BCBusiness

It's Wise to Invest in Your Company's Biggest Asset: Your Employees The advantages are clearly documented for employers who make work and life integrate well for their sta A s demand for qualied tal- ent increases, an increasing number of businesses become trapped in a recruiting rivalry to attract the best and brightest professionals. In order to stand out and make your company more attractive to employees, you'll need to move beyond what others are doing, starting with one of the top driv- ers for employee satisfaction: an impactful employee benets program. According to a 2017 report by Sun Life Financial Canada, more than 40 per cent of Canadians say they would turn down a job offer if it didn't include employee benets. At its core, benets are all about employee recruitment and retention, which comes from people feeling valued, something employee benets expert Kandy Cantwell, partner at Montridge Advisory Group, addresses with her clients as one of the key inuencers to remain competitive in their respective market as an employer of choice. "Employees who feel appreci- ated and valued are more likely to remain long term," says Cantwell. "Offering coverage for both the day-to-day health expenses — as well as catastrophic events — relieves stress on employees and their families. It provides that proverbial blanket that ensures they feel taken care of." A Sano Canada Healthcare Survey 2017 revealed that 86 per cent of employees are happy with where they work when they feel their company culture supports their health and wellness. Cash bonuses aren't necessarily effec- tive benets anymore, accord- ing to Cantwell, particularly against a comprehensive benets strategy. "Benet and wellness plans are more tax efcient than additional cash compensa- tion and benet premiums are typically structured so that the benets received by employees are tax-free and tax-deductible to employers." Every company and indi- vidual's needs are different and there is no one-size-ts-all when it comes to employee benet pro- grams; therefore, it's important to research what employees are really looking for. By tailoring programs to engage employee interests and increasing awareness to drive program usage, companies realize improved outcomes and increased business performance. "Benet plans can be structured in many different ways — pos- sibly offering more coverage to management or professionals, or rewarding staff for their years of service," says Cantwell. Personal nancial plan- ning is a key feature for making employee benet plans more relevant, as cited by Millennials and Gen Z employees in a Sun Life Financial 2017 research document. In catering to this demographic, Cantwell believes nancial wellness is one of the most essential benets, especially living in the Lower Mainland. For example, employees want to know how to create a budget or how to get in the housing market. The advantages are clearly documented for employers who help relieve stress and make work and life integrate well for employees. Talking with your employee benets adviser and implementing solutions to improve employee well-being helps to position your business toward higher retention levels, enhanced employee engagement and a thriving workplace. "The more your employees feel that you're trying to take care of them — the longer they'll stay," says Cantwell. "They're your biggest cost but also your biggest asset." + Montridge Advisory group Created by BCBusiness in partnership with Montridge Advisory Group Kandy Cantwell, partner at Montridge Advisory Group

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