Flexible Benefits Plans Key in Attracting Employees

May 12, 2022

Tyler Hoffman showing his flexible side

VANCOUVER ISLAND – Employees are in the driver’s seat in this current job market and companies who have creative, flexible benefits will attract their top talent faster.

This is what the latest data presented by Benefits Canada Magazine indicates, notes Tyler Hoffman, President of OnPoint Employee Benefits.

“The number one perk employees are looking for are flexible home-work options, along with flexible hours,” says Hoffman of OnPoint, recently nominated for the 2021 Grant Thornton LLP Vancouver Island Business Excellence Awards. “It seems that flexibility is the key in the post pandemic world. Since January, we’ve had an influx of calls from employers wondering how to incorporate flexibility into their plan offering.

Hoffman says there are three critical things organizations need to consider first before making this change, starting with how do benefits need to be flexible? What is it that staff need and want, and how does it align with your culture and values?

“We always help our clients by conducting employee surveys so that we can tailor the program based on real data and not a hunch,” Hoffman states.

Secondly, can a company’s current carrier provide them with the flexible options they need?

“Each carrier has their sweet spot, and we know what that sweet spot is,” he adds. “Having this experience allows us to drastically cut down time and make things clearer for our clients.

Thirdly, what sort of communication and ad-ministration support will a new benefits offering have to take into account?

“Because 80 per cent of our clients come to us to help them move into more flexible benefits, we know what staff need to know to make the transition happen smoothly,” Hoffman explains.

He adds that it is true that traditional plans are being phased out for modern benefits that can help staff with life events like child care, dog day care, music lessons, gym memberships and RRSP contributions as examples – beyond the rigid health and dental expenses.

“Competition for staff is fierce right now and even small organizations can make minor adjustments to attract key talent faster,” Hoffman says.

 

 

 

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