Recruit Talent With Benefits Packages
Employee benefits can give Abbotsford organisations an advantage in recruiting and retaining qualified employees. According to the 2021 census, the largest city in the Fraser Valley Regional District has a population of more than 150,000, of which approximately 64.2 per cent participate in the labour force. A HUB International insurance broker can identify ways for employers in the agriculture, transportation, manufacturing, retail and other sectors to attract top candidates by offering employee benefits in Abbotsford.
The Leading Employee Benefits in Abbotsford
Over the next 30 years, the number of seniors in the Fraser Valley is likely to grow to account for over 20 per cent of the total population. From employer-sponsored pensions to promoting participation in Registered Retirement Savings Plans, retirement is one of the most important benefits for workers in Abbotsford. Several other types of benefits can also make an employer more competitive in a region where the average household income is $34,800 after tax:
- Paramedical Benefits: Provincial Medical Insurance excludes dental and vision care as well as prescription drug coverage. HUB brokers can recommend policies to fill in these coverage gaps.
- Voluntary Benefits: Workplaces that offer custom coverage can be more competitive when it comes to hiring. These policies can offset care expenses or provide selective coverage for financial security or personal wellness.
Manage Workplace Benefits in British Columbia
A HUB International broker can help employers develop and manage programmes for employee benefits in Abbotsford. Organisations that plan ahead and take a structured approach to providing benefits are more likely to be able to hire and retain skilled workers. Here are several solutions that a broker can offer to the human resources departments of Abbotsford employers:
- Benefits Administration: HUB brokers can recommend infrastructure or integration solutions for employers to administer benefits. The right human resource information systems or management systems can facilitate enrollment.
- Communication Solutions: Notifying employees about enrollment period deadlines and changes in policies is necessary for uptake and engagement. Communication systems can also inform employees about benefits offerings.
- Compliance Requirements: Employers in Abbotsford need to comply with provincial and national coverage requirements. Insurance brokers can recommend systems and tools to support compliance.
- Policy Planning: HUB brokers offer strategic benefits planning that covers a three- to five-year window. Analytics and resources for evaluating policies enable employers to choose the most cost-effective coverage.
- Profit Sharing: An employee profit-sharing plan makes it possible for employers to share profits with employees. With an EPSP, a trustee holds and invests payments on behalf of the beneficiaries.
- Workers' Compensation: The Workers' Compensation Board of British Columbia, which operates as WorkSafeBC, mandates that employers provide coverage for injuries suffered on the job. The cost of this coverage depends on the credit history, experience and size of an employer based in Abbotsford.
A HUB broker can offer guidance on mandatory workers' compensation policies and recommend options for additional coverage to make a workplace more competitive. Human resources professionals can work with a broker to find cost-effective ways to fill in coverage gaps and promote employee participation in and satisfaction with benefits packages.