Besides wages, employee benefits stand out as a crucial factor in both attracting and retaining valuable staff members.

Compelling statistics

  • Four out of five employees prioritize benefits over salary increases.
  • A significant 57% of employees assert that their benefits package holds greater importance than ever before.
  • A staggering 76% of plan members express unwillingness to consider job offers lacking health benefits.

Comparing the Impact:

Increasing an employee’s hourly wage by a dollar:

  • Employees ultimately take home less due to federal and provincial deductions, sometimes as low as $0.60.
  • After accounting for governmental taxes, that additional $1.00 per hour effectively costs around $1.29.
  • Moreover, there’s no assurance that employees will save for unforeseen circumstances, leaving both parties vulnerable in emergencies.

Versus Offering Benefits Coverage:

  • Employees receive ongoing support for their physical and mental well-being, coupled with financial protection during critical times.
  • Employers can benefit financially by deducting eligible expenses on taxes, as $1.00 invested in premiums equates to $1.00 worth of health benefits. Furthermore, benefits received by employees are frequently tax-exempt.

Advantages of employee benefits

Protect Your People: Benefits extend coverage to individuals confronting unforeseen emergencies or critical illnesses.

Promote Their Health: Benefits serve as a tool to incentivize employees to prioritize their health and overall well-being.

Attract and Retain Talent: A comprehensive benefits plan not only safeguards employees and their families but also showcases the company as an employer of choice, both to current team members and prospective candidates. Strengthen Your Business: Access to benefits minimizes absenteeism due to extended illnesses or health issues, thereby enhancing productivity and fortifying the company’s bottom line.”