Culture
Consider how benefits must align with overall business schematic. A successful package forms part of the overall compensation strategy for attracting and more importantly, retaining top talent. It is a fact that a benefit plan also works to re-enforce the culture of the organization.
People are the core of every organization, no matter who that organization is or what they do. And while no two companies are alike, at the end of the day, successful corporations ensure their people are treated and respected.
It’s true, some employees may operate well in a stressful and pressure environment to perform, but this is typically true only for a short term and can have a long term hidden price tag many corporations are not prepared to pay, including, but not limited to:
- Higher health care expenditures than more balanced, engaged workplaces
- Lost work days, absentee, and presenteeism, disengagement
- Significant employee turnover and lack of loyalty
- Lower productivity, reduced profitability, decline share value
- Workplace accidents and disability claims
- Mental health issues
A well-design benefit plan will support health culture and employee promotion through:
- Attracting and retaining top talent
- Being competitive in YOUR industry
- Creating health and wellness opportunities for staff and their families
- Job security
- Financial protection
- Family assistance
- Catastrophic care
The “benefit” of a benefit plan is not the price tag, but the coverage when you need it.
Boosting workplace culture impacts positively on the financial performance of the company, customer satisfaction, employee productivity, and most importantly, their engagement and loyalty.
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Looking for “Perspective” in Employee Benefits?
Lori Power takes a deeper look at how and why Canadian businesses should establish a customized benefit plan.