It may seem counterintuitive to offer certain benefits to your employees. For instance, not all companies in Canada see the utility to offering employee group benefits plan to their workers. There are a number of good reasons to go the extra mile for the people who work for you. Many insurance companies are there with the goal of helping people live better lives. Here are some ways offering group health insurance to your people helps your profit margin and improves your bottom line.

1. It helps with employee retention. Employee turnover is very expensive. By some estimates, companies around Canada lose up to $11 billion U.S. dollars a year due to turnover. At the same time, many workers list health insurance benefits as a top reason they take or keep a job. When asked, more workers said they would rather have employer provided health care coverage options than a raise. This is according to a report released by Sanofi-Aventis Healthcare in 2011. Nearly half told Sanofo-Aventis that if they were given the choice between an employee group benefits plan or getting $20,000, they would rather have the health insurance. By cutting down on turnover, you will help grow your bottom line.
2. You will attract better people. Most companies are as strong as their weakest link. By offering employee group benefits plan, you will be able to attract better people to work for you. As has been already noted, having a good full-time employee benefits program, you can cut down on your turnover rate and keep more of your employees from going elsewhere. The same thing that makes these people stay can be a good incentive for people to want to work for you. More and more job listings attract good people by showcasing what makes a business a good place to work. By providing these important benefits, you may your workplace an attractive one for top talent in your industry. This is a win-win.
3. Your business can be protected by offering employee group benefits plans. When you have adequate insurance plans to cover disability, dental and health benefits, you are protecting your investment in your employees. You may not always think of your workers as investments but in a lot of ways they are. It costs something to train them both on the systems you use and on your company culture. You do not want to lose valuable staff to your competition but losing them to illness can be just as bad for your bottom line. When people have the right health insurance, they can take the steps they need to take to stay healthy. That is just good for business.
4. A healthy workforce is a more productive workforce. Keeping your workers at work is an important factor in upping your bottom line. When people go to the doctor to prevent becoming sick, it prevents absenteeism, which can be almost as costly as turnover. Many people today are dealing with a number of chronic conditions that require medical management. These can include high blood pressure and diabetes. As people need multiple medications, the cost does go up. When people cannot afford to pay for their medications, many are forced to go without the treatments they need to stay healthy. As a consequence, they may suffer from complications that force them to miss time at work. When you offer decent employee group benefits plans, your workers can get the health care they need to stay healthy and be able to focus on their jobs.
5. These are good ways to provide pre-tax benefits to your workers. Most companies can offer health benefits that help their people manage their health care needs as a pre-tax benefit. Offering good employee group benefits plans can be accomplished so that workers can use their pre-tax income to cover these expenses. This allows your workers to keep more of what they earn and maintain their health and that of their families at the same time.

Showing your workers that you care about their ability to maintain a positive work and life balance goes a long way towards improving the morale of your workforce. Giving workers employee health benefits does just that.

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