As a small business owner, you know that the challenges you face are not the same as those faced by larger organizations. Just like the intricacies of running your company day-to-day differ from those of a manager at a large firm, creating a small business benefits plan requires an understanding of your unique needs and options.
The Value of Small Business Benefits
Despite being overlooked by many companies, a small business benefits package can be one of the most cost-effective ways of increasing your employees’ total compensation. Not only does competitive group health coverage attract (and retain) qualified workers, but it can also increase the efficiency of your workplace.
For one thing, extended medical benefits help minimize disruption from sick days. Furthermore, workers that feel supported and valued are demonstrably more productive than those who do not. This is especially critical in small companies, where even relatively small discrepancies in your employee satisfaction can have a cascading effect on your ability to work efficiently.
Large vs. Small Business Benefits
Some differences between large and small business benefits, such as the economies of scale or the fact that workers at small companies are typically not unionized, are fairly obvious. Some, however, may not be as immediately apparent.
Group Savings vs. Pensions
One of the greatest differences between large and small companies is the ability to offer a pension. While offering a pension can be a significant boon in attracting and retaining employees, the high cost of offering an employee pension plan is generally out of reach for smaller companies.
Thankfully, pensions are not the only option for supporting your workers through retirement. Offering a group savings plan such as a group RRSP gives you a way to contribute to your employees’ long-term financial security without putting your business on the hook indefinitely.
One distinct perk that comes from running a smaller business is the ability to connect with your staff members. And this is not only good for relationship-building and team morale — knowing your employees gives you the ability to tailor your benefits to meet the needs of your people.
Overall, this is a huge advantage that small business benefits have when compared to those at larger companies. By tailoring coverage to meet your staff’s unique needs, you can ensure that every dollar you spend on group benefits is making a difference.
Of course, it is worth noting that it is possible to take personalized benefits too far. But understanding your staff’s needs and values will help you prioritize the benefits they require the most.
Create the Perfect Small Business Benefits Package with Zarmac
Zarmac Benefits has been providing benefit programs to both new and established businesses for over 20 years. We take the time to analyze what you need and customize a benefits package specifically for your business style, now and for the future.
Zarmac provides critical analysis specific to your business to deliver real choices, advise on trends, streamline renewals, and optimize your plan design. We make it easy for you and your team by supporting the management of your program. We also proactively educate and eliminate questions to ensure there are no surprises.
Ready to protect your business and your team? Find out more about the Zarmac difference!