Retaining & Attracting Quality Employees

Retaining-Employees in NanaimoOne of the greatest challenges you may face as a small business owner is the ability to attract and retain quality, dependable staff members, particularly as your enterprise evolves and grows. investing in your employees by offering them a health benefit plan and a retirement plan can help you tackle this challenge. But where do you begin –and when?

 

In the following case study,
read how Josh and Kim are successfully
working with their advisor to
identify the critical steps they should
take as they develop their business.

 

Josh and Kim have been on cloud
nine for weeks, reading the notes
of congratulations that have been
accumulating on their office bulletin
board – messages of support and
appreciation from family, friends,
suppliers and clients. It hasn’t been
easy, but the couple’s physiotherapy
practice has gone from start-up
to take-off. Yesterday, the office
celebrated its fifth anniversary with
cake and refreshments for staff and
customers. Today it’s back to business.
With an eye towards the future, Josh
and Kim have plans to expand the
practice and add new staff. They’ve
set up a meeting with Mark, their
advisor, to discuss their goals and
ask for advice.

 

As Josh and Kim drive to meet with
Mark, they reminisce about their first
five years in business. “With more
physiotherapists on staff, we won’t
have to work around the clock,” says
Kim. “It’s definitely hard to believe,”
Josh chuckles, “but thanks to some
careful planning, we’ve reached
a point where we can really grow the
business rather than worrying about
just keeping our heads above water.”
In the early years of a business,
many owners work long hours and
pour every possible penny back into
the company to get it off the ground.
Josh and Kim remember just how tight
money was during that period.

 

Despite those early struggles, Josh
and Kim have always understood that
fairly compensating their employees
is a key ingredient in the recipe for
running a successful business. With
Mark’s guidance and support, they’ve
set up an affordable start-up health
benefits plan for all staff, knowing that,
without one, holding on to talented
employees – and attracting new ones
– would be difficult. “A health benefits
plan is vital for us as a growing
business,” Josh asserts. “Prospective
employees are looking for a fair salary,
but they also want to know they are
protected in the event of an illness or
injury. Our business is all about health
care so, for us, the well-being of our
employees is vitally important.”
Josh and Kim are both happy that
the first years in business are behind
them, and that they now have a much
better understanding of how to run a
business and make sound financial
decisions – thanks in part to Mark’s
ongoing advice and recommendations.
Josh and kim enter the growth phase.
“Hey, happy fifth anniversary,” says
Mark, inviting Josh and Kim into his
office. “What a milestone!”
“We appreciate all you’ve done,
Mark,” says Kim. “As we discussed
over the phone, we’ve started
renovating the office and purchased
some new equipment to accommodate
additional physiotherapists. Before
we hire additional staff, however, we
want to review the benefits we offer to
our employees.”
Josh continues, “When we talk to
peers who don’t have any employee
benefits in place yet, it’s clear we
have a competitive edge. Our staff
helped build what we have today, and
they’ve told us one of the things that
motivates them to stay is the fact that
we care enough to offer benefits.”
“It sounds like your current health
benefits plan is meeting many of the
goals you set out to achieve when you
put it in place,” says Mark. “That’s
excellent. From a cost point of view,
the plan is performing well, and
you’ve told me you’re already ahead
of your competition in this regard.
Now, I know you’re paying down your
debt, but have you started thinking
ahead to your own retirement, and
that of your employees?”
Josh and Kim admit they’ve been
so busy getting the business off the
ground that they haven’t spent much
time considering retirement, which
still seems a long way off.
“Of course it seems that way,”
says Mark. “But think about what
you ultimately want to get out of your
business, and why you’re running
your own practice instead of working
for someone else. Forty-one per cent
of businesses in Canada typically start
considering a retirement plan when
they are in the growth phase of the
business life cycle – and that’s where
you are now.1
Think about employee
loyalty. You’re already helping with
your staff’s physical health; helping
with their financial health might be
the best next step.”
looking forward to an
established future
As they wrap up, Mark schedules
another meeting with Josh and Kim
in six months’ time so he can talk to
them further about the advantages
of a group retirement plan and begin
helping them identify business goals
that the plan can be designed to
achieve. “At the rate you’re going,
your business will be soundly
established in no time,” he says.
“This doesn’t mean we stop planning
for the future, though.”
contact your advisor today
Whether you’re starting a new
business, growing your current
company or enjoying the satisfaction
of running a solid, established
enterprise, your advisor can help
you discover innovative ways to
invest in your future by investing
in your employees.

 

from: http://manulifesolutions.ca/docs/en/ws_benefitsforsmallbusiness_e/ws_benefitsforsmallbusiness_e.pdf

 

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