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The Cost of Not Having an Employee Benefits Plan

Learn what your employees want and how to get them those benefits without a huge added cost to your business.

If you’re a business owner, then you understand the importance of keeping your employees happy and motivated and want to use a competitive edge to attract the best of the industry’s talent to your organization. But with so many different employee benefits options out there…the information can be overwhelming. Don’t worry, we’re here to take care of you! 

Here, we’ve put together a comprehensive guide to help you understand what employees are looking for in their group benefits plans and how to get those as easily as possible at the lowest cost. Here’s what you need to know.

The Competition for Top Talent is Fierce – Employee Benefits Plans Help You Standout As A Potential Employer

63% of CEOs are concerned about the availability of key skills. – Survey on global talent by PwC

85% of the global workforce is actively or passively looking for a new employer. – Survey on Active vs. Passive Candidates by LinkedIn

87% of the global workforce is feeling either “not engaged” at work or “actively disengaged” at work. – Article on Dismal Employee Engagement by Gallup

Your Competitive Edge As An Employer With Group Benefits Plans

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 an impressive group benefits plan to their employees. 

By getting in touch with us to implement a plan that takes care of your employees, you’ll be more likely to attract and retain high-level employees who will help you take your business to the next level. 

The Cost of Poor Workplace Wellbeing

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. For example:

  • Workers compensation
  • Employee absenteeism
  • Decreased engagement and morale
  • Overtime/Replacement Costs/Overstaffing
  • Delays causing client inconvenience
  • High turnover rates
  • Accidents

The Benefits of Offering a Competitive Employee Benefits Plan

When you realize all the added costs that are negatively impacting your business by not having the ideal employee benefits plan for your employees, it’s easier to make the decision to implement an employee benefits plan that elevates your organization. Here are some of the benefits we see our clients receive as soon as they sign up for a plan with us:

  • Increase in job performance
  • More “best workdays” per month
  • Fewer unscheduled absences
  • Fewer employee ER visits
  • Decrease in employee hospital admissions
  • Lower medical costs for employees and their families, which leads to increased loyalty to employer
  • Increase in business profitability
  • Increase in employee productivity and engagement

We are proud to be the exclusive advisors of the Chambers of Commerce Group Insurance Plan for the Coquitlam, Port Coquitlam, and Port Moody areas of Greater Vancouver! The plan allows small and midsize companies to provide their employees with comprehensive group benefits packages specifically designed for the needs of each company. It’s easy to set up, flexible, and affordable.

Not in the Tri-Cities area? No problem! We also work with all of the major insurance providers to help find the best plans out there.

Ready to find a group benefits plan for your company? Get in touch with us today!


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