Risk Mitigation Through Employee Insurance: RBC Analysis - Essay Sample

Introduction

Notably, based on the RBC company analysis and findings, the types of insurances I would recommend mitigating the personal risk are employee health and dental insurance, EI/CPP. Employee Compensation and benefits and Key individual's life insurance. Specifically, employee insurance is one of the most competitive elements a company can offer to attract future and prospective employees to join the company. Normally, there are fundamental employee insurance packages that are mandated by the government. However, for a company such as RBC to remain competitive, it must go beyond its extremes to attract credible employees. In this case, the RBC Company should offer great Employee insurance (health and dental insurance, employee compensation, and Key person's life insurance). By providing such services, the company will have addressed the personal risk and considered as a great employer for treating its employees as an asset in the company.

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In most cases, when employees are taking a specific job offer, employee insurance and compensation benefits are the first things they put into consideration. Specifically, employee insurance plans offered by a company are one of the primary issues that can make or destroy any decision to take a particular employment opportunity in a company. On the other hand, approximately 80 percent of employees have quoted a competitive compensation benefit plan as a significant influencer in taking or retaining a certain employment opportunity. Additionally, it not only acted as a major influencer in decision making regarding employment but also 85 percent of employees believe that they would retain employment with more benefits instead of taking one that provided more payments and no benefits (Clark, 2018, p. 32). As such, it is clear that most employees prefer the compensation benefits offered by their employers more than the set monthly income.

Certainly, this shows that providing compensation benefits such as Employee insurance, for example, health and dental, EI/CPP, and personal life insurance, make the place of work at ease. Based on the study findings, it is explicitly clear that one of the personal risks that the RBC Company faces is attributed to harmful substances and unsafe working conditions. In this case, therefore, providing numerous benefits to their employees, such as life insurance, health, and dental insurance, as well as personal life insurance, would serve a great deal to their employees. Undeniably, there are numerous advantages associated with these compensation benefits. For instance, employee insurance and personal life insurance are some of the common kinds of compensation benefits that employees ensure that employers provide to them when seeking employment.

Most importantly, I feel the RBC Company should utilize the aforementioned insurance program to prevent any personal risks. Employee insurance programs provide health coverage for the employees and their families, be it life insurance or short-time insurance policies. Considering that the Canadian banking sector is highly competitive, I believe by offering competitive employee benefits, such as employee insurance, will facilitate the RBC Company to attain a competitive edge. Additionally, by providing such benefits, it will help the company minimize any personal risk that can cause any negative reputation within the industry as well as hinder the company's future success. Implementing effective employee insurance programs will not only attract more prospective employees but also it will minimize the likelihood of personal related risks in the future.

References

Clark, C. (2018). Risk Management and Insurance in Canada.