How To Attract, Maintain & Retain Your Top Employees with Group RRSP & Group Health Plans

Are you a business owner of a small company or HR manager of a large Canadian company looking to retain your employees?

Did you know that Group RRSP (Registered Retirement Savings Plan) & group medical benefit plans are one of the most powerful and effective incentive ways to attract, retain and develop loyalty among current and prospective your employees?

Many HR experts see group plans as equivalent to a raise in employee’s salary. In fact group plan benefits go beyond the extra pay by offering supplementary medical and investment services for their pension. You get increased royalty in your company and receives extra value from the improved physical and emotional health of their employees.

Most employees believe that the standard plans offered by the government are not sufficient. That’s why the group health and group RRSP plans can benefit your employees in the workplace and beyond.

Don’t Let Anxiety of Your Employees About Medical Issues Jeopardize Your company Productivity

Why Canada’s Health System Is Insufficient and how your company can help? As you know Canada’s universal health care system is admired throughout the world for its coverage of all necessary medical procedures without direct charges to the patient. 

However most employees do realize that the system lacks some very basic and necessary services like dental care, vision care, prescription drugs, and medical equipment. 

This can create feelings of uncertainty and anxiety among employees concerned about medical issues and workplace hazards that may arise while on the job. By offering group plans your company can create security to your employees and boost team motivation.

Group Health Plans Fill The Gap of Canada Health System

A group health plan can supplement government health services and ultimately benefits employers from the increased loyalty and productivity of their employees.

Top major benefits of Group Health Plans to employees are:

  1. Increased health coverage of services not covered under universal health care, like dental expenses, physiotherapy, vision care, pharmaceuticals & mental health services
  2. Coverage of medical equipment and appliances such as mobility aids or eyeglasses
  3. Short or long-term disability insurance in the case of accident or illness


Besides the above benefits, group health plans reduces stress among employees and result in a healthier overall workplace environment.

While many employers offer health benefit plans that address medical concerns, they are often also paired with group RRSP plans that address the financial stress that affects the well being of so many people today. 

Group Health plan premiums paid by the company is a deductible expense. Business tax could be reduced.

Group RRSP Plans Benefits The Finances of Both The Company and Their Employees

Many people are aware of RRSPs as an investment vehicle for saving money for retirement, in addition to operating as a tax deferral strategy for the contributed income.

Tax on income being saved under an RRSP is deferred, while it is also invested in a variety of financial instruments. This makes it an attractive option for anyone looking to save money on taxes while watching their retirement savings grow.

Despite the benefits of an RRSP, some people never get started. While there are many reasons for this, one of the most common is the difficulty of finding money to save after all expenses are paid. 

This can cause severe stress and anxiety for many people, making them feel trapped in a cycle of living paycheque-to-paycheque. You, as a business owner, can help your employees by offering group RRSP plans.

Ensure Peace of Mind Of Your Employees with Group RRSP Plans 

Employer-sponsored group RRSP plans offer an excellent solution to this problem.

RRSP contributions are automated through payroll deductions and this ensures that the money is saved. Even the most disciplined people prefer this option because the money is never allowed to enter their line of sight.

This increases the faith in their financial security and further increases your employee loyalty and goodwill, resulting in better work and increased productivity. 

The benefit for the company is that Employee contributions are tax-deductible.

While stock purchases are not possible under group RRSP plans, the employee still has some control over where to invest their money through a choice of simpler investment instruments like GICs (Guaranteed Investment Certificates) and GIAs (Guaranteed Interest Annuities). 

Further, as an incentive to employees, employers can offer an optional supplementary benefit by matching their contributions.

When it comes to saving for retirement, Group RRSPs are ideal for new investors by making the process easier and more straightforward. They offer peace of mind and a feeling of security for anyone concerned about saving for retirement.

When it comes to attracting, maintaining and retaining talent, Both Group health & RRSP plans are unmatched

As an HR manager or CEO of the company, the bottom line for your business is the quality of work produced by employees. This greatly depends on their physical, mental & emotional health.

Creating group health give a way to significantly help your employees overcome these challenges so they can focus on their work. This will help relieve any anxiety among employees concerned about their long-term health.

By offering group health plans with extended health care such as dental, vision & disability benefits you are showing that you deeply care about your employees. Your company reputation will increase and allows you to attract talent easier than those who don’t offer group health plans.

Increase the Financial stress or instability of your employees by offering group RRSP. These help employees save money while offering basic investment options that help them grow their pensions over time. 

The benefits of these group plans are much better than a salary increase, which is why top talent is always attracted to group RRSP and health benefit packages.

How to Select the Right Group Health Plan or Group RRSP Plan?

Retaining top people is vital to the growth of any business. Contact our advisors today and we can show you how to maximize investment in your employees and ensure the success of your business.

We are independent advisors to help you choose the best group plan. We work with the following group plan providers: Equitable Life, Ivari, IA Financial group, La Capital and many more.

Save time and hustle comparing all these different plans. We will help you select the best group plan for free.

Leverage the power of group RRSP and health benefit plans to maintain a healthier and more productive workforce for your Company

Get a FREE Consultation from an Independent, Unbiased Advisor NOW!