As things begin to pick-up again in our local communities, we’re seeing a lot of businesses in recruiting mode, trying to lock in their industry’s top talent. If you’re one of these businesses, then you understand how competitive it can be trying to attract the best talent and keep them on board.
We reached out to local Group Benefits Expert, Brent Ranger from Ranger West Financial and Insurance Services Inc. to ask why having a great employee benefits package is now a part of many big picture marketing plans. Here are some of the great tips he gave us:
TSA: How does offering a group benefits plan offer a company a competitive edge?
Ranger West: Interestingly enough, only 11% of organizations offer what is considered a comprehensive wellness program, according to a recent study by McGill University. That means that while the competition for your industry’s top talent is fierce, only a small percentage of other employers are offering impressive group benefits plans to their employees.
TSA: Are there any indirect costs of NOT having a group benefits plan in place?
Ranger West: Definitely! There are many direct and indirect costs associated with poor workplace wellbeing and most business owners don’t think about these until it’s too late. Some of these are worker’s compensation, employee absenteeism, decreased employee engagement/morale, replacement costs, etc.
TSA: What are some of the benefits you see from companies who recently made the decision to incorporate a group benefits plan for their employees?
Ranger West: Some of the benefits we see our clients get as soon as they sign up with us are an increase in their employee’s performance, fewer unscheduled absences, increase in business profitability and happier employees which are more productive and help take the business to the next level.
TSA: What do you recommend for a small business that is looking to offer a group benefits plan to their employees?
Ranger West: For businesses in the Tri-Cities areas with less than 50 employees, we recommend the Chambers Plan (full disclosure: we’re the exclusive advisor for Tri-Cities based businesses and it works amazing for our clients). It’s easy to set up, flexible and affordable!
TSA: Can you tell us a bit about how you work?
Ranger West: We work with major group insurance providers in Canada to make sure you’re getting the best values/option available. Part of our process includes working with businesses to build, design, audit, implement, and service unique group benefits and packages that are customized for the businesses and their employees.
TSA: What if a business can’t afford group benefits?
Ranger West: We also offer self-insuring. It’s a great way to reduce the cost of a group benefits plan and it works well for companies that expect any predictable claims experience.
If you’ve been meaning to set up an employee benefits plan for your business- large or small, connect with Brent Ranger and his team at Ranger West Financial directly by clicking here! We highly recommend them as they’re great at what they do and have been serving our local community since the 1990s.