Trusted Saskatoon Financial Advisors at Wiegers Financial & Benefits Explore the Benefits of Becoming an Employer of Choice

20. Mar 2025 Trusted Tips Saskatoon Insurance, Trusted Tips

Wiegers Financial & Benefits is one of the largest private financial planning and employee benefits consulting firms in Saskatchewan. Its Saskatoon Financial Planning Division provides business owners, households, retirees, and students with expert investment and insurance planning services to help them reach their long-term financial goals. They also have a Benefits and Personal Insurance planning, division. In this latest Wiegers Group Benefits expert tip, they explain how becoming an Employer of Choice allows for a stronger financial future. Wiegers Financial & Benefits are Trusted Saskatoon Insurance and Group Benefits experts.

Becoming an Employer of Choice for a Stronger Financial Future

Wiegers Financial & Benefits stands out as a leading financial planning and employee benefits consulting firm in Saskatchewan. Our Financial Planning Division is committed to providing business owners, individuals, and families with expert investment and insurance strategies to help them achieve their long-term financial goals. Meanwhile, our Group Benefits and Retirement Division is dedicated to meeting the diverse needs of our clients. In this article, we explore how you can position your company as an employer of choice.

How Does a Healthier Bottom Line Benefit Your Business?

A strong bottom line signals financial success, but how do you reach that point? A key factor is fostering a workforce that is both satisfied and healthy. Offering a comprehensive benefits package that includes wellness initiatives can significantly enhance employee morale and efficiency.

The phrase "the great resignation" has come to represent the ongoing challenge of attracting and keeping top talent. This issue affects small businesses just as much—if not more—than their larger counterparts. While group benefits and perks have traditionally played a role in employee retention, they no longer provide the same competitive advantage as they once did.

Today’s workforce is seeking more flexible benefits and additional support for their financial well-being. So how can businesses attract and retain employees while also managing costs effectively? Structuring benefits plans to encourage cost-effective choices is one strategy. Additionally, investing in mental health resources can provide critical support for employees grappling with the lingering effects of the ‘shadow’ pandemic, which has resulted in heightened stress and uncertainty. Mental health concerns, long a factor in short-term disability claims, have now become the leading cause of long-term disability claims. Particularly concerning is the 49% rise in long-term mental health claims among employees aged 18 to 35 since 2019.

Insurance providers recognize these trends and have begun offering virtual mental health programs, some as part of standard coverage and others as optional add-ons. The key lies in early intervention to prevent employees from reaching the point of disability or incurring significant expenses on treatments and medications. Tools like Ergoworks, offered by Bridges Health, can play a crucial role in minimizing both the number of employees on disability leave and the duration of their absence.

The Value of Employee Benefits

Providing a well-structured group benefits plan is one of the most effective ways to support your employees both now and in the future. Interested in learning more? In this VLOG, Benefits Advisor Matthew Hill and Group Retirement Associate Danielle Roberge discuss how businesses can enhance their benefits offerings to stay competitive.

Wiegers’ Benefits Consulting Division includes many consultants and support staff who custom-design the most employee-valued and cost-effective group benefit, personal insurance, employee assistance programs, and retirement plans available. Contact them today for a no-obligation consultation to determine how they can help you.

Wiegers Financial & Benefits are Trusted Saskatoon Insurance and Group Benefits Advisors

Trusted Saskatoon Group Benefits Advisors at Wiegers Financial & Benefits Explain The Impact of Employer Matching

20. Mar 2025 Trusted Tips Saskatoon Financial Services, Trusted Tips

Wiegers Financial & Benefits is one of the largest private financial planning and employee benefits consulting firms in Saskatchewan. Its Saskatoon Financial Planning Division provides business owners, households, retirees, and students with expert investment and insurance planning services to help them reach their long-term financial goals. They also have a Benefits and Personal Insurance planning, division. In this latest Wiegers Group Benefits expert tip, they explain how to maximize group retirement plans and the impact of employer matching. Wiegers Financial & Benefits are Trusted Saskatoon Insurance and Group Benefits experts.

