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The COVID-19 pandemic has caused an unprecedented economic slowdown in Canada, and across the world. In fact, over the next few months, it is predicted that COVID-19 will decrease the number of available employees and work against demographic trends. This means that employers will be faced with a qualified human capital shortage.
How can you recruit the best talent while also ensuring business growth? In the past few months, you may have reviewed your recruitment practices and even adapted to virtual recruiting. While doing so, it may be the right time for your organization to review its current benefit offering. Optimum Talent has prepared some key concepts to keep in mind throughout this time.
Analyze Your Needs
Before embarking on an in-depth review of your benefits, it is q good idea to ask for input from your employees. In submitting questions or questionnaires to your employees, you will be able to identify the strengths and weaknesses of your current benefits program. Chances are that if your benefits are attractive to current employees, they will appeal from prospective opportunities.
The advantage of an employee survey is that it provides a clear view of everyone’s individual needs. Although it is not feasible to offer a benefits package suited to each employee, it is still possible to provide a measure of flexibility.
Through group insurance, you can offer flex or modular plans that allow employees to choose from a wide range of options. There is also the option to set up a health savings account that employees can use to cover expenses that are only partially refunded under their plan or not covered at all. These options give employers the opportunity to better meet the diverse needs of their employees without incurring tremendous expenses.
Do Not Hesitate To Innovate
An organization that provides unique benefits is sure to attract talent. The first step in innovating is to ensure that your plan understands today’s realities. For example, life or disability insurance amounts that do not reflect the salary of your employees or policies that do not cover common expenses can be easily fixed.
Following this, you should consider enhancing your plan through value-added services. This could be a virtual clinic through which employees can consult a physician via videoconference, an Employee Assistance Program which enables employees to consult a variety of experts such as lawyers or psychologists, or other online resources that will help employees address both professional and personal issues. These services demonstrate that you care for your employees and will be greatly appreciated. Innovative solutions can certainly make your organization more attractive to prospective talent.
Contribute To A Retirement Plan
Taking care of your employees also means helping them with post-career planning and your employees will be highly appreciative of employer contributions to their retirement plan. Not surprisingly, setting up a retirement plan is regularly mentioned as one of the preferred benefits in employee survey results.
The best way to encourage employees to plan for retirement is to give them the right tools and make employer contributions to a retirement plan – even if it is as little as 1% of their salary. In fact, some plans even incentivize employee retention by only vesting employer contributions after two years of service.
Communicate, Communicate, Communicate
The most striking finding of most group benefit surveys is the fact that employees are simply not aware of the full array of services and coverage that is offered by their plan. Therefore, it is imperative that employers communicate effectively and regularly by highlighting the key features of each plan. This ensures that your employees and prospective talent are aware that your plan is one to be envied.
How do you successfully communicate this? There truly is no magic recipe. You must adapt to your audience, be creative, and use all the available communication opportunities. This could be a poster, an in-person (virtual) presentation, a payroll memo, a computer screen background, an email, and much more.
Are you facing a human capital shortage? Would you like to review your current benefit plans or provide one?
Contact Us! We can help you reach outstanding results. Together, we will assess your needs, develop an action plan, coach you through the process, and analyze the results with you. With more than 1,000 clients, AGA has the expertise it takes to do more for you and your team!
Chantal Renaud, Account Manager | Group Insurance and Group Annuity Plans Advisor
With AGA Benefit Solutions for more than 20 years, Chantal has the experience required to help organizations of all sizes administer their group insurance plans. Her proactive approach leads to an informed vision of the various strategic planning opportunities. With her professionalism, determination, and excellent communication skills, Chantal makes sure her clients fully understand the issues pertaining to group insurance and retirement plans.