The Responsibility of Benefits Administrators (aka The Workplace Superheroes)
“With great power comes great responsibility”.
We’re all familiar with this iconic phrase thanks to wise Uncle Ben from Marvel’s Spiderman movies. But have you ever considered how the phrase relates to you as a Benefits Administrator?
You may not think you have much in common with a super-powered teen who swings from skyscrapers. But just like Spidey, you hold a powerful tool: employee benefits!
You ensure your business has a system that looks out for employee well-being and adds to the company’s financial health.
Here’s how you heroically help your staff and your company:
- • You help keep your employees healthy
Health and Dental coverage is more than just a checkbox on a benefits form.
When employees have readily available healthcare resources, they are more likely to address health concerns promptly, engage in preventive care, and sustain overall well-being.
And because a healthy workforce is more engaged and productive, you are helping contribute positively to the company’s overall success and resilience.
By offering these benefits, you’re helping to create a positive work environment, enhance employee satisfaction, and mitigate absenteeism resulting from health-related issues. - • You help mitigate employee financial stress
According to the 2023 Financial Stress Index findings, money remains the top stressor for Canadians, with rising inflation, high gas prices and grocery prices contributing to financial stress.
The link between financial stress and employee wellness cannot be understated. Employees grappling with financial stress are twice as likely to report poor overall health and four times as likely to suffer from sleep problems, headaches, and various other illnesses.
Furthermore, financial stress can escalate to serious health issues such as heart disease, high blood pressure, and mental health conditions like depression and anxiety.
By offering group health insurance, you are aiding long-term financial stability by minimizing the impact of unexpected medical costs, and helping to mitigate financial stress. - • You help with retirement planning:
By offering comprehensive coverage in your employee benefits, you are empowering your employees to take control of their finances, and giving them the opportunity to channel more of their earnings into retirement savings.
By incorporating a Registered Retirement Savings Plan (RRSP), Deferred Profit Sharing Plan (DPSP), or Registered Pension Plan (RPP) into your business’s benefit offerings, you are proactively enhancing the financial well-being of your staff.
Essentially, you have the power
to make your company a great place to work!
With this awesome power comes responsibility. As benefits administrators, you are responsible for ensuring your employees are getting what they need from a benefits plan. It’s also your job to help your employees understand their benefits and how to claim them.
It’s a weighty responsibility. But don’t fret. Our team is here to help. We can customize a Group Benefits plan and a communications plan for your business; guaranteeing both your team and your business are set up for success.
Reach out. We’d be happy to chat!
