When you own and operate a business that employs other individuals, you may or may not be required by law to provide specific employee benefits. Employee benefits are basically compensation that is not considered wages and are offered to employees in addition to their normal wages or salaries. By providing these benefits, a business owner can attract more quality employees while also protecting against future loss of work and productivity due to health, daycare, and other challenges that arise.
There are number of different types of benefits to consider. Many have nothing to do with insurance and could include housing, a company vehicle to drive, vacation and sick time, tuition reimbursement, daycare, profit sharing, and other specialized benefits.
There are also a number of employee benefits that are insurance related including group insurance which could include a combination of health, dental, eye care, life insurance, and more. Disability insurance can protect a business against injuries to employees because of permanent or even temporary disability.
The main driving purpose of these benefits is to help ensure the economic security of staff members. This, in turn, helps to increase retention of quality employees.
Not to be Confused with Perks
Employee benefits are not be misconstrued or confused with perks. Employee perks are a different kind of benefit that are usually granted in a discretionary nature. A number of common perks that are found within businesses can include bonuses, leisure activities on work time such as corporate outings, and allowances for lunch.
In Canada, a common benefit could include additional health coverage that provides extra medical coverage including prescription, vision, and dental plans that go beyond what is included in the provincial plan. Group term life and accidental death and dismemberment, employee assistance plans, and group disability are common employee benefits for businesses in Canada.
When you want to learn more about employee benefits, contact a professional insurance representative at James Campbell Insurance Brokers. We have exceptional experience in assisting business owners determined the best employee benefits to offer based on their revenue, the number of employees they employ, and other factors.