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