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Canadian businesses face many challenges in our current economic climate. Cross-border trade barriers are falling, markets are opening up, and competition is becoming more intense. Successful firms will be the ones that get the most productivity out of each of their resources. Now it is time to re-evaluate each significant business expense in context of an increasingly competitive marketplace.
Employee benefit plans generally add 3-6% to payroll cost. As provincial governments cut back on public Healthcare programs, private insurance plans have been absorbing the cost increases. This trend has the potential to cause significant problems. Clearly, firms will have difficulty improving their competitiveness while struggling to cope with rising benefit costs. Sound planning today can prepare your business to deal effectively with these issues.
Strong benefit programs create satisfied employees, and, satisfied employees mean profitable businesses.
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