When a SmallBiz owner finally has time to sit down from the busyness of their business, they might reflect on the direction they want to take their company in the future. One of the items they should put on their to-do list is to explore why they would start up a Benefits Plan for their Employees.
The SmallBiz owners that I have sat down with have shared the following in various degrees of importance:
- Pay for my health and dental bills – As a SmallBiz owner, there are certain tax advantages that can’t be ignored with implementing a Benefits Plan…even if it’s just for themselves.
- Key employees – They just lost a key Employee to a company that offers benefits.
- Business Growth – In order to reach the next level, the company needs to attract & retain a higher quality Employee.
- Enhance Compensation – Why give someone a $1,000 Pay Raise when you are going to have to shell out over $1,100 (CPP, EI, WSIB, and Vacation) and the Employee is only going to see around $600 of the “$1,000 Raise” (CPP, EI, and income tax)? Implement a Benefits Plan…its tax-free and is an eligible business expense.
- Compete for Talent – It’s no secret that when Employees are looking to join your company, the question “How much will you pay me?” is followed by “Do you have benefits?”.
- Peace of Mind – Just knowing that should something catastrophic happen in an Employee’s life, they will be looked after.
In it’s simplest terms, having a SmallBiz Benefits Plan helps SmallBiz owners attract & retain a higher quality of Employee in a tax-effective manner.
Located in Cambridge, ON Sharkey Group Insurance provides independent Employee Benefits advice & counsel for Small Businesses across Ontario.