Everyone knows that you need to offer a competitive benefits package if you want to attract and retain top talent – but what can you do when competing with the big dogs just isn’t an option? Give the power back to your employees, says Equitable Life’s VP.
Speaking about the launch of the company’s latest product, regional VP Chris Presley says they’ve found an ideal way for small businesses to stay competitive in the field of staff benefits.
“We started by talking to small businesses across the country about their frustrations with traditional product offerings,” he explained. “They told us they needed more flexibility to meet the diverse needs of their employees and compete for talent with larger organizations – without breaking the bank.”
Presley insists they’ve delivered – in the form of a cafeteria-style flex plan which gives employees more input on what they want from their benefits package.
“It’s similar to online shopping,” he explained, “just add to your basket and checkout your personalized plan.”
The product, which launched this month, is designed for groups of between five and 35. Employers define their contribution and choose a selection of benefit options before the reins are handed over to the employees.
At that point, workers personalize their own plan by choosing from the options offered by their employer. Additional coverage can also be arranged alongside payroll deductions.
With almost eight million Canadians working for small businesses, the plan could not only spell an improvement for many employees across the country but could also make the issue of recruitment and retention a whole lot easier for HR professionals who work within small organizations.
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