Providing added work perks and benefits is a win-win for both employees and employers. Offering your clients the right benefits plan can ensure the success of their business, as the overall satisfaction of their employees largely depends on the employer’s choices. With the right employee benefits, employers can create a workplace culture unique to their company to not only attract and retain employees but improve business moral. In fact, according to a 2018 study by The Globe and Mail, 60% of career considerations comprises of job progression, company culture and benefits. It is critical to inform employers of their options in order to equip them with the tools needed to respond to the needs of their employees. So what do your clients need to consider?
Offering taxable benefits – what employees actually want
Employees are drawn to organizations that provide benefits beyond a pay cheque or salary. According to a Glassdoor 2015 survey, 4 in 5 employees want benefits or perks more than a pay raise. Millennial employees are especially drawn to employers who will help them achieve a healthy work-life balance. Mental health, health care savings, pet care and family benefits are highly sought after by millennials who are more interested in their benefits than a pay raise. Since millennials have recently become the largest generation in the Canadian workforce (amounting to a little over 35%), it is important for employers to identify what perks are attractive to them.
Investing in morale is investing in success
Employee benefits can help improve the overall happiness and confidence of employees at work, which, in turn, helps with the progress and success of your client’s company. For example, education benefits demonstrate a company’s interest in their employees’ growth. Investing time and effort in the development of employees has a more positive effect than a company-wide salary increase. Education benefits give businesses a leg up in their industry as their employees acquire new skills and confidence that attribute to the overall success of a company. Not only can education benefits help employees feel more confident in their role and ability to advance in the workplace, but it also offers them new opportunities for personal growth like taking on new hobbies – an outlet that millennials greatly value. By providing taxable benefits that allow employees to maintain their personal and professional lives, a company can recruit and retain top candidates while being recognized as competitive and creative for their benefit packages.
Why your client needs taxable benefits to improve their business
In a recent news release, OfficeTeam’s district president Koula Vasilopoulos says, “Professionals want to be rewarded and recognized for their efforts at work, and will move to find an employer who provides that satisfaction,” and he’s right.. It’s important to inform your clients that health, fitness and education are taxable benefits that communicate to employees that they are valued. These benefits help prevent employees from getting sick, from feeling physically or mentally drained, and from feeling overworked and unproductive.
Still Have Questions?
Want more information on taxable benefits and our benefits plans? Contact your Advisor or Contact your Advisor or a Want more information on taxable benefits and our benefits plans? Contact your Advisor or Contact your Advisor or a Benecaid Benefits Consultant at email@example.com or call us at 416-626-8786.
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