Unlock the door to employee retention with a great benefit plan
Download
1 / 19

Unlock the Door to Employee Retention With a Great Benefit Plan! - PowerPoint PPT Presentation


  • 88 Views
  • Uploaded on

Unlock the Door to Employee Retention With a Great Benefit Plan!. Michael Nadler 905-785-0084 m ichael@benefitsource.ca. Why Benefits?. Attract quality staff Employee retention Increased productivity Improved morale Reduced absenteeism Encourage healthy workplace.

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about 'Unlock the Door to Employee Retention With a Great Benefit Plan!' - kamali


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
Unlock the door to employee retention with a great benefit plan l.jpg

Unlock the Door to Employee Retention With a Great Benefit Plan!

Michael Nadler 905-785-0084

michael@benefitsource.ca


Why benefits l.jpg
Why Benefits?

  • Attract quality staff

  • Employee retention

  • Increased productivity

  • Improved morale

  • Reduced absenteeism

  • Encourage healthy workplace


Benefits canada survey 10 02 l.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


Aventis healthcare survey 2004 l.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


Importance of wellness l.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


Importance of wellness6 l.jpg
Importance of Wellness

  • Over 50% of employees experience role overload while trying to balance work / family leading to a 20% increase in absenteeism


Costs of turnover l.jpg
Costs of Turnover

  • 5 times annual salary for professional staff

  • 20% of annual salary for lower level employees

Source: Benefits Canada (02/02)


Considerations l.jpg
Considerations

  • Corporate culture

  • Demographics:

    • Gender

    • Age

    • Single / family split


Types of benefit plans l.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


  • Slide10 l.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


  • Slide11 l.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


  • Funding l.jpg
    Funding

    • Insured

    • Administrative Services Only (ASO)

      • Self insuring

  • Retention

    • Self insuring with monthly premium contribution

    • Year end reconciliation


  • Slide13 l.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


  • Slide14 l.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


  • Summary l.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.


    Summary16 l.jpg
    Summary

    COMMUNICATE

    COMMUNICATE

    COMMUNICATE


    The benefit source advantage l.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


    Other services l.jpg

    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

    Other Services


    Thank you l.jpg

    Thank You!!!

    Michael Nadler

    905-785-0084

    michael@benefitsource.ca