In today's fast-paced economy, SMEs, like large companies, must develop winning business strategies to ensure their long-term growth. In particular, they must bank on innovative HR strategies to emerge as first-rate employers in order to attract and retain a skilled workforce that is essential to their productivity objectives. For more or less equal pay, employees in turn pay heed to many aspects of total compensation, such as paid leave, flexible work schedules, work-life balance, access to training, etc. Among these aspects, a group insurance plan is also a way for a company to stand out. A statement corroborated by the results of the Chamber's recent survey of a sample 302 member companies: 63.2% of these organizations believe their plan has a positive impact on their growth, while 83.4% say that it contributes to attracting and retaining employees. So do you offer a group insurance plan to your employees or are you considering doing so?
Two things to bear in mind about group insurance
Are you hesitant to enroll your company in a group insurance plan? Here are two things which may help you decide.
The number of employees does not matter
Insurance companies have adjusted their products over the years and some insurers may even offer a program to companies hiring only two employees. In addition, some associations and organizations offer their members the opportunity to join a group insurance program so that businesses of all sizes can have access to competitive coverage due to the large-volume agreements they have negotiated for their members. This is the case for the Chambers of Commerce Group Insurance Plan, which represents 900 chambers of commerce (including the CCMM) and which now has close to 30,000 member companies.
Group insurance is an investment, not an expense
Implementing a group insurance program is primarily a business decision. You want your investment to be profitable and the benefits measurable. It’s fitting that new guarantee options or modular plans are now available to better meet the budgetary challenges of SMEs.
How do I set up a group insurance plan?
Are you considering setting up a group insurance plan or would you like to update the one you already offer your employees? Advice: plan this change in two steps: an audit phase with your employees, followed by a phase to formulate your objectives.
These two sequences will allow you to ask yourself the right questions. Start by asking yourself about your employees' needs. Take the time to meet with them to make your assessment, especially if your company has several generations of employees. What budget are you able to allocate to the plan? You will also be able to determine the financial requirements for its sustainability. Then you will be able to define your expectations of the plan, there may be many plan options, ranging from healthcare coverage to dental expenses, including wage-loss insurance or life insurance.
Once the situation has been established, all you have to do is explore the most appropriate solution for your company with experts in the field, and then implement it using an operational approach while communicating about it.
Development of your company depends above all on a healthy workforce. By opting for a group insurance plan, you foster a healthy work environment, while retaining your resources and remaining competitive.