Small business? Health benefits can help you recruit and retain talent.
Posted by Medavie Blue Cross on November 14, 2022
Small business? Health benefits can help you recruit and retain talent.
Posted by Medavie Blue Cross on November 14, 2022
We all know that small businesses are a big driver of Canada’s economy. But did you know:
- Almost three-quarters of Canadian businesses are considered small businesses, with between one and nine employees.
- Small businesses employ the majority of working Canadians (68.8%) in the private sector or 8.4 million people.
Their success is vital to our nation’s economic success. As workplaces transition to meet the evolving demands of employees and the competition for new hires intensifies, it’s an opportune time for employers to enhance their value proposition with health benefits.
Benefits can be the deciding factor in the war for talent
Research (including our own survey) shows that health benefits can now be deal-makers — or breakers — when negotiating an offer of employment. This is particularly true of younger employees who consider coverage for services like mental health support or physiotherapy to be essentials in their remuneration package, rather than nice extras.
Medavie Blue Cross recently partnered with Abacus Data, Canada’s leading public affairs and market research experts, to take the pulse of small business employers and employees. Survey respondents included a representative sample of Canadians from Ontario, Quebec and the Atlantic provinces who own or work for small businesses.
Here’s what the survey results told us:
- Three in four (72%) working Canadians employed by a small business would leave their current jobs for one that offers a health benefits package— something they don’t have in their current workplace.
- Hiring talent is a challenge for a sizeable number of small businesses — one in four (24%) — while keeping talent is a challenge for 11%.
- Despite this, many employers are still missing health benefits as a key tool in their retention and recruitment strategy. Offering employees flex time was a tool used by four in five employers (80%), yet benefits were used by only 15%.
- In fact, 4 in 5 or 80% of the small business owners we surveyed do NOT have a benefit plan in place for their employees, though the survey indicates this may be changing.
- More than one-third (35%) of small business owners are at least somewhat interested in offering health benefits to employees in the future.
The research points to both the need and the opportunity for brokers to bridge the gap with health benefits that are designed with the unique needs and challenges of small business employers and employees in mind.
Stand out from the competition with “Benefits for Small Business”
Adding relevant and responsive benefits that reflect today’s realities can set businesses apart from the competition when vying for new, skilled employees, while keeping current employees safe, healthy and on the job.
Today, with our Benefits for Small Business product, small businesses can gain a competitive advantage with “big company” benefits at a price they can afford. We built our offering to address these business owners' health and productivity goals while keeping affordability and the advisor-client experience in mind. This unique product is specifically designed for groups of two-to-ten employees.
Key elements of our product include:
- Provides comprehensive coverage that employees need and want at stable rates
- Easy activation and administration, which allows owners to focus on their business and not the paperwork
- Gives businesses a competitive advantage in the job market to help recruit and retain top talent
- Provides a tax-deductible, cost-effective way to help employees cover their medical expenses and maintain their health and wellness
- Boosts employee engagement by demonstrating concern for employee physical, mental and financial wellbeing
- Gives employees access to innovative services, from one-on-one coaching to virtual care
- Helps employees secure their financial future in the event of an accident, illness, disability or death
On October 1, Medavie Blue Cross launched new enhancements to the Benefits for Small Business product available to groups in Ontario and Atlantic Canada, reflecting our commitment to providing affordable, flexible and sustainable benefits. We have also expanded the product’s market reach with the launch of Benefits for Small Business coverage for Quebec-based groups and plan members.
To learn more, visit our dedicated web page and discover the comprehensive solutions we offer to support the health and success of your team.
Medavie Blue Cross is a premier all-in-one carrier that provides health, dental, travel, life and disability benefits and administers federal and provincial government-sponsored health programs. Together with Medavie Health Services, we are part of Medavie, a health solutions partner committed to improving the wellbeing of Canadians. We are in the...