benefits
IMPLEMENTING A SUCCESSFUL PROGRAM THAT INCREASES PRODUCTIVITY
By Nolan Friesen
HR professionals know that employees are a company’s
most important asset, and group benefits programs are an
important factor in attracting and retaining top talent. As
a company grows, adjusting coverage at a sustainable pace
can be a challenge – and there are a few considerations that can
help guide your company through growth periods.
ASSESS THE INDUSTRY
Take time to do an assessment of other companies’ plans to see
what competitors are offering. An advisor can help do an analy-sis
of what other companies in your industry are offering, and how
offerings may differ across provinces. A caution on this step is to
ensure that you only compare within your industry and against
companies of a similar size.
Depending on the nature of your industry, recommendations
for offerings may differ. For instance, safety glasses, shoe inserts
and back braces tend
to be a more im-portant
part of
coverage for hands-on workers than they would be for staff in an
office environment.
WORK WITH AN ADVISOR TO MAKE A PLAN
For most small companies, basic coverage and benefits are a fit at
first – but as your company and budget grow, you might be driven
to opt for more coverage. Before you begin to develop an employee
benefits plan, decide what the goal is. Does your company want to
be a leader in the industry in terms of group benefits? Or are you
looking to meet your employees’ needs through the growth period
and reassess when it has stabilized?
Taking the time to determine your long-term goals prior to
selecting a plan will help you to avoid costly situations in the fu-ture,
such as introducing a comprehensive employee plan only to
find that it’s too expensive to maintain or that your budget has
changed. Retracting enhanced coverage shortly after it is intro-duced
leaves a bad impression
on employees and will often
reduce morale. Once
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Sustainable Coverage
HRPATODAY.CA ❚ NOVEMBER/DECEMBER 2014 ❚ 39
