How Adding a BeniPlus Wallet Can Help Up Your Hiring and Retention Game!

With today’s record making hot labor market continuing to heat up, many small businesses and SMEs are left reeling about how to compete. Should we raise salaries? Add more in office perks? Offer work-from-home (WFH) or work-from-anywhere (WFA) benefits if we can?While many small businesses were hoping that the market might cool, it seems like this trend is here to stay. Recent reports have found that nearly ½ of Canadian businesses are planning on hiring in 2023. Plus, convincing the right candidate to join the team continues to be a challenge. In fact, nearly 90% of employers say that hiring the right person is difficult.Many larger organizations have decided that the best way to compete is through boosting salary. This has led to a rise in the salary budgets around the country. In fact, a recent survey by Normandin Beaudry found that salary budgets are expected to go up nearly 5%.However, benefits are also a great way to boost your hiring and retention strategy. Recent reports have found that nearly ¾ of Canadian workers under 45, would leave their job for a position with better benefits. And businesses are taking notice. Employer surveys have found that benefits are one of the top reasons employers are citing for turnover. This has many of them looking to revamp or increase their benefits offering.Even though benefits are popular with Canadians and provide a great return on investment (ROI), many small businesses are hesitant. They worry about rising premiums, unexpected costs and the overall expense.This is why BeniPlus created our state-of-the-art Wallet. Our Wallet allows employers to determine a benefits budget and how they want to divide their benefits between some or all their employees. We have no premiums, no up-front costs and costs do not go up with usage. Instead, we simply charge a small 7.5% admin fee on approved claims. If no claims are made, you pay nothing!Our BeniPlus Wallet also makes sure that you never have to worry about paying for benefits that your employees don’t want or use. Our system is completely customizable for both the employer and employees. Employers determine how much benefits and which categories they would like to offer. Employees can then allocate their benefits to fit their own health, wellness or financial needs.For more information on the BeniPlus Wallet, get a quote today!