In the evolving business landscape of Ontario and across Canada, group benefits for small and medium businesses have entered a new age. The pandemic has transformed not just how people work, but what they value from employers. According to recent industry data, business owners are increasingly competing for skilled workers who expect more than just a salary; robust employee benefits are now fundamental for recruitment and retention. For small businesses, this presents both significant challenges and exciting new opportunities.
These challenges go beyond mere compliance or trend-chasing. Navigating post-pandemic uncertainties around financial planning, insurance plan options and benefit plan design, business owners must be more informed and proactive than ever.
With independent advisors bringing a personalized, human touch, small and medium-sized businesses are now better placed to access tailored group insurance and health care solutions, creating a workplace culture that attracts and retains exceptional teams. Understanding these dynamics is the first step towards securing a brighter future for your business and your people.
“67% of small businesses report employee retention relies on comprehensive group benefits—yet most are underinsured.” – Patricia Stevens, Independent Advisor
It’s no secret that employee benefits are rapidly rising in importance. Recent surveys show that businesses offering well-structured group benefit plans report up to 30% less employee turnover compared to those without. However, even though more employers recognize the value, as many as half of Canadian small and medium size businesses are still without adequate group insurance.
This disparity is a critical wake-up call. Top talent now see benefits as a primary part of total compensation, not just an add-on. Eligibility for health and dental coverage, disability benefits, and health spending accounts is being scrutinized by employees during job searches.
As a result, offering group benefits doesn’t just prevent turnover; it creates a strong sense of loyalty while boosting morale and productivity among plan members. These startling trends send a clear message—proper planning and the right guidance are more crucial than ever to unlock the full value of your benefits plan.
