Every business owner will have their own reasons for wanting a benefit plan. It could be holistic to take care of employees, providing protection of health and wealth. It could be because there are specific needs which require coverage, or it could be as part of the compensation strategy to attract and retain employees. Whatever the reason, in order to achieve a benefit plan which meets this criteria, like building a home, the foundation needs to be set.
All successful benefit packages fall within the corporate strategy of:
In order to uncover any “pain” points you wish the benefit plan to eliminate, here are a set of questions to act as a guide for further conversation of engagement.
1. How do you presently attract employees?
2. Where do most of your employees come from? (sourced)
3. What is your present turnover? How long do employees typically stay? How long would you like them to stay? What is the employee career path?
Studies show that the cost of employee replacement is 2.5-times the current salary of the employee you lost due to hiring, training, integration costs and loss of customers that new employee may have touched while employed.
4. Do you have employees who work remotely? Will they continue to work remotely?
5. Have your employees been surveyed to see what is important to them and how they value benefits within the compensation package of the corporation?
6. Have you worked with a specialist to ensure your policies and guidelines are in-line with all the governing bodies like Employment Standards | Human Rights | Occupational Health & Safety
7. How has your business | industry changed in the past few years? What do you predict will happen in the next few years?
8. What is the biggest challenge at the moment?
9. What impact will the benefit plan have on staff | business?
Studies show, more engaged employees produce more and therefore increase revenue for corporations—this is the cultural key.
10. What would be the best outcome, from your perspective, for implementing a benefit plan?
Disclaimer: Please note that the information provided, while authoritative, is not guaranteed for accuracy and legality. The site is read by a world-wide audience and employment, taxation, legal vary accordingly. Please seek legal, accounting and human resources counsel from qualified professionals to make certain your legal/accounting/compliance interpretation and decisions are correct for your location. This information is for guidance, ideas, and assistance.