For small businesses and start-ups, you come to a point where you begin to ask yourself whether it’s time to introduce an employee benefits plan.
Trying to figure out a plan for introducing an employee benefits plan to your employees can be daunting. This can all be made easier by working with experienced benefits consultants, like or team at Smythe Employee Benefits.
From our years of experience, here is what we suggest for introducing an employee benefits plan at your small business in Vancouver.
Getting Your Start-Up or Small Business Started With a New Benefits Plan
To get your start-up or small business ready for a new employee benefits plan, consider the following:
As a small business or start-up, you’re likely still partaking in bootstrapping to save costs whenever possible.
Employee benefits plans can be expensive to design, implement, administer and eliminate so you want to make sure they are worthwhile for you and your employees. It can also be hard to match the benefits plans offered by established competitors, so choose wisely!
The best way to start planning for your employee benefits plan is to set a budget. Regardless of what benefits you choose in the end, figure out how much your small business is willing to contribute.
Decide Which Benefits to Include
Collaboration with your employees is important. You want to make sure you’re providing them with a benefits plan that has value to them.
Popular options for employee benefits packages include dental and vision, paid time off (vacation days, sick days, holidays), life insurance and other work/life balance perks that are more unique (free snacks and drinks, company-wide activities/retreats, gym memberships or fitness allowance…etc.).
Consider Your Competition
The goal of any small business or start-up is to attract top talent in your industry.
However, it can often be difficult to convince people to want to work for your company at this stage.
Take a look at the standards for employee benefits that are being offered in your industry and see what you can do to compete with them.
Introducing an employee benefits plan is not just about the people who are currently there, you also have to consider those who you plan to attract in the future.
Best Ways to Introduce Employee Benefits Plans
Once you’re ready to introduce an employee benefits plan, here are a few ways to ensure a successful introduction:
You don’t want to just spring a new employee benefits plan on your employees. With enough notice, employees will be happy about the introduction of the plan.
Plan out your channels of communication regarding an employee benefits plan, so that you can keep your employees informed and answer any questions they may have, year-round.
Keep the dialogue open! Encourage employees to provide you with feedback or suggestions about the employee benefits plan before and after it’s been implemented.
Set Up an Information Session
Find a way to make your presentation informative and fun by using visuals or handing around information packages for your employees to reference.
Focus on providing employees with information about their new benefits plan coverage, the enrolment period, and any advantages of the new plan worth mentioning.
Take some time to walk them through the enrolment process. This will make it easy for everyone to set up their own accounts. The last thing you want is for someone to be unable to access their plan.
Incentivize the Benefits Plan
Although employee benefits plans are highly sought after for most employees, there may still be some who need the extra push to opt-in. In such cases, you can introduce a points system that can be applied to lowering their premiums or “unlocking” other types of benefits (ones that don’t necessarily cost you too much to implement).
If you’re going to do this, ensure that all your employees are aware of the opportunities and they are accessible to everyone!
Working With a Trusted Employee Benefits Consultant in Vancouver
At Smythe Employee Benefits, our team is committed to working with you to implement the best employee benefits plan for your business. We handle everything from implementing and managing your benefits plan to year-round customer service for your employees.
If you’re interested in introducing an employee benefits plan at your small business or start-up in Vancouver, contact us today!