My first paid job was in a restaurant in my hometown Raymore, SK. And when I moved to Saskatoon and was figuring out what I was going to do with my life, I worked at Venice House on Central Avenue. It was my longest-term job in the hospitality industry, and it helped pay the bills through university.
It was also the place I met the man I married … I still remember the day, February 26, 1996, when his construction crew came in for lunch, but I’ll save that story for another time!
Fast forward 25 years. In an interview with Trevor Muir, CEO of Surepoint Group on the topic of the role benefits and pension play in recruiting and retaining employees, he shares, “If you are open for breakfast, you have to serve eggs”. I loved this expression and it reminded me of restaurant days!
One thing I love about what I do now is I get to work with so many talented people and learn about their businesses. On this topic, I actually happen to know a bit about eggs which I have learned from Dana Haynes at Star Egg. They grade 1.2 million eggs a day and produce eggs from peewee to jumbo, 6-packs to overwrap 5 dozen packs, regular and nutritionally enhanced eggs, to eggs laid by hens in various types of housing.!
But back to what Trevor was saying, is no matter the size of the employer, benefits and pensions are an expectation … the minimum.
How do you think the “eggs” you are serving compare? How do your benefits & pension plans compare to other employers?
It’s helpful to know what others in your industry are doing, but with the predicted “turnover tsunami”, employees aren’t just leaving their jobs. They are changing careers. So, you might need to broaden the industry you are comparing against. This is both a challenge and an opportunity for employers as employees are actively seeking new opportunities!
So, let’s get ready! Have you had a professional “grade your eggs”? Are your eggs all that they are cracked up to be?
Here’s some interesting facts! Here is how clients that work with us, specifically those that employ >25 employees, compare to employers across Canada (sample >4,000 employers).
- 73% have Short Term Disability vs 25% in Canada
- 40% have Employee Family Assistance plan vs 28% in Canada
- 27% have Critical Illness coverage vs 16% in Canada
- 40% have a Health Spending Account vs 15% in Canada
For Group Retirement Savings Plans, 67% of employers that work with Sutton have a plan in place vs only 26% in Canada (sample size 2,700 groups)!
So, I am not saying it’s “all about the eggs”, but a competitive benefits and pension plan gives employers a chance to attract great employees and keep your key players. It communicates the underlying message that employers care and invest in their employees’ health & wellbeing and their future. Culture, values, vision and how the employees feel keeps them growing with you. Do they feel appreciated, valued, safe and supported?
Leading employers like you know that healthy, cared-for employees and a productive workforce is good for business.
And if they like what you are serving, they’ll keep coming back for more if you know what I mean.
If you want to be certain you are prepared for the turnover tsunami, give me a call and let’s “get cracking”!
Find out how your own company stacks up. Click HERE to Benchmark your Plan today!
