Why Retirement Programs Mean More to Employees Than Health and Dental Plans

Do you want to grow your company? You can power your company’s growth with compensation management. With the right compensation package, you can attract top-quality employees to your business. Top employees have a lot of options, and they can afford to be choosy when looking for work. To persuade them to join your company, you need to offer meaningful compensation packages.

You may think that a good health and dental plan is all it takes to attract good employees, but this isn’t the case. Health and dental plans are certainly valuable to employees, but they’re only one part of a total compensation package.

Retirement programs are actually more meaningful to employees. Here’s why retirement programs mean more to employees than health and dental plans.

Health and Dental Benefits Are Expected

Health and dental benefits are highly valued by employees. According to a recent survey, 94 percent of employees say coverage for prescription drugs is very important. Ninety-three percent rate basic dental coverage as very important. And 91 percent consider vision coverage to be very important. Those numbers are why most employers are already offering health and dental benefits.

More than 90 percent of employers provide vision coverage for their full-time employees. Ninety-eight percent provide coverage for major restorative dental services. Ninety-nine percent offer coverage for paramedical services like physiotherapy or massage therapy.

What do these numbers mean for your business? Offering health and dental benefits doesn’t help you stand out. To attract top employees to your business, and keep your current employees happy, you need to offer more than your competitors. By offering a retirement program, you can boost your total compensation and impress employees.

Retirement Programs Help You Stand Out

While health and dental benefits are considered a standard benefit, retirement programs are not quite as common. Less than one-quarter of private sector workers in Canada have access to a registered pension plan. By offering a registered pension plan, you’ll set your company apart from competitors that don’t offer these plans.

Retirement programs, as part of your total compensation package, can help you attract good employees to your business. They can also help you retain your current employees. When employees know they’re receiving an uncommon benefit, they’ll feel more valued. This can help boost their motivation and build loyalty to your company.

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Pension plans aren’t just uncommon, they’re incredibly valuable to employees. Employees who don’t have access to employer pension plans can find themselves in financial trouble when they retire. The majority of middle-income Canadians retiring without employer pension plans haven’t saved enough for retirement. By offering a pension plan for your employees, you can help them have a secure retirement.

How Registered Pension Plans Work

Since most employers don’t offer registered pension plans, you may be worried that these plans are complicated. Fortunately, that’s not the case. You can contact your insurance carrier to set up a registered pension plan for your business. With an all-in-one-HR platform, your HR department can manage the plan efficiently.

There are two types of pension plans you can offer: defined benefit or defined contribution. Defined benefit plans pay a guaranteed retirement income to employees, based on a plan formula. Defined contribution plans pay employees the contributions to the plans, as well as any interest those contributions earned. The former can be risky since you’ll need to pay the difference if there’s a shortfall in the plan.

Setting up a retirement plan for your employees is good business: It can help you attract and retain top-quality employees, enabling you to boost performance and your bottom line.

 

 

Todd Gotlieb is a Partner at GBK Strategic Financial Partners in Toronto, a Wealth Consulting firm

that assists business owners and high net worth individuals.