Over the years the employment market has changed. Years ago, many employees spent their entire working career with one employer. The competitive nature of business today has sent some great companies offshore and left cities scrambling for employment and families shaken because of lost jobs. Canada’s employment landscape adapted, and we’ve seen a surge of companies rising from entrepreneurial drive and the need to provide family income.
One thing has not changed and that is the fact that good companies require good employees and good employees need to earn a good income to support their families. Not everyone has the ability to start and manage a business. Good jobs are hard to find and at the same time it is difficult for companies to attract good long-term employees.
As an Employee Benefits consultant I’ve worked with many business owners, CFO’s and HR professionals and a common thread is prevalent – successful employers value dependable employees and dependable employees need “Good Corporate Parents”.
With the rising cost of Health Care in Canada employee benefits are a significant tool for attracting and maintaining quality employees. Through my endeavors in Southwestern Ontario my clients have expressed the frustration of employee turnover. The expense of training new employees is very problematic. Companies say that dependable long-term employees are the key to business success and Employee Benefits are part of the formula to attract and maintain the talent that they need to thrive in todays business culture.
So; what makes a good benefit plan? Should your benefit plan include Dental, Vision, Prescription Drugs, Health Practitioners, Life Insurance, Long-term Disability, Critical Illness, Retirement Savings? Will you include a “Health Care Spending Account”? Will the company pay 100% of the premium or will the employees share that cost? Do long-term employees get stronger benefits? Do the executives and management get stronger benefits? Will your plan be “Fully Insured” or do you manage the funding on an “ASO” platform (Administrative Services Only (ASO) is an arrangement by which an organization funds its own employee benefit plan, such as a health plan, but hires an outside firm to perform specific administrative services)?
These are only some of the questions that I help my clients with when designing a successful benefit plan.
Feel free to call me if you need help with your plan at (519) 240-1290