The Increasing Importance of Employee Benefits in Prince George
Prince George, British Columbia, is a growing city with a population of around 74,000. The air quality is excellent and the area is popular with those who prefer a rural setting and a smaller city. The median age in the city is 38.8, meaning the population is overall younger than the average for the province. Healthcare and post-secondary education are a big draw for many, with the area's only teaching hospital located in Prince George. These demographics highlight the importance of focusing on employee benefits in Prince George.
With all the advantages of living in Prince George, businesses have a built-in recruiting tool. However, these attractive living conditions come with a cost. Prince George is ranked in the top 25% of the most expensive cities in the world, with an average living cost of $1,650. The median after-tax salary in Prince George is $2,927, which is sufficient to cover 1.8 months' worth of living expenses, but not enough for many extras or savings.
Whether your business is manufacturing (the leading industry in Prince George) or one of the other growing sectors in the area, to remain competitive in recruiting you must provide attractive total compensation packages, including competitive pay and benefits.
Why Hire a Broker for Employee Benefits in Prince George
Employee morale is a critical component for maintaining a competitive position in retaining existing workers and recruiting potential employees. We can assist your HR department in the administration of an attractive package of employee benefits in Prince George that will help attract new talent while satisfying your current workforce. The advantages of using a professional benefits broker include:
- Attractive benefits package creation
- Business contract negotiation
- Education and communication on benefits and compliance
- Regulation compliance
- Relationships with top insurance companies
Advantages of an Employee Benefits Broker
Your organisation's specific needs will provide a roadmap to the optimal approach and structure of employee benefits, with special emphasis given to employee demographics, corporate culture and financial requirements. Our consultants can guide you to a variety of products and services with positive results in the following three areas.
1. Personalisation
You can address the staffing shortage in your industry by crafting a sustainable employee benefits plan that meets the needs and preferences of your potential workforce. We will consider the demographics of your area and the qualities of your specific business to create a competitive package to attract the most qualified drivers and employees to your company.
2. Engagement
Engaging your current employees is critical at a time when it is so difficult to find new hires. We can help with a comprehensive communication plan to engage employees during all phases of their work life cycle. Here are some ways we can assist:
- Communications: Benefit enrollment, change management, wellness
- Branding: Human resources, benefits, wellness
- Benefits open enrollment
- Total compensation statements
3. Cost Management
Retention and recruiting processes rely on attractive employee compensation packages, but the expenses of those can easily become prohibitive. Our brokers are experts on employee benefits in Prince George and can help with managing costs by locating cash drains and creating a benefits plan that meets your financial requirements. Our assistance can make a positive difference in multiple areas:
- Workforce absence management
- Strategic benefits planning
- HR technology and benefits administration
- Healthcare cost and pharmacy benefits management
- Benefits compliance