Group benefits plans prove more effective way to compensate employees
As a small business owner, the talent of your staff is directly correlated to the success of your company. To maintain a competitive edge in the job market, many employers offer group insurance and savings benefits. These benefits ensure that you attract and retain the valuable employees required for success, and can help minimize costs associated with high turnover.
Many employers use salary increases to reward strong performance, but the resulting tax can seem ineffective. With a comprehensive group benefits plan, employees receive health and dental benefits tax-free, dodging income tax and pension costs. In addition to employee benefits, employer contributions are a tax deductible expense, and you avoid payroll taxes including CPP, EI, Worker’s Compensation & Employers Health Tax.
As a business owner, you control where additional compensation for your employees is directed. Health and dental benefits are a very important part of your company’s financial security. An attractive benefits package gives employees the incentive to join and stay with your company. Whether you have an existing plan in place, or are curious about your options, please contact a Silverberg Group advisor for;
- A review of your existing plan.
- A market price comparison to see if cost savings or plan enhancements are available.
- A market plan design comparison to illustrate what comparable companies have done.
Source: Patrick Barkwell, Financial Security Advisor
Silverberg Group specializes in employee benefits consulting for companies of all sizes, and is Alberta owned & operated. From employee benefits programs to executive packages, we translate industry information into innovative options and solutions that best suit your organizational goals. Since 1996, over 800 clients have put their confidence in our industry expertise and our exceptional service. Let us become part of your company’s human resources team.