What do we do and why?
Sometimes offering a benefit plan for employees seems like a game. A game of cat and mouse. A game whereby business owners want to check the box of offering a benefit plan to attract employees into the fold, but they don’t get behind the offering. They resent having to pay for it and that’s when the real games begin.
The coverage is set with a rate in mind. The benefit plan falls into the leger as an expense, instead of a productivity investment in their staff. Much like investing in brand-new, leading-edge technology to keep them ahead of the curb in attracting and servicing client, but declining to train staff on how to use the new technology and wondering why the investment fails.
What we do as benefit consultants?
We look at a benefit offering by first discovering what the employees do, how they do it and why. Then we ask the leadership team about productivity measures. Like sending out a field crew without a compass, we need to see what the employees need to be as productive as they can be in their positions.
So what? Why would this be an important element of the process?
Not doing this impacts not only retention of staff members in the way of access to the care they need, when they need it, but it is also necessary for continued revenue generation for the corporation.
For instance, if employees are expected to be on the computer all day, navigating a digital screen, then vision is paramount to productivity. Therefore, $200 of benefit coverage every two years is not going to meet the mark. If people are on the phone with customers and there isn’t adequate hearing coverage, then the customer will notice and be dis-satisfied with service. They may go elsewhere. Employees working outdoors may require more access to Chiropractic, Physiotherapy, limb braces to keep them active, healthy and able to perform the job requirements to the ultimate satisfaction and revenue generation of the business.
Why is this important to a business owner?
You hire staff to perform—to be productive—in an effort to make the company money. When they win, you win. When your customer is satisfied and comes back—you win.
If you want to continue to “win”—continue to create revenue—retain valued staff—you need to keep them productive and keeping them productive means looking at the whole person. Their needs, as well as their wants in retaining health in order to be 100% present, 100% optimum functioning for work generation and continuation.
What does this mean?
A business owner pays one way or another. They can pay employees without thought to the investment and having a return on that investment, or they can choose to view the benefit plan as an investment in productivity and continued revenue growth.
We’d be pleased to engage in a meaningful conversation. Give us a call.
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.