Congratulations! You’ve just provided your employees with a benefits plan. Pass out the literature and everyone’s happy, right?
Better think again.
Only 13% of Canadian employees say they understand their benefits extremely well.* That means the other 87% are only using some or none of the benefits provided. An unused plan is a waste of money – theirs and yours.
Here are five tips to launch your benefits plan:
1. Start with the basics like commonly used services such as health and dental care, then branch out based on employee interest.
2. Avoid information overload by only providing your employees with “must-know” information (coverage, procedures, completing and submitting claims, and insurer’s contact information).
3. Use simple communication like colourful break room posters or notes in pay stub envelopes that are informal, fun and not too text heavy.
4. Simplify claim submissions by having claims forms available in a central area or online (see #5) and show employees how to find and submit these forms.
5. Go digital and post plan information and forms on your website so employees can access them from their computer, tablet or smartphone.
Employees who fully understand the benefits available to them and their families will be able to make decisions that can have a positive impact on their health and your bottom line.
Bill McElroy, BA, CIM, CFP is President of The William Douglas Group Inc. and a Senior Financial Advisor with Manulife Securities Incorporated. In 2014, Bill was named Canada’s Top Financial Advisor in Canada by Wealth Professional Magazine and was featured in their inaugural ‘Hot List’. He was also recognized as an advisor who has reached supreme achievement in the industry and been awarded Manulife’s Five-Star Master Builder. The William Douglas Group Inc. was recognized as the Best Boutique Business Consulting Office in Canada by Wealth and Finance International. Bill is pleased to share his knowledge and more than 25 years’ experience with business owners in his blog series.