Group at a table discussing benefit plan design changes.

5 Benefits of Working with an Employee Benefits Broker

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Are you considering implementing an employee benefits plan in your workplace? Before starting to evaluate any employee benefits plan, here are 5 benefits of working with an Employee Benefits Broker at Benefit Strategies Inc.:

  1. Benefits brokers offer you a Comprehensive Evaluation
  2. There’s more flexibility in putting the Employee Benefits Plan together
  3. Benefits brokers have extensive industry awareness
  4. Brokers understand the best investment opportunities
  5. Employee benefits brokers provide sound, knowledgeable advice

You Get a Comprehensive Evaluation

Employee benefits brokers discuss your benefits needs without pre-determination. After evaluating your long and short-term goals, employee benefits brokers further examine your employee demographics, compare your benefits plan to other similarly-sized companies, consider the costs versus benefits of different plan designs, then provide you with an innovative solution that addresses your specific needs.

You Get the Best Flexible Plans

Employee benefits brokers have a distinct advantage over specific benefit carriers. Brokers can draw on a wider range of services from an extensive group of Canadian benefits providers. This allows your benefits broker to create a tailored employee benefits package, pooling from a variety of sources simultaneously. This approach allows us to blanket all of your particular considerations and broker a flexible plan that specifically meets your company’s needs.

You Benefit from a Broker’s Wide Industry Awareness

Because of their extensive industry knowledge of available benefits plans and plan carriers, registered employee benefits brokers can provide the most widespread and economically priced solutions for your company. Brokers also keep you up to date on any policy changes, as well as provincial and federal laws that may affect the coverage policies of your employee benefits plan.

Investment Understanding

Employee benefits brokers understand that benefit plans are an investment in your employees. Specifically tailored benefit plans can help ease the financial burden for those that need to use them, creating happier employees, which in turn, helps to increase productivity and employee motivation. Offering benefits also help make your business a more attractive place to work, enticing the best employees in your field of need.

You Benefit from Sound Advice

After appraising your needs, employee benefits brokers provide easy to understand explanations of the available benefit options and help you appreciate the value of each benefit so you can make an informed decision on a benefits plan that is right for you and your employees.

Benefit Strategies Inc., now has over three decades of service, providing group and employee benefits plans to companies across the western provinces and Canadian territories.

For more information on the benefits of working with an employee benefits broker, contact Employee Benefit Strategies Inc. today at 780-437-5070 or send us an email.

Businessman with his finger on the word BENEFITS

Millennials Willing To Pay More For Workplace Health Benefits

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Millennials are an altogether different breed than the genXers or boomers that preceded them.

According to a Benefits Canada article, A third of Millennials would pay more for better health benefits. Millennials are also more likely to seek employment with companies that offer group and individually specific benefits.

To entice and retain this generation of employees, employers will have to up the ante for workplace health benefits to make their businesses attractive enough to appease this audience.

What Millennials Want In the Workplace

Unlike previous generations, Millennials are very focused on health benefits. In a Willis Towers Watson survey, Millennials signaled that if given an allowance to outlay for benefits, they would apportion more than 50% to health care.

According to a LifeCourse Associates article by Neil Howe, 63% of Millennials indicate that employee benefits are a significant reason they stay with an employer. This is a higher number and a sharp departure from any previous generation. In the same article, it suggests that 70% of Millennials rate health insurance as vital and worth the investment.

Wooing the Millennial Worker

Because Millennials think about health care differently than previous generations, their employers will need to consider workplace health benefits more targeted for this age group. Millennials expect that employers will be supportive and offer comprehensive health benefits that address their needs.

Even if the millennial has to contribute more financially to these health plans, they will more than likely be willing participants. What employers need to do is make the decision to offer a workplace health benefits plan that will attract and retain this sector of the workforce.

Millennials are prepared to work for you. Are you prepared to work with them?

For more information on Millennials and their willingness to pay more for workplace health benefits, contact Benefit Strategies by phone at 1-780-437-5070 |  or send us an email.