefits above and beyond universal healthcare coverage can offer competitive benefits packages to new recruits and increase retention. The median age in Chilliwack is about 40, according to the Canadian Census, and one in every five residents of the Fraser Valley Regional District, or nearly 100,000 residents, will be over age 65 by 2041. These demographics make the following paramedical policies even more appealing to workers in Chilliwack:
- Dental Care: Third-party or employment-related dental coverage is the most common way for Canadians to finance dental care. The Canadian Dental Association reports per capita spending on dental services of $378.60, making dental care policies a cost-effective benefit for many companies.
- Prescription Drugs: The cost of prescription medication is one of the most important gaps that employer coverage can fill in. These policies go above and beyond publicly-funded drug plans in British Columbia.
- Vision Care: Coverage for vision care can include the cost of eye exams, prescription eyewear and treatments administered by optical professionals. Eye care coverage can round out a competitive paramedical benefits package.
Customise Employee Benefits in Chilliwack
A HUB International broker can work with the human resources departments of Chilliwack workplaces to develop even more desirable benefits packages. From absence policies that offer extended paid coverage under special circumstances to benefits and compensation, retirement savings and additional policy options, brokers can help employers offer benefits that match the value of qualified staff:
- Executive Benefits: Special benefits for executives can include key person disability insurance, life insurance and wealth management policies. A HUB broker can recommend coverage that incentivises and rewards advancement and leadership.
- Compensation Options: Employees profit sharing and stock ownership plans are amongst the most desirable benefits that workers look for. EPSP compensation in excess of 20% of total income from employment is taxable.
- Retirement Packages: Employer pension packages can supplement Canadian Registered Retirement Savings Plans. Within 30 years, seniors will account for about 21% of the population of the Fraser Valley Regional District.
- Voluntary Coverage: A HUB broker can recommend opt-in policies that meet employee needs. Many job seekers consider customisable and flexible benefits packages to be a significant draw.
When job seekers compare employee benefits in Chilliwack, they are more likely to consider a job with those organisations that offer paramedical care, generous leave of absence policies and other benefits and compensation options. Challenges associated with recruitment can often be overcome by developing a comprehensive benefits package that fills coverage gaps and anticipates the needs of the workforce.