If you’re new to offering employee benefits, you’ve come to the right place. Below, you’ll learn some solid advice that will help you select the right employee benefits plan for your employees—a plan that benefits both you and your workforce.
Start with the “Jalopy” of Employee Benefits
Do you remember your first car? Did it sparkle with new paint, have that new car leather smell, and roar down the highway with a high-powered engine? Well if that’s your memory of your first car, good for you!
But for most of us, we got a hand-me-down car or something Dad purchased with cash from Sneaky Pete’s auto lot on the wrong side of town. A definite “gets you from Point A to Point B” vehicle.
This is a good analogy for employee benefits, in many ways.
If you’re considering implementing a benefits plan for your employees, it’s wise to start with a “jalopy” rather than a Porsche. Ideally, for a smaller company (25 employees or less), your goal will be to provide a sample of the most common employee benefits. Each year thereafter, when your people give you feedback, you can share that valuable information with Lewer Canada. We can then help you modify your plan to better suit your employees’ needs.
So, Which Benefits Should You Include?
Starting with a broad foundation that includes life, disability, drugs, and dental may be an option. By adding caps to the drug and dental plans, such as a $2,500 maximum in drugs and a $1,000 maximum of dental benefits, you’ll reduce the initial cost of your plan so, even on a tight budget, you can offer a solid benefits package.
More importantly, you’ll create longevity in future budgeting because your plan’s usage won’t blow up the way unlimited plans can. Adding caps also allows your employees time to use the plan and judge for themselves what they feel benefits them most.
Expanding Your Plan
After the first year or so, you can consult with your broker and review if the employee benefit plan is adequate, or if you would like to add more depth to the plan. This is far easier than explaining to your employees why you want to take options away from them, which is another reason to start with the “hand-me-down jalopy, not the Porsche” version of employee benefits to start with!
Work with Lewer Canada
At Lewer Canada Ltd. our team has 40 years of experience in this business and we are prepared to support you—whether you currently have benefits in place (already driving), or you’re ready to explore offering a benefits program (you’ve just got your license and you’re ready to hit the road)!
Here’s how to contact us:
Toll Free: 1-800-387-8244
Local: (905) 821-9881
Fax: (905) 821-8963