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Today, the phrase “everyone’s a critic” has more meaning than ever before. To publicly share an opinion about virtually anything is as simple as logging on to websites and apps such as Facebook, Google, Yelp, and Trip Advisor and let your fingers do the talking.
For employers, one website to be aware of is Glassdoor, a platform that allows past and present employees the opportunity to share their experiences and views about their employer. Topics covered include salary ranges for various positions, approval ratings of the CEO, pros and cons of the work environment, and, of course, the benefits program. Many potential candidates then review the site prior to or during the application process to gauge whether they might want to work there.
While some skeptics point out that these reviews are often skewed by both extremely disgruntled or highly engaged employees, the Employee Benefits section is far less subjective. It’s hard to exaggerate or falsify what is included in a benefits program, so prospective employees usually feel confident trusting what they read in this section of Glassdoor.
For example, while the coffee giant Starbucks has an overall rating of 3.8 / 5, their benefits package comes in at 4.1 / 5. One Toronto, Ontario employee shared that “… they offer benefits for part time [employees]” and complimented the mental health package offered. A Calgary, Alberta employee commented that “you will be 90% covered by the insurance when you go to some massage shops, clinics and dentists.” Reviews like these give possible candidates a realistic view of the benefits program, and quite often contribute to the deciding factor as to whether someone will apply for the job or not.
Employers need to be aware if the benefits program they offer isn’t competitive or attractive to their existing and future employees. One Vancouver-based business that is currently sitting at a 2.5 / 5 benefits rating recently had one employee describe the benefits package as “pitiful” and suggested that the basic coverage offered barely covered anything. It should also be noted that this employer currently has 15 open positions.
Spend some time figuring out what your employees are saying anonymously and publicly about your benefits package. When you make improvements, proactively ask employees to share what you offer and the impact it has on their lives.
If you need help coming up with some creative solutions around your group benefits package, we’re here to help. Contact Facet Advisors Insurance Strategies today.
Working with a professional to help you to make sense of your finances can be a wise move, but for this relationship to work effectively it is important that you understand what to expect from your financial advisor.
What can your financial advisor help you with?
- Defining your financial goals and creating a step by step plan or strategy to achieve them.
- Planning for the future, including for retirement, future education or housing needs.
- Choosing the mix of investments and assets that suit your goals, lifestyle, time horizon and appetite for risk.
- Building a solid estate for your family to inherit in the future.
- Choosing the most tax-efficient methods of saving and investing.
What should your financial advisor inform you of?
- The range of services that they offer and how much and by which method you will compensate them.
- Your mutual responsibilities and obligations towards each other.
- What the planning process will look like and the documents that they will provide you with.
What will your financial advisor need from you or need to ask you about?
- What your financial goals are.
- What your personal circumstances – such as your marital status, any dependents, your job, earnings and tax situation.
- Any investments or assets that you currently have – such as registered accounts, workplace pensions, property etc.
- Your appetite for risk and investment preferences.
- Information on your income and also your outgoings, including debts such as mortgages, loans or credit cards.
- Whether or not you have a will, and its contents.
- Your estate and inheritance planning situation.
If you’re looking to achieve your financial goals, talk to us. We can help.
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The main focus of FAISI’s business is to provide clients with an array of life insurance solutions to reduce risk and improve tax efficiency, whether it be for personal or corporate use. Another branch of business is the Group Benefits sector where your current plan would be analyzed and shopped in the market to offer provide you with the best and affordable plan for your organization. Personal Health Spending Accounts, Health Insurance (Critical Illness, Disability Insurance), Travel and Personal Health Insurance Plans, and Private Wealth Management are also areas where FAISI can help to bring you peace of mind, safety, and security.