Competitive Advantage: Offering health and dental benefits can give small businesses a competitive edge in attracting and retaining top talent. In a competitive job market, prospective employees often consider the availability of benefits when evaluating potential employers. By providing these benefits, you can make your business more attractive to skilled workers.
Employee Retention: Offering health and dental plans can help retain valuable employees. When employees have access to these benefits, they are more likely to stay with the company for the long term, reducing turnover and the associated costs of recruitment and training.
Tax Benefits: In Canada, employer contributions to health and dental plans are generally considered a non-taxable employment benefit. This means that both the employer and employees can benefit from tax advantages, as premiums paid by the employer are typically tax-deductible, and benefits received by employees are not considered taxable income.
Enhanced Employee Wellness: Health and dental coverage contribute to the overall health and well-being of employees. Regular check-ups, preventative care, and access to dental services can help employees stay healthy, reducing absenteeism due to illness and promoting productivity.
Lower Absenteeism: Employees with health and dental benefits are more likely to address health issues promptly, reducing the number of sick days taken. This can help maintain productivity and minimize disruptions to the business.
Employee Satisfaction: Providing health and dental coverage demonstrates that you value and care for your employees. This can boost morale, job satisfaction, and overall workplace happiness, leading to increased productivity and a positive work environment.
Positive Company Image: A small business that offers health and dental benefits is often seen as a responsible and caring employer. This positive image can enhance your brand, reputation, and relationships with customers, partners, and the local community.
Recruitment Success: Access to health and dental plans can help you attract candidates who might otherwise overlook small businesses for larger employers who offer benefit packages. It can also attract candidates who place a high value on their health and well-being.
Customization: Small businesses can tailor health and dental plans to suit their specific needs and budget. This allows for flexibility in selecting coverage options that align with your employees' requirements and your financial constraints.
Jack Bergmans CFP
