Data support this; “Your best worker didn’t leave for money. They left for better benefits.”
Now what are you going to do about this to prevent it from happening again to your next best hire?
Consider that in Canada, an employee group benefit plan typically accounts for 15-30% of total payroll, yet the majority of owners, executives and key plan administrative staff take the time to understand how to wield this substantial investment into a successful retention and attraction tool.
While the finance department may be very aware of the money (premium) going out, they may be ill equipped in strategy to transition the expense into an investment that pays off.
Getting a return on the investment
Like everything else in business, strategy and execution, followed by a well-planned communication plan are the three keys to a realized return on a successful benefit plan.
Ask yourself:
· How is the current plan good?
· How can the plan be better?
· What is the one thing (outside of rates) that can (and should) be changed?
Now,
· Think about your budget.
· Consider the performance expectations of staff.
· Can the components of a better built benefit plan be used to create profitability?
· Can the benefit plan be strategically aligned to the tools of performance for a return on investment?
· On budget?
For sure, it can.
It all comes down to plan design
How you build out benefits matters foremost because this will dictate the difference between having a checked box plan where you are simply throwing money at something hoping for a desired result, verses effectively building a program that aligns with your business culture within the constraints of the desired budget.
As an example:
If I work in trades, then like ensuring my staff have the best safety equipment such as hard hats, flag vests, steel-toed boots, I want to make sure my benefit plan provides access to the items which will make my staff healthier, stronger, and fit for duty to prevent unnecessary accidents, worksite incidents, lost days due to sickness or injury.
In this scenario, a well-crafted program may include:
· Orthotics to help people who are on the feet all day avoid fatigue and injury.
· Prescription safety glasses, so they can effectively see and avoid hazards.
· Compression hose to reduce swelling and improve circulation.
· Physiotherapy to prevent physical injures turning into time off.
Are as important as the fork lift. Because if your workers off, no one is there to drive that piece of equipment, the job falls behind and the company loses money.
In a professional setting where computers, phones and sedentary desk jockeying is the norm, taking care of one’s, eyes and ergonomics are essential to retaining a quality workplace.
· Vision care, often overlooked, or under provided, but the reality is if someone is struggling with their vision while on a screen all day, productivity erodes.
· Hearing aids for effective customer service.
· Braces for the hip, back, and shoulder strain associated with desk jobs.
Yes, this can be achieved on a budget.
Stop paying for unnecessary items that may look good on paper and do nothing but cost money. Instead, strategically plan a program that works for you to achieve optimum performance, accelerates cultures, and creates value for staff, and ultimately measurable profits for the company.
Let’s have a conversation.
Reach out if you would like to explore your corporate benefit options, like:
· Three reasons to align your benefit plan to performance
· Strategic benefits start with clarity.
· Benefits to reduce/prevent worksite injury.
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.
