The manpower shortage is being felt across Quebec, where it impacts virtually all businesses. Politicians, boards of trade and employers alike are constantly bringing up the manpower shortage issue. Indeed, according to Statistics Canada, the number of job vacancies was 118,520 in Quebec in the last quarter of 2018, representing a vacancy rate of about 3.2%.
As an employer, you are probably taking advantage of our buoyant economy, but this goes hand in hand with difficulties in recruiting the qualified resources you need and avoid manpower shortage. What can you do about it? You have already analyzed your recruitment practices and made some changes? It may be the time to review your benefits package. Here are some important points to consider!
Start by analyzing your needs
As a broker, we often meet employers who say they want to upgrade their benefits package because they have a hard time recruiting staff. Frequently, they have some ideas about how to improve their benefits, but they do not always ask their employees’ opinion. By asking the right questions to your employees, you will get their point of view and know which way to go to make changes that will really pay off and perhaps alleviate manpower shortage. A survey will also enable you to get comments from most employees, not only from those who speak the loudest!
Provide flexibility
When it comes to group insurance, not everybody has the same needs. Large corporations can implement highly flexible plans with coverage tailored to each employee’s needs. Smaller businesses are unable to offer the same type of plans, but they can nevertheless provide modular plans or a health spending account. Such tools will earn you a better return on your investment.
Be innovative
Although the insurance industry has been around for ages, this does not mean things should be done as they always have. If your plan was set up many years ago, it is probably showing many signs that it could do with some freshening up.
Care for your employees
Employees really appreciate caring employers who take steps to make their lives easier. This is why providing access to an employee assistance program (EAP) or a virtual clinic would be an excellent and inexpensive addition to a group insurance plan. Through the virtual clinic, employees can see a doctor via videoconference 7 days a week from the comfort of their home or office.
Contribute to a retirement plan
Employees understand the value of employer contributions to a retirement plan. It should come as no surprise that the setting up of a retirement plan ranks among employees’ preferred benefits in our regular surveys. Once an employer starts contributing, even as little as 1% of the salary, employee participation in the retirement plan will be good. Some plans even provide an incentive for employee retention by stipulating that employer contributions will only be vested after two years of service.
Communicate effectively
In today’s world, we are exposed to huge amounts of information on a daily basis. Therefore, as an employer, controlling the message is crucial, especially when you are making major changes. You must highlight the key elements and regularly remind employees of all the benefits they enjoy. Thus, your employees and job applicants will be aware that your plan is the envy of all.
Are you experiencing manpower shortage problems? Would you like to update your benefit plan or implement one?
Contact us! We can help you get outstanding results! Together with you, we will assess your needs and your plan; we will then develop an action plan, guide you every step of the way, and analyze the results with you.
With over 1,000 clients, AGA has the expertise required to do more for you!
Since his early days in the employee benefits field, he has been deeply committed to entrepreneurs and their businesses. Frédéric strives to make group insurance concepts accessible and understandable to his clients. As a group insurance advisor, he is committed to helping entrepreneurs make informed insurance decisions to protect their businesses and support their employees. He looks forward to working with you and providing professional, personalized service.