Retain & Attract Employees
Retain And Attract Employees With Health Benefits and Retirement Plans
Small to Medium Enterprises (SME) are considered to be organizations with less than 500 employees. This category is the main source of employment in Canada accounting for over 99.7% of all businesses.
Almost 40% of SME employees place contributions to a Group Retirement Plan at the top of their wish list and place high value on employer supported retirement plans such as a Group Registered Retirement Savings Plan (GRRSP).
Not all SMEs offer pension plans although 61% plan to do so in the near future. Managers and business owners view the GRRSP not as an expense, but as an investment in employee retention. The cost of not having an employer sponsored retirement plan is the upheaval and cost resulting from the departure of valuable employees. The impact on the organization goes beyond the hard costs of advertising, hiring and training new people. There is also the potential for loss of customers, customer lists and intellectual data.
To succeed an SME has to attract and retain high-quality talent.
There are 3 main reasons that employees leave their current employer:
- Higher Pay
- Pension Plan
- Health Benefits
Implementing a group retirement plan and health benefits plan are two incentives to help retain and attract quality employees. Here’s how we can help:
Employee Health Benefits
From traditional employee health benefits to flex benefits we offer a wide array of solutions designed to fit your employees’ needs and your company’s budget.
How we are different:
- We act as an exclusive broker on your behalf and shop the market.
- We provide several proposals and advise you as to the key factors and differences of each product.
- We take care of the enrolment process.
- We advise you in advance of any plan provider premium increases and work with you to contain costs.
Employee Group Retirement Plans
Employees rate retirement savings plans high on their scale of desirable employment enticements. You may be surprised at how easy and cost effective setting up a group retirement plan can be. Companies with as few as two employees qualify for these plans so even small companies can offer what appear to be large company group retirement savings plans to retain and attract top-notch employees.
- Group RRSP
- Defined Contribution Pension Plans
- Deferred Profit Sharing Plans
Although these Capital Accumulation Plans (CAP) are easy to set up there are specific guidelines that must be adhered to in order to be compliant. Learn how we can structure your CAP within the compliance regulations. If you already have CAPs we can help you to become compliant.