Unlock the Door to Employee Retention With a Great Benefit Plan! Michael Nadler 905-785-0084...
-
Upload
shanna-richard -
Category
Documents
-
view
212 -
download
0
Transcript of Unlock the Door to Employee Retention With a Great Benefit Plan! Michael Nadler 905-785-0084...
![Page 1: Unlock the Door to Employee Retention With a Great Benefit Plan! Michael Nadler 905-785-0084 michael@benefitsource.caichael@benefitsource.ca.](https://reader036.fdocuments.net/reader036/viewer/2022072010/56649dbb5503460f94aac934/html5/thumbnails/1.jpg)
Unlock the Door to Employee Retention With a Great Benefit Plan!
Michael Nadler 905-785-0084
![Page 2: Unlock the Door to Employee Retention With a Great Benefit Plan! Michael Nadler 905-785-0084 michael@benefitsource.caichael@benefitsource.ca.](https://reader036.fdocuments.net/reader036/viewer/2022072010/56649dbb5503460f94aac934/html5/thumbnails/2.jpg)
Why Benefits?
Attract quality staff Employee retention Increased productivity Improved morale Reduced absenteeism Encourage healthy workplace
![Page 3: Unlock the Door to Employee Retention With a Great Benefit Plan! Michael Nadler 905-785-0084 michael@benefitsource.caichael@benefitsource.ca.](https://reader036.fdocuments.net/reader036/viewer/2022072010/56649dbb5503460f94aac934/html5/thumbnails/3.jpg)
Benefits Canada Survey (10/02)
49% of employees feel company benefits influenced their decision to join employer
73% of employees would not work for a company that did not offer benefits
44% of employees would
change employers to
improve benefits
![Page 4: Unlock the Door to Employee Retention With a Great Benefit Plan! Michael Nadler 905-785-0084 michael@benefitsource.caichael@benefitsource.ca.](https://reader036.fdocuments.net/reader036/viewer/2022072010/56649dbb5503460f94aac934/html5/thumbnails/4.jpg)
Aventis Healthcare Survey 2004 72% of employees prefer benefits over
salary increase to $8,000 85% of employees feel that their choice of
employer is positively influenced by the company’s benefit plan
![Page 5: Unlock the Door to Employee Retention With a Great Benefit Plan! Michael Nadler 905-785-0084 michael@benefitsource.caichael@benefitsource.ca.](https://reader036.fdocuments.net/reader036/viewer/2022072010/56649dbb5503460f94aac934/html5/thumbnails/5.jpg)
Importance of Wellness
68% of employees say that job makes them feel high levels of stress / anxiety
Unhealthy workplace creates double the rate of heart / cardiovascular problems and higher rates of anxiety, depression, demoralization, alcohol and drug usage
![Page 6: Unlock the Door to Employee Retention With a Great Benefit Plan! Michael Nadler 905-785-0084 michael@benefitsource.caichael@benefitsource.ca.](https://reader036.fdocuments.net/reader036/viewer/2022072010/56649dbb5503460f94aac934/html5/thumbnails/6.jpg)
Importance of Wellness
Over 50% of employees experience role overload while trying to balance work / family leading to a 20% increase in absenteeism
![Page 7: Unlock the Door to Employee Retention With a Great Benefit Plan! Michael Nadler 905-785-0084 michael@benefitsource.caichael@benefitsource.ca.](https://reader036.fdocuments.net/reader036/viewer/2022072010/56649dbb5503460f94aac934/html5/thumbnails/7.jpg)
Costs of Turnover
5 times annual salary for professional staff
20% of annual salary for lower level employees
Source: Benefits Canada (02/02)
![Page 8: Unlock the Door to Employee Retention With a Great Benefit Plan! Michael Nadler 905-785-0084 michael@benefitsource.caichael@benefitsource.ca.](https://reader036.fdocuments.net/reader036/viewer/2022072010/56649dbb5503460f94aac934/html5/thumbnails/8.jpg)
Considerations
Corporate culture
Demographics:• Gender• Age• Single / family split
![Page 9: Unlock the Door to Employee Retention With a Great Benefit Plan! Michael Nadler 905-785-0084 michael@benefitsource.caichael@benefitsource.ca.](https://reader036.fdocuments.net/reader036/viewer/2022072010/56649dbb5503460f94aac934/html5/thumbnails/9.jpg)
Types of Benefit Plans
Traditional• Set plan design
• Regular monthly premium contribution
Flex• Employees pick from benefits menu
• Employer provides capped contribution with balance paid by employee
Spending Account• Employer contributes set amount
• Employee claims against account with 1 year carry over
