Benefits for Smaller Small Business

Small businesses face tough challenges when it comes to recruiting (and retaining!) top talent because the job market is competitive, and as a small business owner, you’re competing with companies of all sizes.

To remain successfully competitive in today’s business world, it’s imperative for small businesses to be offering employees real value, which means meeting the demand for comprehensive benefits; in a 2016 Canada health survey, 77% of respondents say they wouldn’t move to a job that didn’t include health benefits, and since then, that number has been on the rise.

The harsh truth is that employees simply won’t stick around if you don’t offer benefits, and most very small businesses (I’m talking 2-5 people) can’t afford to lose people that they’ve invested time, resources, and training in.

To provide your workforce with the benefits they’ll love and use, you need to understand what your employees’ needs are.

First, look at who your employees are outside of the office: do they have dependants? Are they first time home buyers, or are they more focused on retirement savings? Maybe even both? Do their family members have special medical needs or additional childcare requirements? Are they looking to start a family?

While it’s not imperative to know every little detail, you can effectively begin to look at offering benefits as an opportunity to improve your employees’ quality of life, because the facts are better benefits make happy employees, and happy employees do better work – longer.

In a recent survey of Canadian employees, 50% of the respondents say they’re currently looking for a new job, or plan to begin their search, in 2023. According to respondents, after salary increase, the number one reason for seeking a new job was a need for better benefits and perks.

Evidently, with the mindset of the working population shifting to align with personal core values and personal satisfaction, professionals with in-demand skills know they have leverage given the talent shortage and are open to new opportunities that offer more fulfilling work, a higher salary, and improved perks and benefits.

To keep yourself in the running for quality R&R (recruitment and retention), I always recommend the Chambers Plan because it’s specially designed for small businesses, with plan designs and rates that compete will against plans offered by larger employers. It’s described as being ideal for businesses with 1-50 employees, but its value to smaller small businesses is quite frankly unmatched.

They offer flexible and personalized group benefits that are designed to meet small businesses’ needs and budget. Plus, as a not-for-profit, the Chambers Plan Employee Benefit administrative fees are low compared to for-profit insurance carriers. And annual surpluses are reinvested in the plan to keep it affordable for Chamber of Commerce members.

In fact, more than 30,000 companies across Canada participate in the Chamber Plan Employee Benefits for group benefits options every year, and when coming to the end of your employees’ careers, benefits can be taken into retirement as well. Once retired, plan members can transition to a retiree plan that includes health insurance, dental insurance, and travel insurance.

The Plan’s proven rate stability allow you to provide a comprehensive benefit plan to fit any budget (seriously!) You’ve got a lot to offer, and now that comprehensive, reliable benefits are well within your reach, don’t let top talent slip away when you can offer them everything they need, regardless of your size.