An important part of an employee’s overall competitive compensation package is a benefit plan that will attract and retain quality employees. We design and implement innovative and affordable employee benefit plans, and offer long term rate stability to our clients.

• As independent brokers we have broad access to insurance carriers that provide employee benefits
• We are also the exclusive advisors for the Chambers of Commerce Group Insurance Plan
• We partner with employers (plan sponsors and administrators) in designing benefit plans that meet their objectives; and help them retain and attract loyal, productive, and happy employees.

TYPICAL COSTS OF EMPLOYEE BENEFITS

The costs of employee benefits will usually average about 15%-30% of payroll depending on the size of your organization.

• Employees receive a higher value from benefits than a wage increase.
• For the same cost of an annual wages/salary increase, the employer’s total outlay is lower than the total outlay of the actual wage increase.

In designing a benefit plan, employers should take the time to understand what matters most to employees, and what you can afford to spend.

COMPETITIVE EMPLOYEE BENEFITS COMMONLY INCLUDE:

• Life insurance
• Health insurance (e.g., coverage for medications, chiropractor services and other paramedical specialists, upgraded hospital care)
• Vision care
• Employee assistance programs
• Dental insurance
• Short-term disability insurance (above what is offered by Employment Insurance and Canada Pension Plan if additional coverage is needed)
• Long-term disability insurance (This should be paid by the employee so the employee will not be taxed on the benefit should they ever need to claim it)
• Critical Illness Insurance
• Group RRSP or pension plans (separate from Canada Pension Plan)
• Wellness programs (such as access to gym memberships etc.)
• Education and training allowances

SETTING UP YOUR EMPLOYEE BENEFITS PACKAGE

Employee benefits packages are becoming increasingly complex as due to increasing flexibility in designing a plan tailored to the needs of employers and employees. Enlisting the help of experienced professionals to help navigate the process of setting up a benefits program will help you mitigate or eliminate growing liabilities and steep costs over the long-term.

Benefit consultants (who are also independent brokers) can provide relevant data and expert guidance to help you get the most from your benefits investment. Look for plans offered by insurance carriers that have built-in long-term cost containment strategies for your employee benefits program.

Cost containment strategies may include:

• Sharing the cost of premiums between the company and employee
• Building deductibles into the coverage
• Considering the level of coverage, or “co-insurance”
• Capping coverage at certain limits