- Engage and support your employees
Are your benefit solutions optimal?
This is an important question. Employers and employees invest considerable amounts in benefits programs. Ask yourself these questions to see if you’re really getting the most out of your programs for the least amount of money:
Group Insurance
- Do your premiums seem fair? Are they competitive?
- Has there been a call for tenders from insurers in the last 3 to 5 years?
- Have you received a reliable projection of your future premiums over the next 4 years?
- Do your employees like the plan? Is it fair?
- Have the coverages been reviewed regularly to continually meet expectations, needs and budgets? Has the tax treatment of the plan been analyzed and optimized?
- Does the management of employees on disability correspond to your reality and objectives?
- Do you get all the support you need to minimize your organization's administrative responsibility? Are you adequately supported and represented with the insurer?
Occupational Health and Safety (OHS)
- Are you able to properly evaluate the value of your OHS prevention and management programs and project their future financial impact?
- Are you paying too much in CNESST dues?
- Have you received a reliable projection of your future premiums over the next 5 years?
- Do you feel that the CNESST has made poor decisions? Are you well represented?
- Are you taking advantage of everything the laws and regulations provide to reduce cost allocation and get the reimbursements you're entitled to?
- You’re promised substantial savings in CNESST dues by participating in a safety group, but are they realistic?
- Are the contractual conditions—fees, included and excluded services penalties, etc.—that you get from your safety groups, reasonable?
- Do you have access to a more advantageous health insurance plan than the one you’re being offered?
- If you’re anticipating a corporate transaction, have you properly assessed its impact on future contributions? Do you know that there are different ways to present the transaction to CNESST to get the most advantageous one for you?
Group Retirement Savings Plans
- Is your retirement savings program popular with employees? Does everyone participate? Are there regular withdrawals and transfers out of the program?
- Is your program administered in accordance with the Capital Accumulation Plan (CAP) guidelines issued by regulators?
- Are your investment management and other fees competitive?
- Have you compared quotes from other insurers or financial institutions in the last 5 to 7 years? Are the investment options tailored to the diverse needs of employees? Are they subject to rigorous periodic monitoring?
- Do employees have access to all the resources they need to make informed financial decisions, both while employed and when they retire?
- Do you review your program every year with your advisor?
- When was the last time you ran an awareness campaign about the program (education meetings, webinars, targeted communications)?
- Do you know about the various retirement savings vehicles out there? RRSP, DPSP, SPP, VRSP ... They each have their own features. Can you choose the one that’s best for you?
Do these questions have you thinking? Use our free assessment service to truly understand how your benefits solutions are performing. Contact us today!
