While reading through the November/December issue of Contractor’s Magazine, I saw an advertisement for the worker’s safety and insurance board stating that they have caught over 16,000 unregistered business owners since 2005. This is an alarming number from both the employer and employee standpoint. As the responsible employer that you are, you know that it is your employees that are the backbone of the business – they keep it running! Worker’s compensation gives them coverage while they are working for you – a long term care plan is not a substitution, rather it is a compliment to the plan Let’s face it – the cost of doing business can be very expensive. It gets more expensive when you start to add employees because you have to train them and retain them. I will coin a phrase at this moment: “Train and Retain”.
This should be your mantra. If you put the time and the efforts into training a person, you need to see the return on your investment – high turnover is no good for business.
Train & Retain: You have trained someone with potential – they are going places – reward them! WSIB is required of almost every business (contact WSIB & find out if your employees qualify). Group Health/Dental benefits are one of the easiest ways to reward your employees (and you don’t have to pay for the full amount – they usually contribute gladly!)
Train & Retain: This person has become valuable to you – what happens if they get hurt? Key Person Insurance (in any of its forms from Disability Insurance to Critical illness Insurance). Coverage for them and yourself – give yourself the money to hire and retain in case of total or partial loss of this individual from your workforce.
Train & Retain: Long term planning should always be in the back of your mind – is it so hard to think that this person won’t stay with your company? Group RRSP is a great way to show those valuable employees that you have long term plans in mind by helping them achieve theirs!