GROUP BENEFITS
BY: NICOLE WATKINS, WAYPOINT INSURANCE
Group Benefits
Protecting Your Employees
Employees are the lifeblood of Vancouver Island businesses. As a business owner you invest time and money in training your people and your clients form connections with your staff. Your employees become like a second family and you look for ways to keep them engaged, productive, and happy. These are the employees that will help your business grow.
According to Statistics Canada, over 14.5 million people go to work for small or medium sized businesses. High employee turnover can cause low productivity, poor quality control, and reduced workplace morale. Losing valuable people will affect your ability to compete in the marketplace and will have a direct impact on the overall revenue and profitability of the company. One way a small business can differentiate themselves is by offering Group Benefits coverage. Group Benefits are an important tool for recruiting and retaining top talent in your organization.
While making Group Benefits available to your staff may seem like a challenge, insurance carriers and advisors have developed products and services that can be tailored to your own unique needs.
No matter the size of the business, Group Benefits is a cost effective way to protect employees, increase productivity, and increase morale. It provides security for employees and their families, and creates an environment where employee health and wellness is important.
The first step to setting up a Group Benefits plan is to do some research. Would you launch a new product or service, or expand your business without understanding the business environment? Not likely. In the same way, it is important to determine what types of benefits your employees need or want before you build a plan with your advisor. Experts recommend asking employees to provide a list of their top 3 desired benefits.
Now you are ready to meet with an advisor. A key component to building the right benefits plan for your business is in developing a relationship with a Group Benefits Specialist. That Specialist will offer their professional expertise to match you with a carrier that will work within your own situation to develop a Group Benefits strategy. Maintaining the relationship with your Specialist will ensure that your plan continues to meet the expectations and requirements of you
– and your employees- for years to come.
Finally, communication will be vital to ensuring your employees understand how their benefits plan works. Your Specialist will assist you with the tools and materials you need to launch a Group Benefits plan including: a well-drafted plan highlight sheet, benefit coverage booklets, and all the materials needed to make a claim. This will ensure your employees know and appreciate how much you really care about them.
Contact Waypoint Insurance and speak to one of our expert Group Benefit Specialists about how to protect your most important business asset – your employees – with a Group Benefits plan tailored to your business. +
Nicole Watkins is based in the Courtenay office of Waypoint Insurance and she helps business owners identify their needs and aligns them with customized group benefit options. In addition she specializes in Individual Life, Disability, and Critical Illness coverage offerings. Contact her or any one of the Waypoint Insurance offices by calling 310-8442 or visit us online at Waypointinsurance. ca
30 | SPRING 2017