How Offering Great Retirement Benefits Can Help You Hire & Retain Great Talent

With concerns about inflation, rising interest rates and general increases in costs of living, Canadians across the board have become more concerned with their financial health. In fact, these concerns have become so pervasive that recent reports have found that over 80% of workers are reporting making career decisions based on their concerns about inflation and increased costs of living.Some organizations are looking at increases in salary to address this issue. Normandin Beaudry, for example, found that Canadian employers are planning on increasing their yearly salary budget by nearly 4% in 2023. For small businesses and SMEs, this increase in salaries is concerning especially when combined with other challenges that they are already facing.However, while salary is one way to stay competitive in this market, it is not the only way to stay competitive in this competitive talent environment. A recent Globe and Mail article explored some of the ways that employers can invest in their employees beyond base salary. One of the most popular ways is through retirement savings plans or Registered Retirement Savings Plans (RRSP). RRSPs are government registered accounts where Canadians can save for retirement and have the advantage of being tax-exempt until the money is withdrawn.BeniPlus is happy to be working with the Co-operators to provide clients with access to simple group retirement savings plans. The Co-operators are a trusted Canadian company with over 75 years’ experience in the Financial Services industry. Our plan requires no company set up for RRSP contributions, with no minimum yearly contribution or minimum monthly employee contribution. Plus, employees have complete control over how their money is invested.With a BeniPlus Wallet you can provide your employees with access to a great RRSP and the flexible benefits they want and need. Our proprietary system allows employees to determine how to divide their benefits between their eligible benefits options. Whether they want to spend their benefits saving for retirement, on a pair of amazing prescription sunglasses or even to cover their exercise or sports fees, the BeniPlus Wallet provides them with the flexible benefits they need.For more information about the BeniPlus Wallet, visit our website and, get a quote today!Sincerely,Stephen DeKuyperCo-founder and President[gravityform id="16" title="true" description="true"]