IF…a company is only as successful as its people…
THEN…aligning benefits to:
1. Productivity
2. Safety
3. Compensation
Becomes a no brainer to:
1. Reduce turnover, attract and retain top talent
2. Improve company culture
3. Increase performance
…and garner the return on investment by way of:
1. Engaged staff, resulting in increased productivity, met target dates and happy customers
2. Reduced lost time with decreased expenses arising from sickness, illness, medical and disability time off
3. Increased revenue
The Four Quadrants of Business
Most businesses are segmented by:
· Human
· Operations
· Sales
· Finance
In each of these quadrants, how a benefit plan is designed, communicated and rolled out plays a pivotal role.
Human Resources
In setting the goal to attract the right talent to the organization, it is critical to recognize sought after employees are just that—sought after—which means they can work anywhere. The package used to attract them to the door has to also be attractive enough to keep them over the long term.
A favourite example of this is a legal firm client who when they are recruiting no longer discuss salary as a differentiator for the recruit to choose them over another firm, instead they rely 100% on the benefit package. Salaries, location, hours, they related, are well known. There are no surprises. BUT the benefit plan and how it is enmeshed in their corporate culture, walking the talk of people first, is the differentiator that gives them their pick of the very best eager to join their firm.
They are well on their way to having a proven “Best-in-Class” benefit plan.
Operations
It’s all well and good to ensure employees are equipped with the latest technology and tools to get the job done as required; however, let’s not forget that the person themselves is the best technological tool that was hired. What they bring with them to the job at hand is themselves.
Consider how much time our legal client expects their employees to be on their computer each day. If the employee has visual impairment, then the best computer can’t fix that and can’t make up for the lost productivity time. This is where it becomes important to communicate to the staff what they have available on their benefit plan which will help them do the job better.
Sales
Businesses by and large are in business to serve others. For that reason, attracting and retaining customers goes hand and hand with the attraction and retention of employees. When employees can do the job well, are appreciated and engaged, customers feel that and want to do business. Word of mouth is everything and good publicity travels.
At a time when many feel customer service is, in many sectors, on its last legs, when we find those companies who still prioritize the customer experience we want to celebrate and share that experience.
Finance
Wrapping it all up in a bow is the return on investment.
Employees are not an expense to the bottom line, but an investmentcanv in growing the success of the organization. When benefits are aligned with the key components of the business, strategically planned, communicated, and executed, the organization has a realized return on that investment.
1. Engaged staff, resulting in increased productivity, met target dates and happy customers
2. Reduced lost time with decreased expenses arising from sickness, illness, medical and disability time off
3. Increased revenue
Let’s have a conversation.
Reach out if you would like to explore your corporate benefit options, like:
· Keys to strategic benefit planning
· Short Term Disability verses Employment Insurance.
· Employee Assistance Programs
· Using health spending accounts as the non-taxable bonus to align with the Group RRSP
Note: this was written without the aid of Artificial Intelligence (AI)
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.
