Are you looking for full time employee benefits in Canada? You’re far from alone. Basic benefits and coverages are at the forefront of many a part time and full time worker’s mind, as supporting a family and attending school is difficult enough without worrying about eye care or dental. Employees that aren’t routinely covered are more likely to leave for another position, as well as be more prone to illness and anxiety throughout their stay. Whether you’re searching for a full time job or are an employer looking to put a dent in employee turnover rates, look below to learn more about the financial, mental and physical benefits in establishing a group insurance plan.
What Is Employee Turnover?
Employee turnover describes the phenomenon of employees leaving after a short period of time. Employees are the lifeblood of any business and a significant amount of employees leaving is often attributed to dissatisfaction, chronic stress or a lack of compensation. An estimated $11 billion is lost every year due to employee turnover and businesses around the country are searching for ways to encourage their workers to remain for an extended period of time. According to a recent poll by Gallup, companies that increase their number of talented managers and engaged employees raise nearly 150% more earnings than the competition that does not.
What Are The Risks Of Disengaged Workers?
Employees who are unhappy or concerned about their work face greater mental and physical health risks in the long-term. For example, actively disengaged workers have been found to be twice as likely to be diagnosed with depression compared to their more satisfied counterparts. A survey revealed nearly 50% of Millennials saying, if they had the financial option, they would leave their current employer. Another survey saw only half of all employees stating they could find another job if they quit, with 35% saying they would leave if they didn’t receive a raise. Lastly, a still prevalent issue is the wage gap — the majority of women in recent studies do not believe they are properly compensated compared to their male counterparts.
What Are Employee Benefits?
While there are different types of health benefit plans, there are commonalities that link them together. Employee benefits generally include, but are not limited to — dental, eye care, paid leave, maternity leave and sick leave. Paid leave is still the most commonly provided benefit for employees, which includes paid holidays, and is made available to at least 77% of employees. Companies that offered 11 or more benefits had nearly 70% of their workers recommending them as an ideal working environment. Although there are concerns, four out of five Canadians have been found to be financially on track to a comfortable retirement according to a report from consultancy McKinsey. All of these factors and more are ample reason to look into implementing full time employee benefits.
Why Implement A Benefits Program?
A benefits program, be it full time employee benefits or a group health insurance plan, is necessary to reduce employee turnover and create more engaged and satisfied workers throughout the year. Employees who have a high sense of well-being are 42% more likely to rate their lives highly and recover from personal setbacks or illness, with unsatisfied workers prone to depression, anxiety, concentration issues and low self-esteem. Companies that implement a employee insurance benefits will go a long way in helping people lead better lives and keeping the company running smoothly and consistently all days of the year.