It’s almost become cliché, but the strength of a business is in its people. An organization that is able to attract and retain top talent has a genuine competitive edge: some studies suggest that high-performing employees are up to eight times more productive than average ones.
Given this reality, how can business owners ensure that the people they have working for them are the best and brightest? Part of this is offering a competitive compensation package which includes benefits for employees and their families. Unlike a simple paycheque, a benefits package tells employees that you care about their health and well-being. This encourages them to trust you and commit to your organization for the long term.
Chris Coulter works with businesses of all sizes to develop benefits packages that are affordable and impactful. As a former business owner himself, he brings two decades of entrepreneurial experience to the table in order to help business owners meet their goals.
For easy reference, below are some common questions that business owners have about employee retention and benefits packages, sorted by business lifecycle stage.
“Chris and his team came in and saved our business over $500,000 on our employee benefit plan which allowed us to add additional benefits for the employees. They took the time to educate us on the various options available, but also helped us understand the potential risks that led us to make the decision we were comfortable with. Personally, Chris has advised me on ideas that will assist me when it comes to sell my business one day. He is a trusted advisor and his counsel has been incredibly valuable over the last number of years.”
Gavin G, President & Owner, Automotive Parts Manufacturer
This is usually in the first five years of a business when the company is using start-up capital to build something sustainable. The business usually consists of a few key employees - both founders and early hires. The loss or departure of any of these employees can be devastating to a business, so it’s important to do everything possible to retain them.
Small businesses are sometimes notorious for below-average compensation. Beyond providing a competitive salary to your early employees, there are affordable ways to provide benefits, such as health spending accounts or well-negotiated benefit plans.
Growth & Profitability Phase
A business with ten employees is a very different business than a start-up. A business with thirty or more employees is even more different! As your business scales, it becomes increasingly important to become strategic and thoughtful about how you are keeping employees around for the long haul, as unexpected departures can disrupt momentum (and growth).
Offering special plans and benefits to key executives is one way to ensure the stability of your leadership team. Negotiating a robust benefits plan for your growing employee base is also important, especially if your employees are younger and looking to start families soon.