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Frequently Asked
Am I locked into my employee benefits plan?
You are not locked into your current benefit plan, unlike commercial insurance, cancelation can occur without charge when proper notice is given. Westridge Benefits will help you conduct an audit of your business goals, budget and coverage to renewals go smoothly and we can help you move easily from your current provider too.
Are employee benefits important to Millennial and GenZ workforce talent?
Employee benefits are very important to millennial and Gen Z workers. Research by Well, over half of Gen-Z and Millennial respondents would be more committed to staying with their employer for a longer period of time if they offered financial wellness benefits. Millennials are worrying more about their financial health during the COVID-19 pandemic 45% versus 36% of Baby Boomers. According to LinkedIn’s Workplace Culture report, 44% of millennials would take strong benefits over perks to make them stay more than 5 years at a job.
Are employee benefits plans difficult to manage?
Employee benefits are not difficult to manage if the plan is set up with your company resources and needs in mind. Without an employee benefits plan, you will still need to react to illness and health emergencies on the fly. Westridge Benefits will ensure that your employee benefits program provides structure to manage employee health and wellness proactively and profitably.
How can having an employee benefit plan make my business more profitable?
Having an employee benefits plan can drive profitability by protecting the health of your employees and their families. Time lost for illness or to care for an ill family member can add up. Employee benefits plans can improve employee recruitment and retention. On average, the time for new hires become fully productive ranges from eight weeks for clerical jobs to 20 weeks for professionals to more than 26 weeks for executives. (source: MIT Sloan Management Review)
How do I get a quote on an employee benefits plan?
To get a quote on an employee benefits plan, simply email info@westridgebenefits.com or call 905-329-2840 Westridge Benefits and we will get back to you to discuss your company’s needs, goals and best employee benefits plan solution.
How do I implement an employee benefits program?
You can easily implement an employee benefits program by working with Westridge Benefits to design, communicate, implement, and manage your benefits package with your employees. Call us at 905-329-2840 to have an initial discussion about what might work for your business best.
How does offering an employee benefit plan attract strong workplace talent?
Offering an employee benefits plan will attract workplace talent because employee benefits are highly valued by job seekers as a reason for joining a company. According to Glassdoor’s 2015 Employment Confidence Survey, about 60% of people report that benefits and perks are a major factor in considering whether to accept a job offer. The survey also found that 80% of employees would choose additional benefits over a pay raise.
How much will an employee benefits plan cost my business?
The cost to a company to offer employee benefits will vary depending on the structure of the plan. Westridge Benefits will design a plan that ensures the cost of the benefits plan gives your company a return on investment that makes you more profitable.
Should small or medium-sized businesses have an employee benefits plan?
A small or medium-sized business should have an employee benefits plan because it will help them attract and retain good employees and to protect the well-being of those employees – making the company stronger.
What are the advantages of having an employee benefits plan?
The advantages of having an employee benefits plan include attracting and retaining employees, increasing focus and productivity, and protecting your most valuable asset: your people.
What are the four most common types of employee benefits
The four most important types of employee benefits are: Medical insurance, life insurance, disability insurance and retirement plans.
What are the most important employee extended benefits to offer?
The most important types of extended employee benefits to offer according to Robert Half Salary Guide survey 2021 and Benefits Canada are monetary performance bonuses, paid time off, flexible work schedules, remote work options, paid parental leave, employee discounts.
What type of employee wants employee benefits included in their compensation?
The type of employee who wants employee benefits included in their compensation is one who looks at their employment experience with a company strategically and as a mutually beneficial relationship. Employee benefits are important to all generations currently in the workforce from Baby Boomers to the emerging Generation Z.
