The new year is upon us and most people are looking forward to putting 2020 in the rear-view mirror. Now is a good time to discuss how employers can rethink group benefits, retirement plans and rewards in 2021.
Employee benefits and rewards planning have always been an important part of the overall business plan. How can business owners attract and retain talent while also remaining profitable? It is a difficult question, especially with many businesses struggling due to the on-going COVID-19 pandemic.
According to a recent Mercer Canada poll, most Canadian organizations still had not set their salary adjustment budget for 2021 as of early November. It is understandable why so many business owners were/are in this position. However, the end of a year of uncertainty and change presents an opportunity for business leaders to take a step back and identify gaps in their current benefit package. Here is how employers can rethink group benefits, retirement plans and rewards in 2021.
Consider your Total Compensation Package
Take a holistic view of planning and budgeting for 2021, going beyond basic compensation. Focus on a total rewards strategy that takes economic realities into account. Whether your organization is growing, stable or struggling, there are many non-monetary ways to enhance the employee experience. Some of these ideas include:
- Conducting an incentive plan review
- Sourcing insurance coverage that protects employees in a pandemic
- Rolling out flexible benefits or spending accounts
- Reviewing your current group retirement plan, insure it works for all employees
For a total rewards strategy to be successful, it must be equitable and inclusive. That means it should address the gaps in health care, well-being, and financial protection for all employees. A review of your current benefits offering could identify areas of need, such as support for caregivers, digital wellness programs and telemedicine.
This year more than any other has shown how important technology will be to our daily lives and future. More than 90% of employees say they are willing to try at least one of a range of digital health tools. From an employer’s perspective, digital tools offer flexibility and the data necessary to measure employee preferences and adjust programs as needed.
The actions taken by business owners now will have a lasting impact on employee engagement, loyalty, and productivity. Any uncertainty in the market or challenges faced by business owners will create opportunities, how you choose to proceed could strengthen your business for years to come.
If you are wondering how employers can rethink group benefits, retirement plans and rewards in 2021, contact DENT Benefits today for a free consultation.
The information in this material is derived from various sources. Material is provided for general information and is subject to change without notice. Every effort has been made to compile this material from reliable sources; however, no warranty can be made as to its accuracy or completeness. Before acting on any of the above, please contact us for benefit, pension and insurance advice based on your corporate or personal circumstances.