Affordable Employee Benefits for Business Owners
As a Toronto business owner, you know how difficult it can be to attract and retain top talent. Potential employees consider more than salary when considering whether to take a position. They look at the entire compensation package, including healthcare, retirement, and paid time off benefits. As more graduates move to Toronto seeking employment opportunities, it will take more than a solid salary to entice qualified candidates. You should offer your employees various mandatory and voluntary benefits that will help enhance their lifestyles.
Employment benefits are various types of non-wage compensation provided to employees in addition to regular salaries and hourly paychecks. These benefits are often included in an employment offer letter and can attract and retain the best workers. However, you do not have to exceed your budget in providing exceptional employee benefits in Toronto. You can find benefits that work for you and your employees with HUB International brokers.
Required Employee Benefits in Toronto
You are required to offer certain benefits to your employees as a business owner. These benefits help set a standard across various industries and provinces. Every employer must provide the following benefits to remain compliant with Canadian law:
- Pension benefits
- Legislated leave
- Parental leave
- Paid time off
- Employment insurance
- Eye exam benefits
Keep in mind that required employee benefits may vary depending on area and industry.
Supplemental Employee Benefits in Toronto
While you are not required to provide supplemental employee benefits to your workers, offering such benefits can help retain staff. Having workers stay at your company for a long period means you spend less on recruiting and training efforts. It is up to each company to decide which supplemental benefits to offer. There are many options, and some of the most common supplementary employee benefits in Toronto include:
- Health insurance: Health insurance is offered by most Canadian employers. This insurance is typically limited to full-time workers. The company’s responsibility is to cover a portion of the costs while workers must pay a monthly premium.
- Disability insurance: Many top Canadian companies also offer disability insurance, which provides financial compensation if an illness or accident prevents a worker from working. Generally, there are two variations of disability insurance: long term and short term. Many employers offer long-term insurance plans, while large corporations often provide short-term plans.
- Retirement programs: Offering a generous retirement savings program is one of the best ways to attract top candidates.
- Group life insurance: It is estimated that over 80% of Canadian companies offer group life insurance options to their workers. These plans typically provide financial benefits in case of accidental death. Employees must designate a beneficiary such as a partner, child, or family member and pay a monthly premium to be eligible.
- Other life insurance: Many companies offer alternative life insurance plans to supplement individual life insurance plans. It is good to provide your employees with a few life insurance options to provide them with the most protection possible.
Other types of supplementary employee benefits include stock options, paid parental leave, and sick time off. While you want to consider your company’s budget, investing in employee benefit programs is a great way to keep employees happy.