Enticing Benefit Packages Key to Recruitment & Retention Success
Updated: Jun 10
by Terry Windrem
As a business owner, I am keenly aware of the importance of finding and holding on to excellent employees. Having operated independently for more than 30 years and now as part of the Park Place Financial group, I am so proud that some members of our intergenerational team have been with me for more than 30 years. My former assistant and I have a running joke: she says she retired, but I maintain she quit. She was 72 so I suppose we can let you decide on that one!
How can a business owner get this kind of employee loyalty and dedication? The secret is simple yet often overlooked: Provide a comprehensive employee benefit plan.
Responding to Job-Seekers’ Wants
We’ve seen a massive shift in employment culture throughout the pandemic and this current market is the most challenging I’ve seen for recruiting and retaining staff.
When attracting new staff to fill a vacancy it’s easy to focus on the usual criteria: hours of work, wages and qualifications, etc. But with workers having so many options in front them and companies aggressively competing to sign a new employee, you can’t afford to miss the opportunity to promote your employee benefit plan. This can be a real game changer in recruitment and the statistics show it at every turn:
According to a 2022 LinkedIn’s Workforce Confidence survey, 69% of job seekers list better compensation or benefits as most common reason they’re considering a change.
Yet, 46% of employers responding to a new survey by Arthur J. Gallagher & Co., say their organizations “currently lack clear benefits, recognition and reward strategies,” says an analysis by Benefits Canada.
The imbalance is startling clear.
Dynamic Recruiting Offers Set You Apart
Remember the old adage, ‘you only get one chance to make a first impression?’
The moment potential employees see your job posting, you have an opportunity to position your company as a desirable choice for employment. Listing an impressive benefit plan may encourage that highly-sought after employee to get excited about applying to your ad.
A Gallup survey in 2020 emphasized the need for employers to be mindful of the ROI when considering investing more in benefits packages:
The professional and financial rewards are clear: Healthy and engaged employees take 70% fewer sick days, are 45% more adaptable to change and are 59% less likely to look for a job in the next 12 months.
Having a strong career page helps companies stand out as an employer of choice. Here’s an excellent example from one of our clients:
Our team enjoys:
The message comes across loud and clear that this company is competitive, flexible and investing in the health and all-round well-being of its employees.
Benefits as Resource for Retention
Don’t ever forget: Your best people are your competitor’s best hire.
With that in mind, compensation optimization can be a winning strategy for both employers and employees.
Consider, for example, the cost of a $1.00 per hour raise. As the employer, you are now paying about $1.30 for that $1.00 raise, to cover EI, CPP, workers compensation, etc. Your employee is also paying EI, CPP contributions on that, as well as being taxed at their marginal rate. So for a $1.30 per hour investment your employee may only be seeing 50¢ of that one-dollar pay rise. If they are paying out-of-pocket for dental or vision costs, immediate savings for one employee could be $1000 a year. An employee with a growing family could save much more.
A stronger benefit plan are often a much better way to compensate employees by putting more money in their pockets.
Clearly, providing a relevant and responsive employee benefit program will not only retain your existing team but also keep the competition at bay.
Benefit Plans Pay Off
Whether you’re enticing new employees or acknowledging the varying and changing life stages and needs of your existing staff, shouldn’t your benefits plan be reflecting that? Ask yourself these questions when it comes to staff recruiting and retention:
Does your benefit plan have a competitive edge for recruitment?
Do your staff understand what the program offers them?
Does your benefit program match the needs of your staff?
[Is your benefit plan flexible?
When was the last time you did an internal audit of the program to ensure use and effectiveness?
Are you offering a health spending account?
Is a deferred profit sharing plan an option?
Do you have an employee incentive plan?
If you don’t know the answers to these questions it might be time for a plan audit and review with your benefits provider.
Terry Windrem, President,
Peak Benefit Solutions
As co-founder of Peak Benefit Solutions, Terry Windrem and the team have grown the company to be a leader in employee benefit provisions in Central and Eastern Ontario. Serving over 700 employers and thousands of employees, Peak Benefit Solutions is well-known for its tailored and personalized approach to organizations of all sizes as well as the many value added services, including the Peak Benefits Strategies for Success conference. The annual conference has become a must-attend event for administrators and HR specialists with premier speakers, recruitment and retention seminars as well as networking opportunities.
Terry also brings more than 40 years experience in financial, succession and estate strategies to his partnership with Park Place Financial. After successfully building several companies, including Terry G. Windrem Insurance Agencies, the two companies merged in spring 2018 with Terry in the role of President and CEO at Park Place Financial.
Terry works with clients to establish long-term relationships, building his successful business on the highest levels of trust, service, integrity and operational excellence. He is consistently recognized in the community and by his clients for helping business owners develop tax-deferred insurance strategies, investments, succession and estate plans. Park Place Financial and their partner, Peak Benefit Solutions, specialists in employee benefits, have grown to be known leaders in Central Ontario. Terry is married to Janice and has two children.
Peak Benefit Solutions Inc. was established in 2008 and have helped more than 400 clients from entrepreneurs, manufacturing, professional services and public organizations with their comprehensive benefits planning. Every step of the way, we are with you.