Why group benefits are key to retaining your best employees

As a small business owner, you know that making a smart financial investment can yield profits in the future. But what are you doing to invest in one of your greatest business assets: Your employees? 

Just as you’re looking for bright, dedicated employees that give their best effort on the job, today’s top talent looks for forward-thinking employers that provide competitive compensation and make their employees feel valued. Group benefits have emerged as a strategic advantage for employers looking to both attract and keep their best employees.  

Why offer group benefits to your employees? 

Increase employee engagement 

It’s no secret that a good salary goes a long way in attracting a new employee, but what about keeping them engaged in the long run? In 2023, more than half of respondents to a global survey by Gallup expressed interest in leaving their jobs, with 28 per cent citing pay and benefits as a factor that needed improving in their workplace. 

Reduce workplace burnout and increase productivity

Think of offering a group benefits plan as a preventative measure: By making it easier for your employees to get the help they need, you’re reducing the likelihood that they will need to step back from work due to burnout or other health-related reasons. When you play an active role in ensuring your employees are healthy and happy, they will be more productive on the job.  

Reduce employee turnover

Let’s face it; finding the ideal employee isn’t easy. It takes time, effort, and financial investment to attract and screen suitable candidates – not to mention onboarding and training. If your business experiences high employee turnover rates, both your professional reputation and your bottom line can suffer. 

What are the latest trends in group benefits? 

Flexible benefits plans

Today’s workforce is diverse, and employees expect a group benefits plan that reflects that. Companies that offer flexible benefits plans – where employees can choose the coverage options that best suit their lifestyle and health concerns – report higher employee satisfaction and retention rates.  

Making mental health a priority

According to the Canadian Mental Health Association, one in five people in Canada will experience a mental health problem or illness in any given year. No longer an afterthought, employees now expect comprehensive mental health support as part of their group benefits plans. When companies prioritize robust mental health benefits, they see lower employee absenteeism. 

Increased coverage for non-traditional benefits 

To stay competitive, savvy employers are now offering their employees non-traditional perks that support financial wellness and work-life balance. Non-traditional benefits range from financial wellness programs, offering retirement planning and investment coaching, to hybrid work arrangements that balance in-office time with work-from-home days, along with stipends for home office furniture and equipment. Even small gestures – such as complimentary snacks and coffee – can go a long way towards making your employees feel valued.  

Ready to learn more about group benefits? 

If you’re interested in taking the next step to retaining your top talent, consider the CAA Business Membership. In addition to Group Benefits, your Membership gives you access to an à la carte menu of innovative business solutions – including Commercial Roadside, Commercial Pit Crew, Employee Memberships and business insurance. 

You can request a free quote and discover how our competitive pricing makes quality coverage affordable for your business. To learn more, visit CAA Business Membership.