Insights & advice
The importance of employee benefits
December 2022 – 15 min read
Both the employee and the business gain from employee benefits.
There is a whole range of different benefits that employers can offer.
Businesses can attract qualified talent by offering employee benefits.
Importance of employee benefits
Did you know that employee benefitsOpens in a new window are a major factor when it comes to attracting and retaining employees? In Canada, many employers offer a variety of benefits packages, which can include everything from health and dental insurance to Registered Retirement Savings Plan (RRSP)Opens in a new window contributions.
Employees who feel like they’re being well-taken care of by their employer are more likely to stay with the company for the long haul. In addition, employee benefits can improve morale and motivation, as well as increase productivity.
For Canadian employers, if you provide your employees with health benefits, you could see a positive impact in the mental and physical well-being of your workforce.
What are some of the advantages of employee benefits?
As an employer, providing health benefits to your employees can provide many advantages. Some of which can include:
- Improved recruitment and retention rates.
- An increase to productivity.
- Improved morale and motivation.
- A boost in employee engagement.
- Reduced absenteeism.
- Enhance work-life balance for the workforce.
What are the most important benefits to offer employees?
How does offering employee benefits help to attract talent?
Your business can save money in the long run and become more profitable by offering employee benefits.
Contact an advisor to learn more about how we can help you get started on a comprehensive benefits plan for your employees.
The information provided is based on current laws, regulations and other rules applicable to Canadian residents. It is accurate to the best of our knowledge as of the date of publication. Rules and their interpretation may change, affecting the accuracy of the information. The information provided is general in nature and should not be relied upon as a substitute for advice in any specific situation. For specific situations, advice should be obtained from the appropriate legal, accounting, tax or other professional advisors.