Rising inflation has been challenging for small businesses, especially as it has come on the heels of a once in a lifetime pandemic that has caused chaos and instability for over two years. Recent reports have shown us that despite early hopes from economists, it looks like inflation is here to stay.For small business owners this means that they must address the double whammy of making sure their business can survive while taking care of their team members who are also struggling as a result of the pandemic. Recent reports from Bloomberg and Nanos Research have found that 41% of Canadians have had their finances negatively impacted by inflation and increased interest rates meant to cool it.On top of this, employees and owners of small businesses are also dealing with the impacts of two years of turmoil on their mental health. Recent reports from the Canadian Federation of Independent Businesses (CFIB), has found that nearly half of small business owners and 55% of small business team members are reporting facing mental health challenges. Providing you and your team with the mental health support they need has never been more important.So, how can you ensure that you and your team are taken care of? Recently, we have seen Canada’s larger corporations taking swings at trying to make themselves a more competitive employer in this difficult environment. Some have focused on small perks and trendy benefits as four day work weeks, while others have sought to increase salary or benefits offerings.For small businesses, there are simpler and more cost-effective tools that can allow you to take care of your employees and make yourself a more attractive employer to potential talent.

• Flexibility. Depending on your business, flexibility with your team members can be one of the most important tools to ensuring that your team members are their healthiest, happies and most productive selves. Flexible work schedules and locations have grown to be some of the most desirable benefits of 2022. Whether it is allowing employees to work from home more or even adjusting their hours to allow them the flexibility they need to make things work, being flexible with your team is a great way to take care of your team and attract the best talent.
• Providing the benefits they need. Recently, there has been a great deal of buzz about increasing mental health benefits for employees. Traditional benefits plans typically put a cap on the amount of mental health services that will be covered and even the type of services accessed. However with Healthcare Spending Accounts (HSAs), employees can utilize as much or as little of their account for mental health services, or any other services as they would like.
• Wellness and Wellbeing supports. Providing your team with a Wellness Spending Account (WSA) is a great way to ensure that your employees have resources to help with their overall wellness. These accounts tend to be less restrictive than HSAs and can be used for wellness support classes, diet and exercise programs and tools, professional development, and even family care. It even covers speaking to financial advisors and tax preparations.

With a BeniPlus Wallet you can provide your team members with Flexible Spending Accounts customized to fit their needs. There are no setup, premiums or ongoing fees, just a simple 7.5% administration fee on claims made. If no one makes a claim, you pay nothing. Plus, you determine the benefits maximums to fit your own budget and costs will never go up.With a Flexible Spending Account through the BeniPlus Wallet, you team members will be able to determine how they spend and divide their benefits between their eligible benefits options. You never pay for benefits that your team doesn’t want or need.For more information about simple, flexible and affordable group benefits from BeniPlus, visit our website and get a quote today!Sincerely,Stephen DeKuyperCo-founder and President[gravityform id="16" title="true" description="true"]