Group Benefits and Retirement Savings Plans can be two critical elements in attracting and retaining staff. Benefits can also play a vital role in long term business plans, by helping compete in the job market and allowing businesses to offer a tax-effective form of compensation.
Many entrepreneurs may be missing out this competitive edge due to the misconceptions about cost and administrative burden and small business owners may feel they lack size or budget to offer a benefits program.
There are programs available to cover one or more employees with all of the benefit choices of larger companies.
A group RRSP is easy to offer by setting up a program where an employees pay is automatically deducted. The costs to the employer would depend on what, if anything, they want to contribute.
The smaller the business the more valuable each employee. If a key employee is slow to return to work after illness or injury due to lack of coverage to pay for treatment or rehabilitation, the companies health may suffer.
Owners may need help wading through all of the different options that a benefits plan can provide.
Call Theresa at Keystone Benefits to create a plan that will suit your needs and budget.