At the Canadian Federation of Apartment Associations (CFAA) Rental Housing Conference this week, Accompass examined what employees need from a benefits and retirement plan and what the building blocks for a good rewards package looks like.
“Similar to a blueprint, your total rewards strategy is going to tell you what you need to do for your organization and along with your business and HR strategy, it acts as the foundation for building the right package for your employees,” explained Anne Peiris, Vice President, Broad-based Compensation.
A total rewards package has become increasingly important to employees and Sandra Ventin, Associate Vice President, Benefits & Health, described how benefits and the costs associated to one’s health isn’t a behind-the-scenes talk anymore, “it has become a relevant and topical conversation you’ll find in the news, at a dinner party or even at the kitchen table with your children.”
That’s why creating a plan that aligns with what employees want and need is important. So, while bechmarking your plan against others can help you stay competitive, it shouldn't be relied on too heavily to inform plan design - what would be beneficial for employees can help more.
Aside from health benefits, retirement and savings plans can be just as imperative to employees, changing the way organizations think about them, “retirement plans aren’t just for large employers anymore,” stated Mark Dowdell, Senior Vice President, Retirement and Investment.
Retirement plans are important for employees whether they’re a part of a large or small organization and while benchmarking against competitors will help you attract and attain talent, Mark explained how aligning your plan to help employees get ready for retirement is what more and more employers are looking for.
Underlying everyone’s message at the CFAA conference was that regardless of how thoughtout a total rewards package, health benefits or retirement plan is, if it isn't properly communicated to employees, their value can be lost.