Retain and Reward Your Best Employee's


Challenge

A mid-sized organization was interested in retaining their expert trade's people who were leaving to other organizations for marginal hourly rate increases.

Solution

We helped our client create a custom-tailored total rewards program which specifically rewards employees based on their years of employment with the organization but flexible enough to accelerate stars.

The rewards program consisted of two key elements that are phased in over the different time periods.

The first element was the redesign of their employee benefit plan which went from one plan design for all employee's to a three tiered program where benefits are enhanced at each tier. The tiers were uniquely designed based on the client's desires of when they thought rewarding the employee's would be most effective in increasing retention. The program also consists of health and wellness spending accounts where more credits are allocated to employees as they move up each tier.

The second element will be the introduction of a company-matching Group RRSP program. The program will mimic the tiered design of the employee benefit program, rewarding employees with a higher company match as they progress through each tier.

The tiered approach is a key element in each program as it ensures our client is rewarding long-term employment and their investment isn't lost on transient employees.

Results

Our client is now retaining more of their expert trade's people and all of their employees are beginning to understand the value of their total compensation packages beyond the hourly rate of pay.

#EmployeeBenefits #TotalCompensation #GroupBenefits #GroupRRSP #EmployeeEngagement

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Cox Financial Group

536 18 St S.

Lethbridge, AB

T1J 3E7

 

Phone: 403-329-6220

Fax: 403-320-7720

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