![Page 10: Unlock the Door to Employee Retention With a Great Benefit Plan! Michael Nadler 905-785-0084 michael@benefitsource.caichael@benefitsource.ca.](https://reader036.fdocuments.net/reader036/viewer/2022072010/56649dbb5503460f94aac934/html5/thumbnails/10.jpg)
Pros Traditional
• Can budget for it• All staff treated equally• Pooling may temper rates
Flex• Staff customize to suit needs
Spending Account• Can claim for non-traditional expenses• Equal employer contribution regardless of family
status
![Page 11: Unlock the Door to Employee Retention With a Great Benefit Plan! Michael Nadler 905-785-0084 michael@benefitsource.caichael@benefitsource.ca.](https://reader036.fdocuments.net/reader036/viewer/2022072010/56649dbb5503460f94aac934/html5/thumbnails/11.jpg)
Cons Traditional
• One plan for all• Inflation pressure
Flex• Increased utilization• Increased administration costs• Overwhelming benefit decisions
Spending Account• Can exhaust account• Create sense of entitlement
![Page 12: Unlock the Door to Employee Retention With a Great Benefit Plan! Michael Nadler 905-785-0084 michael@benefitsource.caichael@benefitsource.ca.](https://reader036.fdocuments.net/reader036/viewer/2022072010/56649dbb5503460f94aac934/html5/thumbnails/12.jpg)
Funding
Insured Administrative Services Only (ASO)
• Self insuring
Retention• Self insuring with monthly premium contribution
• Year end reconciliation
![Page 13: Unlock the Door to Employee Retention With a Great Benefit Plan! Michael Nadler 905-785-0084 michael@benefitsource.caichael@benefitsource.ca.](https://reader036.fdocuments.net/reader036/viewer/2022072010/56649dbb5503460f94aac934/html5/thumbnails/13.jpg)
Pros
Insured• Regular premium contribution
• Limited liability
ASO• Only pay for claims plus administration plus taxes
• Reserves / inflation not a consideration at anniversary
Retention• Benefits of ASO with predictability of Insured
![Page 14: Unlock the Door to Employee Retention With a Great Benefit Plan! Michael Nadler 905-785-0084 michael@benefitsource.caichael@benefitsource.ca.](https://reader036.fdocuments.net/reader036/viewer/2022072010/56649dbb5503460f94aac934/html5/thumbnails/14.jpg)
Cons Insured
• Inflation, reserves a consideration at renewal ASO
• Volatility in premium contribution• Difficult to budget for• Potential for substantial claim liability
(notwithstanding stop loss) Retention
• Inflation, reserves a consideration at renewal• Reconciliation
![Page 15: Unlock the Door to Employee Retention With a Great Benefit Plan! Michael Nadler 905-785-0084 michael@benefitsource.caichael@benefitsource.ca.](https://reader036.fdocuments.net/reader036/viewer/2022072010/56649dbb5503460f94aac934/html5/thumbnails/15.jpg)
Summary
Benefits are a helpful tool in attracting and retaining quality personnel and in creating a healthy workplace which in turn leads to reduced absenteeism, increased productivity and improved morale.
When designing your plan keep corporate objectives in mind along with consideration given to demographics.
![Page 16: Unlock the Door to Employee Retention With a Great Benefit Plan! Michael Nadler 905-785-0084 michael@benefitsource.caichael@benefitsource.ca.](https://reader036.fdocuments.net/reader036/viewer/2022072010/56649dbb5503460f94aac934/html5/thumbnails/16.jpg)
Summary
COMMUNICATE
COMMUNICATE
COMMUNICATE
![Page 17: Unlock the Door to Employee Retention With a Great Benefit Plan! Michael Nadler 905-785-0084 michael@benefitsource.caichael@benefitsource.ca.](https://reader036.fdocuments.net/reader036/viewer/2022072010/56649dbb5503460f94aac934/html5/thumbnails/17.jpg)
The Benefit Source Advantage
Access to ALL insurers 17 years’ benefits experience No consulting fees On-going administration / claims assistance Pre-renewal forecasting Insurer negotiation at inception / renewal Regular market reviews ensure long term
competitiveness
![Page 18: Unlock the Door to Employee Retention With a Great Benefit Plan! Michael Nadler 905-785-0084 michael@benefitsource.caichael@benefitsource.ca.](https://reader036.fdocuments.net/reader036/viewer/2022072010/56649dbb5503460f94aac934/html5/thumbnails/18.jpg)
Other Services
Individual Life Individual Disability Critical Illness Long Term Care Travel Medical Priority Access
Medical Coverage Health & Welfare
Trusts
Business Travel Sports Policies Key man coverage Buy-sell funding Office overhead Accidental death &
dismemberment Salary continuation
plans