| When the pandemic hit two years ago, virtually everyone around the world was impacted in some way, but many of those who struggled the most were owners of small and medium businesses. |
| Running a smaller business comes with its own set of challenges – business owners are continually looking for creative and cost-effective solutions to balance growth and quality, they are hyper-focused on the bottom line, and often struggle from the fatigue that is common to founders. Another key challenge is hiring and retaining good staff. As businesses grow, they look for that sweet spot in their evolution, during which they are able to offer employees a health care plan. Most organizations that were considering implementing benefits plans just before the pandemic hit, were forced to put their plans on hold, as thoughts of expansion and growth were replaced by the struggle to simply survive. Now, things are beginning to turn around, and owners are once again considering the value to their staff and the strategic advantages of a benefits plan. The benefits of benefits Savvy owners understand that this is a demonstrative way to attract and retain talent – a benefits plan can turn an organization into an ‘employer of choice’ – but it’s much more than that. It is a way for the owner to express appreciation for a job well done, maintain healthy morale in the work force and build loyalty. A healthy choice During tough economic times, stress is a heavy factor in people’s lives and can be a major contributor to poor health. Knowing they are backed by a benefits plan removes a lot of stress for employees. It’s a win-win situation because healthy employees are more focused employees. Employers have also reported feeling less stress themselves, knowing they have been able to provide coverage for their most valuable resource, their staff. For an employer – the gift of time For the small business owner, the cost of a benefits package is balanced by freeing up valuable time that would have been spent hiring and training new staff. There are long term advantages as well. Succession and growth When employees feel appreciated, they stay with the company, learn the ropes and become more invested. Employers can begin to identify and groom key employees for expansion or succession. While many employees prefer the appeal of working for a small company, being able to adopt the best practices of larger companies, such as a benefits plan, makes it easier for them to stay with your small company. “One of the questions that business owners ask themselves is, ‘How do I know this is the right time for my business to offer a benefits plan?’ That’s where we come in,” shares Earl Shindruk, President of Optimax Benefits. “The choice is yours – we’ll help you understand which questions to ask aand what your options are.” Often, owners of small businesses have a wealth of experience with their product or service, but less proficiency running the business side of things. Timing and cost of incorporating a benefits package are two considerations, but deciding on the right options and provider can be even more daunting. Should your organization provide a comprehensive plan or would a Health Care Spending Account be a good place to start? You have questions – Optimax Benefits has answers. “We have a lot of experience with this and we understand your challenges. Owners appreciate that we don’t use a cookie cutter or ‘one size fits all’ approach. The coverage and cost of plans are tailored to their business.” Operate nimbly and think globally Operating a small business, and filling in on virtually every aspect of the operation, doesn’t leave much time to research and shop for a competitive benefits package. According to Earl, “This was the inspiration behind Optimax Benefits. We constantly monitor benefits providers across Canada and can recommend the most comprehensive and affordable package for any small or medium business. Even if a company currently has employee benefits, we may be able to find a plan that is a better fit.” Recap – Benefits make sense For the past several decades, employee surveys have continually told business owners and managers that the most common aspects people look for in a career are job satisfaction and feeling valued. A benefits package demonstrates that value. For an employee, a benefits package means less stress which can translate into less illness and less time away from work. A boost in staff morale can result in increased productivity. The workplace feels like more of a ‘team effort’ and encourages staff to become more invested. For an employer, there’s a great deal of satisfaction knowing your team is taken care of, and will go the extra mile to show their appreciation. Your time can be focused on growing the company rather than constantly retraining. If you’re not sure where or how to start, don’t let hesitation hold you back. Reach out to Earl Shindruk and his team at Optimax Benefits – they’ll do the heavy lifting and keep you informed every step of the way. Photo courtesy of Canva Studio on Pexels |