Maximizing Group Retirement Plans: The Impact of Employer Matching

At Wiegers Financial & Benefits, one of Saskatchewan’s leading financial planning and group benefits firms, we understand the challenges of attracting and retaining top talent. In today’s competitive job market, businesses need to stand out. More than ever, employees seek workplaces that prioritize their well-being. A strategically designed Group Retirement Savings Plan (GRSP) with employer matching can be a game-changing tool in your compensation strategy, helping to position your company as an employer of choice. Let’s explore how employer matching enhances retirement savings and benefits both employees and employers.

Understanding Employer Matching in Group Retirement Plans

Employer matching is a straightforward yet highly effective feature in group retirement savings plans. It involves the employer contributing funds to match a portion of an employee’s retirement contributions. Some companies match dollar-for-dollar, while others contribute a percentage, such as 50% of the employee’s contributions.

This shared investment fosters a partnership between employer and employee, reinforcing a commitment to financial security. But what makes employer matching such a crucial benefit? Let’s take a closer look.

Why Employer Matching Benefits Employees

1. Faster Retirement Growth
With employer contributions supplementing their savings, employees can build their retirement funds more quickly. The combination of matching funds and compound interest can result in significantly larger retirement savings over time.

2. Encouraging More Participation
Many employees hesitate to contribute to a retirement plan due to immediate financial priorities. Knowing that employer contributions are available can motivate employees to participate and contribute consistently, ensuring they don’t miss out on additional funds.

3. Greater Financial Stability
Financial concerns are a leading cause of workplace stress. Employer-matched savings plans help employees feel more secure about their future, reducing anxiety and improving overall productivity.

The Employer Advantage: Why Offering Matching Makes Sense

1. Attracting and Retaining Talent
A strong benefits package—including employer-matched retirement contributions—makes a company more attractive to job seekers. Prospective employees look beyond salary when evaluating offers, and a robust retirement plan signals long-term support and investment in their future.

2. Increasing Employee Loyalty
Employees are more likely to stay with a company that supports their financial well-being. Implementing a vesting schedule ensures that employer contributions become fully owned by employees over time, providing an incentive for long-term commitment.

3. Tax Benefits for Employers
Employer contributions to retirement plans are tax-deductible, offering financial advantages to businesses. Additionally, employees benefit from reduced taxable income, creating a mutually beneficial arrangement.

4. Boosting Employee Engagement
A workplace that invests in its employees fosters higher levels of engagement and satisfaction. When workers feel valued, they are more likely to be motivated, productive, and committed to their roles.

Addressing Common Concerns About Employer Matching

“What if our budget doesn’t allow for high matching contributions?”
Even a modest employer match can have a meaningful impact. Many businesses find that the long-term advantages, such as lower turnover and increased productivity, outweigh the costs.

“How do we ensure employees take advantage of the plan?”
Educating employees about the benefits of employer matching is key. Clear communication and financial literacy programs help employees understand the value of participation.

“How can we ensure fairness in our contributions?”
Setting clear and consistent matching rules across all eligible employees helps maintain fairness. Offering flexible options, such as different contribution levels, allows for inclusivity while ensuring equity.

Best Practices for Implementing an Employer Matching Plan

Establish Clear Limits: Define the percentage or dollar amount your company is willing to match to maintain financial control.
Implement a Vesting Schedule: This strategy encourages employees to stay with the organization longer by gradually increasing their ownership of employer contributions.
Educate Employees: Use multiple communication methods to explain the value of employer matching and encourage participation.
Consult a Group Benefits Expert: Work with a trusted financial consultant to develop a plan that aligns with your company’s budget and goals.
Regularly Review and Adjust the Plan: Ensure the plan continues to meet the evolving needs of your workforce and business.

