When a SmallBiz owner finally has time to sit down from the busyness of their business, one of the items that should be high 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.
- Increase Productivity – Having a Benefits Plan can help with keeping their Employees focused on the task at hand rather than worrying about paying for Medical and Dental expenses.
- 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.