Taivi Tayler, Tayler Insurance & Estate Planning
Phil, who has spent more than a decade building his plumbing business has 10 employees and a solid reputation. He has just landed his largest contract, a new commercial development in his community.
It should be a time to celebrate.
Unfortunately, the one thing that Phil didn’t expect, is Dave resigning. Dave, who is Phil’s right hand, who has been with him from the beginning, is joining a competitor—and taking another senior employee, Jeff, with him.
The competitor offers the same wages and vacation. Why leave?
The answer is group benefits.
A promise that never became a plan
Dave is married with young children. His children need braces, and he needs prescription safety glasses for work. His wife injured herself playing pickleball over the summer and needs physiotherapy.
These expenses are putting pressure on the family budget.
Phil has promised for years to investigate group benefits. Dave has grown tired of waiting. The competitor has a plan in place, which gives Dave a concrete reason to move.
Jeff faces a similar decision. He has an ongoing back problem but has postponed treatment because money is tight. With two children in post-secondary education, therapy keeps slipping down his priority list.
For both employees, benefits represent help with expenses they are already struggling to manage.
The cost of waiting
Phil now needs to replace two experienced tradespeople while preparing for his biggest project.
Recruitment takes time. New employees need orientation. The remaining crew may face additional pressure with the big contract looming.
What would losing two key employees cost your business?
A suitable group plan could have helped address Dave’s and Jeff’s concerns before they became reasons to resign.
Family physiotherapy coverage could have helped Dave’s wife access treatment. Vision coverage might have contributed toward his prescription eyewear, subject to eligibility. Dental coverage that specifically includes orthodontics could have helped with his children’s braces. Orthodontics is not included in every dental plan, and coverage limits matter.
For Jeff, eligible therapy coverage could have reduced the financial barrier to seeking care for his back.
Benefits would not guarantee that either employee stayed. But a plan addressing their needs could have removed the advantage that prompted them to go.
Support a healthier crew
Tradespeople depend on their physical abilities to earn a living.
Your next contract and business success depends on your team. Make your employees well-being part of your growth strategy.
Contact Taivi Tayler, RRC®, CLU®, MFA-P™, CERTIFIED FINANCIAL PLANNER®, at Tayler Insurance & Estate Planning to explore group benefits, as well as critical illness and disability coverage for your construction team. Visit taylerinsurance.com.
