Are you a business owner of a small company or an HR manager of a large Canadian company looking to attract and retain top employees?
Did you know that Group RRSP (Registered Retirement Savings Plan) & group medical benefit plans are one of the most powerful and effective incentives to attract, retain and develop loyalty among current and prospective employees?
Many HR experts see group plans as equivalent to a raise in an employee’s salary. In fact, group plan benefits go beyond the extra pay by offering supplementary medical and investment services. You get increased loyalty in your company and receive extra value from the improved physical and emotional health of your employees by offering these plans.
Most employees believe that the standard plans offered by the government are not sufficient. That’s why group health and group RRSP plans can benefit your employees in the workplace and beyond.
Don’t Let Employee Uncertainty and Anxiety About Medical Issues Jeopardize The Productivity of Your Company
As you probably know, Canada’s universal health care system is admired throughout the world for its coverage of all necessary medical procedures without direct charges to the patient.
The reality is that Canada’s health system is insufficient in some aspects, and your company can help deal with these issues.
Most employees understand that the system lacks some very basic and necessary services like dental care, vision care, prescription drugs, and medical equipment.
This can create feelings of uncertainty and anxiety among employees concerned about medical issues and workplace hazards that may arise while on the job. By offering group plans your company can create security for your employees and boost team motivation.
Most employees understand that the system lacks some very basic and necessary services like dental care, vision care, prescription drugs, and medical equipment.
This can create feelings of uncertainty and anxiety among employees concerned about medical issues and workplace hazards that may arise while on the job. By offering group plans your company can create security for your employees and boost team motivation.
Group Health Plans Fill The Gap of Canada Health System
A group health plan can supplement government health services and this ultimately benefits employers from the increased loyalty and productivity of their employees.
Top major benefits of group health plans to employees are:
- Increased health coverage of services not covered under universal health care, like dental expenses, physiotherapy, vision care, pharmaceuticals & mental health services
- Coverage of medical equipment and appliances such as mobility aids or eyeglasses
- Short or long-term disability insurance in the case of accident or illness
Besides the above benefits, group health plans reduce stress among employees and result in a healthier overall workplace environment.
While many employers offer health benefit plans that address medical concerns, they are often also paired with group RRSP plans that address the financial stress that affects the well-being of so many people today.
There are also tax benefits for the company, such as expense deductions and overall reduced business taxes.
Group RRSP Plans Benefit The Finances of Both The Company and Their Employees
Many people are aware of RRSPs as an investment vehicle for saving money for retirement, in addition to operating as a tax deferral strategy for the contributed income.
Tax on income being saved under an RRSP is deferred while it is also invested in a variety of financial instruments. This makes it an attractive option for anyone looking to save money on taxes while watching their retirement savings grow.
Despite the benefits of an RRSP, some people never get started. While there are many reasons for this, one of the most common is the difficulty of finding money to save after all living expenses are paid.
This can cause severe stress and anxiety for many people, making them feel trapped in a cycle of living paycheque-to-paycheque. You, as a business owner, can help your employees by offering a group RRSP plan.
Ensure Peace of Mind For Your Employees with Group RRSP Plans
Employer-sponsored group RRSP plans offer an excellent solution to this problem.
RRSP contributions are automated through payroll deductions and this ensures that the money is saved. Even the most disciplined people prefer this option because the money is never allowed to enter their line of sight.
This increases the faith in their financial security and further increases your employee loyalty and goodwill, resulting in better work and increased productivity.
The benefit for the company is that employee contributions are tax-deductible.
While stock purchases are not possible under group RRSP plans, the employee still has some control over where to invest their money through a choice of simpler investment instruments like GICs (Guaranteed Investment Certificates) and GIAs (Guaranteed Interest Annuities).
Further, as an incentive to employees, employers can offer an optional supplementary benefit by matching their contributions.
When it comes to saving for retirement, Group RRSPs are ideal for new investors by making the process easier and more straightforward. They offer peace of mind and a feeling of security for anyone concerned about saving for retirement.
When It Comes To Attracting, Maintaining and Retaining Talent, Both Group Health & RRSP Plans Are Unmatched
As an HR manager or CEO of a company, the bottom line for your business is the quality of work produced by employees. This greatly depends on their physical, mental & emotional health.
Creating a group health benefits plan gives you a way to significantly help your employees overcome these challenges so they can focus on their work. This will help relieve any anxiety among employees concerned about their long-term health.
By offering group health plans with extended health care such as dental, vision & disability benefits, you are showing that you deeply care about your employees. Your company reputation will increase and this allows you to attract talent easier than those who don’t offer group health plans.
Group RRSP plans ease the financial stress and instability of your employees by helping them save money while offering basic investment options that help them grow their pensions over time.
The benefits of these group plans are much better than a salary increase, which is why top talent is always attracted to group RRSP and health benefit packages.
How to Select the Right Group Health Plan or Group RRSP Plan?
Retaining top people is vital to the growth of any business. Contact our advisors today and we can show you how to maximize investment in your employees and ensure the success of your business.
We are independent advisors with the valuable experience required to help you choose the best plan. Our firm works with the following group plan providers: Equitable Life, Ivari, IA Financial group, La Capital, and many more.
Save time comparing all these different plans by allowing us to help you select the best group plan free of charge.
Leverage the power of group RRSP and health benefit plans to maintain a healthier and more productive workforce for your company
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