The Real-World Impact of Employer Matching

Consider this example: Emily, a 35-year-old employee earning $60,000 annually, contributes 5% of her salary to her retirement plan. Her employer matches 50% of her contributions, adding $1,500 annually to her savings. With a 6% average annual return, Emily’s retirement fund could grow to over $250,000 by the time she retires—just from her employer’s contributions alone. This example highlights how even a modest employer match can significantly boost long-term savings.

Final Thoughts

Employer matching isn’t merely a business expense; it’s a long-term investment in your workforce and company culture. By implementing a well-structured matching program, you not only enhance your employees’ financial well-being but also create a more engaged and loyal team.

If you’re considering adding or improving an employer matching program, I can help. Let’s work together to design a plan that supports both your employees and business objectives. Reach out today to explore your options and start building a more secure financial future for your team—one contribution at a time.

The Advisor and Manulife Wealth Inc. and/or Manulife Wealth Insurance Services Inc. (“Manulife Wealth”) do not guarantee the accuracy of information from third-party sources and assume no responsibility for inaccuracies in linked content. The views expressed do not necessarily reflect those of Manulife Wealth. Information is subject to change without notice.

Wiegers Financial & Benefits are Trusted Saskatoon Insurance and Group Benefits Advisors

Aurora Workplace Solutions Explain How To Protect Your Business From Workplace Accidents

5. Dec 2023 Admin Saskatoon Insurance, Trusted Tips

Aurora Workplace Solutions are about creating brilliant futures by developing wealth security for businesses and individuals. As experts in the industry, they keep on top of recent news including changes to relevant group benefit plans, retirement savings options, and guidelines and policies. They also keep their eyes open for informative articles we think are of interest to our current and potential clients. Aurora Workplace Solutions are Trusted Saskatoon Group Benefits and Insurance Professionals!

WILL AN ACCIDENT LEAVE YOUR BUSINESS DISABLED?

What if you had an accident and couldn’t work for a while?

Your disability insurance would provide income instead of your salary until you were on your feet again, but what about those business bills? Unfortunately, none of us can predict a sudden illness or injury. It’s wise to consider how your absence would impact your business and ensure you’re prepared for unforeseen circumstances.

There is an answer!

Protect your business with Business Overhead Benefits from a Chambers of Commerce Group Insurance Plan®. Designed for self-employed business owners who generate all of their firm’s sales and revenues and are involved in the business's day-to-day operations, BOE covers your business’ fixed expenses if you’re away for an extended period due to disability. BOE must be purchased in conjunction with Long Term Disability benefits.

Available in blocks of $100, coverage is available from $500 to $2,000 monthly. The benefit will pay eligible business expenses after a 30-day waiting period for up to 18 months while you are disabled. Eligible business expenses are the actual, usual and customary expenses incurred by you, the owner, in the operation of your business. For partnerships, your assumed portion of such expenses is covered.

Eligible business expenses include:

Rent, electricity, telephone
Business taxes and licenses
Property taxes for the place of business
Leasing and amortization costs of equipment, including automobiles
Interest, including the interest portion of mortgage payments, unpaid bills or lines of credit
Amortization or periodic repayment of capital, including mortgages

In Addition:

Salaries of personnel who do not generate income and whose services are essential during your disability
Professional services of an outside accountant
Professional dues and professional liability insurance
Office cleaning
Postage and office supplies

You can purchase Business Overhead Expense coverage in conjunction with Chambers Plan Long-Term Disability benefits. Together, they provide the coverage business owners need at an affordable price.

With quick claim payments, rate stability, and guaranteed renewable coverage, the Chambers Plan makes it easy for you to invest in your employees' health and well-being. 3,000 small businesses like yours join the Plan every year.

Aurora Workplace Solutions designs and creates custom group benefits plans that meet custom organization goals. Read more about their Group Benefits Plans or contact them today to get started!

'Creating Brilliant Futures'

Aurora Workplace Solutions are Trusted Saskatoon Group Benefits and Insurance Professionals!

