Choosing the Right Employee Benefit Plans for Your Team

Are the employee benefit plans offered by your company right for your team? In a competitive labor market, employee benefits offerings might be a deciding factor when you want to attract quality employees and keep your high-performing team members. One of the best ways to find out whether the benefits you offer your employees actually fulfill their needs is to listen to them. Businesses that use active listening as a management strategy retain more employees. Do you offer the four major types of employee benefits? Let’s discuss them in more detail.

What Are the 4 Major Types of Employee Benefits Employers Can Offer?

Did you know we offer group benefits through Nour Insurance Services (NIS), a related and separate company from Nour Private Wealth? Whether you are a small business with less than 51 employees, a medium to large business with more than 51 employees, or an industry association and union group, NIS has the group employee insurance you need.  

We know every business is different, but most professional employees expect their benefit offerings to include the following four major types:

Medical Insurance

Employer medical insurance plans supplement the existing provincial health care plans by covering, amongst others, dental care, mental health support, certain prescription medicines, paramedical services, and high-level hospital care. What kind of medical insurance do we offer at Nour Insurance Services? Health and Dental *Insurance can help your employees cover additional medical expenses not covered by provincial health care plans.

Life Insurance

Group life insurance protects the dependents of employees from financial hardship in the event of their death. It can pay for funeral expenses, clear outstanding debts, pay for the children’s education, and other expenses. Nour Insurance Services offer Term Life *Insurance, Whole Life * Insurance, Universal Life *Insurance, and Synergy Life *Insurance. 

Disability Insurance

Disability insurance replaces the regular income of employees when they are temporarily unable to work or are permanently disabled. Nour Insurance Services’ Disability *Insurance policy provides monthly benefits, while the Critical Illness *Insurance policy offers a lump-sum payout after a standard waiting period if an employee is diagnosed with a critical illness.  

Retirement Plans

Offering an employee benefit plan that helps employees save for retirement benefits everyone. With a group retirement savings plan (GRSP), an employer matches the employee’s contribution. Contributions are automatically deducted from an employee’s paycheck, there are tax savings, and management fees are often lower due to the large pool of assets. Offering this as an employee benefit can help attract the right talent to your team and retain employees. 

Nour Private Wealth is a provider of group pension services in Canada. Our policy options include pooled registered pension plans (PRPPs), defined contributions pension plans, registered retirement savings plans (RRSPs), deferred profit-sharing plans (DPSPs), non-registered savings plans, employee share ownership plans, investment-only services for defined benefit plans, and individual pension plans (IPPs).

What Benefits Do Employees Value the Most?

A multinational human resource consulting firm conducted a survey to determine which incentives might persuade Canadian employees to stay with their current employer. Based on the research results, the salary was the most crucial factor. Why does talent leave?

  • 62.5% better salary
  • 37.5% better benefits
  • 34% more flexible work schedules
  • 32.5% career advancement opportunities
  • 23.5% skills development

The traditional benefits that are seen as ‘essentials’ in a remuneration package are prescription medication coverage, medical and dental coverage, paid time off, a registered retirement savings plan (RRSP) with employer matching, and a pension or retirement plan with employer matching.

How To Choose A Group Benefits Plan That Is Affordable And Effective? 

Now that you know what should traditionally be included in an employee benefits plan, you might wonder where to start putting the right benefit programs for employees together. Look no further than Nour Private Wealth (NPW), working in collaboration with our experts at Nour Insurance Services (NIS). With a team of wealth advisors servicing clients across seven provinces in Canada, the employee benefit plans for your team are safe in our hands.   

Contact us today at Nour Private Wealth to discuss the ideal employee benefit plans for your business.

*Insurance products and services are offered through Nour Insurance Services Inc., a related and separate company from Nour Private Wealth Inc. Only products and services offered through Nour Private Wealth Inc. are covered by the Canadian Investor Protection Fund.

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