The Increasing Importance of Employee Benefits in Victoria
Victoria, the capital city of British Columbia, has a population of over 91,000 and is consistently listed in the top 20 cities for high quality of life. However, this quality living comes at a price. The average cost of living is $3,494 per person per month, which places Victoria in the top 20% of expensive cities in the world. An employee benefits consultant in Victoria can help you with a compensation package to attract employees despite these high costs.
The economy of Victoria is extremely diverse and driven by a variety of small and mid-sized businesses. Technology and tourism are the largest industries, followed by agriculture, construction, education, health, marine and retail.
While people are drawn to the quality of life and booming economy in Victoria, the expense of living there creates a high demand for employers with attractive compensation and benefits packages.
Advantages of Hiring a Benefits Broker
Your company's administration of employee benefits can impact employee morale and affect your competitiveness in recruiting and retaining employees. An employee benefits consultant in Victoria can help your HR department to administer your total compensation package with fluidity and ease. Some of the biggest advantages of working with a benefits broker include:
- Educating and communicating with employees regarding benefits
- Ensuring your benefits comply with regulations
- Leveraging relationships with top insurance companies to provide quality policies to your employees
- Offering expert advice regarding the best options
- Negotiating and reviewing contracts for your business
How an Employee Benefits Consultant in Victoria Can Help Your Business
The specific needs of your organisation will determine the best structure and approach to employee benefits, with priority given to corporate culture, employee demographics and financial constraints. Consulting with an employee benefits consultant in Victoria can offer a wealth of products and services that consistently yield high success rates for our clients in three major areas.
1. Engagement
Engaging your current workforce is more important than ever to cultivate loyalty and increase productivity. We can assist with the creation of a comprehensive communication strategy to engage employees before, after and during the open enrollment process. Here are some of the ways that we can help your business:
- Communication: Benefit enrollment, change management, leaves of absence and wellness
- Human resources, benefits and wellness branding
- Open enrollment for benefits
- Total compensation statements
2. Cost Management
Employee compensation packages are important for recruiting and retaining employees, but they can come at a cost. Our employee benefits consultants can help you with cost management by identifying cash drains in your business and developing a financially sound benefits plan. Here are some areas where our assistance makes a positive impact for our clients:
- Benefits compliance
- Healthcare cost management
- HR technology and benefits administration
- Pharmacy benefits management
- Workforce absence management
3. Personalisation
Standardised employee benefits packages are no longer useful in today's corporate environment. Our employee benefits brokers can help to craft sustainable employee benefit plans for your Victoria workforce that considers employee demographics, needs and preferences and fits within your unique business culture and financial constraints. We provide services such as:
- Employee benefits analytics
- Employee retirement plans
- Executive benefits
- Strategic benefits planning
- Voluntary benefits