Saskatoon Group Benefits pros at Wiegers Explain How Group Benefits Helps Employees and Their Families

9. Sep 2023 Admin Saskatoon Insurance, Trusted Tips

Wiegers Financial & Benefits is one of the largest private financial planning and employee benefits consulting firms in Saskatchewan.. They have a Saskatoon Benefits and Personal Insurance planning, division. In this latest Wiegers Group Benefits expert tip, they explain how the group benefits plan you provide employees helps look after their loved ones too. Wiegers Financial & Benefits are Trusted Saskatoon Insurance and Group Benefits experts.

HOW THE GROUP BENEFITS PLAN YOU PROVIDE YOUR EMPLOYEES HELPS LOOK AFTER THEIR LOVED ONES TOO

When most people think about what it takes to help protect their loved ones’ financial security, they tend to think about life insurance – and it makes sense. Owning insurance that pays out a lump sum benefit to your beneficiaries in the event of your untimely death is the most effective way to ensure that even when you’re no longer here to contribute to them financially, they’ll be looked after. When an individual wants or needs to purchase life insurance, he or she typically contacts a financial advisor or insurance representative who then conducts a needs analysis to determine the individual’s life insurance needs, applies to one or more insurance companies for it, and then if the individual’s insurance application is approved (including potentially a medical questionnaire and tests), begins paying insurance premiums to keep it in-force.

What a lot of people don’t realize is that as important as it is to purchase sufficient life insurance to protect their loved ones’ financial security after their gone, the group benefits plan you provide your employees likely includes a number of benefits that are also important in helping. Your company’s benefits plan, for example, likely includes a life insurance benefit that amounts to a flat amount or a multiple of each employee’s gross annual income, and that is partly or entirely guaranteed regardless of the employee’s health. This can amount to a relatively significant benefit, though for most people, it is not enough on its own to adequately look after their loved ones financially. A qualified advisor will want to include a person’s group life insurance benefit in a thorough analysis of how much insurance he or she has, and how much is still needed.

But beyond the life insurance you likely provide in your company’s group benefits plan are other benefits that directly or indirectly help care for your employees’ loved ones. Most plans, for example, include short and long-term disability insurance for employees that pay out a benefit each week (in the case of short term disability) or each month (in the case of long term disability) when an employee becomes disabled and is unable to work for an income. This is as beneficial for your employees as it is for their families, given that most families cannot sustain the loss of an income for even a short period of time. When you consider that group disability insurance – unlike Workers’ Compensation Insurance – covers disabilities sustained both on and off the job, the financial security it affords your employees and their families becomes even more apparent.

Most group benefit plans include more than just insurance, though, that benefits the employees’ families. Plans that include Health, Prescription Drug and/or Dental benefits, for example, almost always include coverage (or the option for coverage) for each employee’s dependent spouse and/or children. And in cases when an employee dies when he or she still has coverage under a group benefits plan, there is usually a survivor benefit that continues to afford the employee’s dependents with coverage for one or two years following the death with no insurance premiums required.

In order to really stand out as an employer who cares, you have options to take your benefits plan beyond what’s become standard and, in the process, help improve your competitive position in the war on talent. As just one example, you can supplement your company’s benefits plan with a Health Spending Account and/or Personal Spending Account as a means to providing your employees and their families with the flexibility to choose how to spend wellness dollars. You can add an Employee and Family Assistance Plan (EAFP) to provide a number of important services, including but not limited to counselling. You can add Critical Illness Insurance coverage to your plan – either as a mandatory or voluntary benefit – that provides a lump sum financial benefit to an insured person diagnosed with a covered critical illness. There are other benefit options too that your group benefits advisor should recommend or at least advise you about so you can make the most informed and impactful decision for your own team.

