Hiring right now is a challenge, especially for small businesses. The Toronto Star recently published an article noting that nearly 80% of job applicants are ghosting job interviews. Even more concerning, over 1/3 of small businesses hired employees that didn’t show up. This has contributed to an environment where 42% of employers are expecting to continue to have challenges hiring and retaining their team.
One of the tools that small businesses and SMEs have been using to bolster their hiring and retention strategy is benefits. This can be a smart strategy. Recent reports have found that over 80% of US employers are planning to use benefits to strengthen their talent strategy.
But setting up a benefits plan can be hard. Small business owners can struggle with where to start, what are best practices and how to set up a plan they can afford. With traditional health and employee benefits plans these can be challenging questions to answer. That is why we have decided to put together our 3 simple tips for how to get started.
3 Tips for getting started on a benefits plan for your small business or SME
- Figure out what you and your team need out of a plan. Depending on your team’s age, family status and needs different plans and coverage may make sense. For example, if your team are mainly younger and single, having a plan that prioritizes prescription coverage may not make sense, and you may want to consider benefits plans that include other supports like mental health, wellness or financial wellness. With the BeniPlus Wallet, you can design your plan to include 1 or all our benefits categories to fit your team’s particular needs. Plus, employees can choose to spend their benefits on products and services they want and need.
- Figure out the costs, benefits and tax saving of your plan. While traditional plans can include premiums and set up costs, which make them expensive, more creative plans like the BeniPlus Wallet can be designed around your budget. Plus, with our fee-based system, you never pay for benefits your team doesn’t use.
- Find a simple and easy plan to set up and administer. Simplicity is always key in making sure that your benefits plan works for you. For many benefits plans, getting started means meeting with a broker, creating an employee census and months of back and forth. Then they are time consuming and difficult to administer. But with a BeniPlus Wallet, you can design and set up your plan in minutes with no broker or census required. Instead, you just provide some basic company information and customize your plan design, then you are ready to go.
A BeniPlus Wallet is a simple, flexible and affordable way to get started on your small businesses benefit journey. Our digital approach allows employers and employers the ultimate flexibility to customize their plan to their needs. Employers can choose to offer benefits categories including Healthcare Spending Account (HSA), Wellness Spending Account (WSA), Registered Retirement Savings Plans (RRSP), Personal Insurance and Charitable Giving. Employees then can divide their benefits between their eligible categories to fit their needs.
Our ‘cap and control’ system means that you determine the maximum cost of your benefits plan. There are no premiums, no hidden fees and no floats required. Plus, you never pay for benefits your team does not use.
For more information about the BeniPlus Wallet or to get a quote, contact us today!