Red Portfolio Home > Owning A Business > Taking Care Of Employees
They help take care of business.
Make sure you take care of them.
Any business is only as good as the people who work for it. And now that you work for yourself, think back on the kinds of incentives you liked and didn’t like from your former employers. It’s the perfect way to create an incentive package your own employees will appreciate.
Fast Fact! There are more than 821,000 women entrepreneurs in Canada, who annually contribute in excess of $18 billion to Canada’s economy.¹
Protect them for life.
It’s easy to see how Group Life Insurance can benefit your employees, but offering a plan can also be advantageous to you, the employer. The premiums are generally tax-deductible on a federal basis and it can contribute to an employee’s satisfaction and job security - which can save you money in hiring and training costs. And if you think you need to be the size of a Fortune 500 company, think again. Although some provinces require a minimum of ten employees, in most cases an Employee Savings Plan (ESP) can be established with as little as one or more employees.
A little extra incentive.
Turnover is an employer’s worst nightmare. Not only is it time-consuming to find qualified employees, it costs money to train them. The most effective way to keep quality employees is to make them feel like they are a valued member of the team. One way to do this is to offer a solid incentive plan. Plans such as a pension plan, an Employee Savings Plan, or an RRSP to see which one might be right for you.