Really, then, by helping to take care of your employees with a group benefits plan, you’re helping take care of their families too. At a time when employees are in the position to choose who they want to work for, and when working for an employer who actively demonstrates care and concern for his or her employees is non-negotiable, it’s important that you make clear what you do for your team. To learn more, please speak with your benefits advisor.

Amanda Getzlaf
Benefits Account Manager, Wiegers Financial and Insurance Planning Services Ltd.

Wiegers Financial & Benefits are Trusted Saskatoon Insurance and Group Benefits Advisors

Trusted Saskatoon Group Benefits Advisors at Wiegers Financial & Benefits Explain The EI Premium Reduction Program

3. Sep 2023 Admin Saskatoon Insurance, Trusted Tips

Wiegers Financial & Benefits is one of Saskatchewan's largest private financial planning and employee benefits consulting firms. In this latest Wiegers Group Benefits expert tip, they explain how the EI Premium Reduction Program benefits employers and employees with group short-term disability insurance. Wiegers Financial & Benefits is a Trusted Saskatoon Insurance and Group Benefits expert.

EI PREMIUM REDUCTION PROGRAM BENEFITS

WHAT IS THE EI PREMIUM REDUCTION PROGRAM?

The Employment Insurance (EI) Premium Reduction Program is a government incentive that allows employers to pay EI premiums at a reduced rate if their employees are covered by group Short-Term Disability insurance. The Program intends to reduce the EI premiums of both the employer and the employees (though, for administrative reasons, legislation reduces only the employer’s premiums). Consequently, the Program requires that the employer return a portion of the savings to all the employees for whom the reduced rate applies. Some of the more popular means of doing this include providing employees with a cash rebate (taxable income), paying for new or enhanced employee benefits, or hosting a staff party – each of which typically has a direct and positive impact on employee morale. Only written mutual agreements that identify how the employees will benefit from the reduction will be accepted.

Your company qualifies for the EI premium reduction if it:

Provides at least 15 weeks of benefits for Short Term Disability
Matches or exceeds the level of benefits provided under EI
Pays benefits to employees within eight days of illness or injury (the elimination period cannot exceed 7 consecutive days)
Is accessible to employees within three months of hiring
Covers employees on a 24-hour-a-day basis

HOW MUCH CAN YOUR COMPANY SAVE?

Maximum insurable earnings in 2021 are $56,300. An employee who earns this much (or more) will pay EI premiums of $889.54 (calculated at 1.58%). For this calculation, we have used a reduced employer multiplier of 1.166. Note that reduced rates change annually on January 1st and are prorated throughout the year. If you apply effective January 1st, your rate will be slightly lower than if you apply at a later month in the year.

Employer regular premium = $889.54 x 1.4 = $1,245.36

Employer reduced premium = $889.54 x 1.166 = $1,037.20

Amount of total premium reduction = A – B = $208.16

Employee’s portion of reduction = C x 5/12 = $ 86.73

Employer’s portion of reduction = C x 7/12 = $121.43

Assuming the above numbers, an employer can save as much as $121.43 annually in EI premiums per employee and can return $86.73 in some form to the employee and/or his or her colleagues. The financial incentives for utilizing the program are clear.

WHAT MUST I DO TO PARTICIPATE IN THE PROGRAM?

To participate in the Program, you must register by submitting an initial application form, which is available on Service Canada’s website at www.servicecanada.gc.ca. If you already participate in the Program, you needn’t reapply; your entitlement will continue until you change or cancel your approved plan.

Debra L. Wiegers, GBA, CLU, Ch.F.C.
Managing Principal, Benefits Division

Wiegers’ Benefits Consulting Division includes many consultants and support staff who custom-design the most employee-valued and cost-effective group benefits, personal insurance, employee assistance programs, and retirement plans available. Contact them today for a no-obligation consultation to determine how they can help you.

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Trusted Saskatoon Financial Advisors at Wiegers Financial & Benefits Explore the Benefits of Becoming an Employer of Choice

Becoming an Employer of Choice for a Stronger Financial Future