The benefits of being flexible     by Toronto Training and HR             April 2012
3-4      Introduction to Toronto Training and HR           5-7      DefinitionsContents   8-9           10-15             ...
Introduction     Page 3
Introduction to Toronto Training            and HR• Toronto Training and HR is a specialist training and human  resources ...
Definitions    Page 5
Definitions 1 of 2Flexible benefitsCafeteria benefitsFlex plan                     Page 6
Definitions 2 of 2TYPICAL BENEFITSLearning and developmentLifestyle optionsFinancial and legalHealth and wellbeing        ...
Foundations of a benefits         plan           Page 8
Foundations of a benefits planHealth insurance for expenses not covered by yourprovincial planDental benefitsGroup life in...
Communication     Page 10
Communication 1 of 5Brief (each time)Jargon-freeBrandedTailored to its audience: employees are interestedin matters affect...
Communication 2 of 5DirectChampioned: if someone known and respectedbelieves in the scheme and can put forward theircase s...
Communication 3 of 5QUESTIONS TO ASK:What is the best way to design a unique brand andstyle?What needs communicating?Who a...
Communication 4 of 5DEVELOPING A COMMUNICATION STRATEGY:Review current benefit awarenessEstablish preferences for benefit ...
Communication 5 of 5DEVELOPING A COMMUNICATION STRATEGY:Get it!Support it!Do it!                  Page 15
Advantages of flexible      benefits         Page 16
Advantages of flexible benefits            1 of 2Employees choose benefits they want and value,rather than having to accep...
Advantages of flexible benefits            2 of 2Employees participate in the design of their rewardpackageDual-career cou...
Disadvantages of flexible       benefits           Page 19
Disadvantages of flexible             benefitsDanger of increasing costsProblem of valuing benefitsDiscounts may be lost i...
Outsourcing flexible     benefits        Page 21
Outsourcing flexible benefitsEnsure there are clearly defined reasons foroutsourcingEnsure contracts are drawn up wellEnsu...
Key areas that need to be        assessed           Page 23
Key areas that need to be          assessed 1 of 2Supporting and enhancing the organization’smission statement and key pri...
Key areas that need to be          assessed 2 of 2Administration, IT and outsourcingProject managementFinancial benefits, ...
The tax situation around    flexible benefits          Page 26
The tax situation around flexible            benefitsClearly understand the current tax and socialinsurance positionFor ea...
Project plan for flexible        benefits           Page 28
Project plan for flexible benefits              1 of 2Agreement of benefits program and items toincludeBenefit products an...
Project plan for flexible benefits              2 of 2Communication documentation issued toemployees explaining the scheme...
Implementing a flex plan          Page 31
Implementing a flex planDon’t provide too many optionsRepackage benefits to provide employees with thecoverage they need, ...
How flexible benefits can   facilitate change           Page 33
How flexible benefits can        facilitate changeRestructuring company care schemesIntegrating incompatible terms and con...
Determining whatemployees value      Page 35
Determining what employees          value 1 of 2Is it tax-effective for the employee?Is the benefit not generally availabl...
Determining what employees          value 2 of 2Does it offer a discount pricing advantage?Does it add cost to the existin...
Questions which impact on   strategy and design           Page 38
Questions which impact on    strategy and design 1 of 2When are you looking to introduce the scheme?How will you be admini...
Questions which impact on    strategy and design 2 of 2Who do you want to be able to select each of thebenefits?How much m...
Flex in the future       Page 41
Flex in the future 1 of 2Fixed amounts for contribution to the premiumcost of additional group insurance, such as drug,den...
Flex in the future 2 of 2A plan to cover medical and dental expensesdeemed eligible by the Canada Revenue Agency,such as c...
Drill Page 44
DrillPage 45
Case study A    Page 46
Case study A    Page 47
Case study B    Page 48
Case study B    Page 49
Case study C    Page 50
Case study C    Page 51
Case study D    Page 52
Case study D    Page 53
Case study E    Page 54
Case study E    Page 55
Conclusion and questions          Page 56
Conclusion and questionsSummaryVideosQuestions               Page 57
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The benefits of being flexible April 2012

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Half day open training event held in Toronto.

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The benefits of being flexible April 2012

  1. 1. The benefits of being flexible by Toronto Training and HR April 2012
  2. 2. 3-4 Introduction to Toronto Training and HR 5-7 DefinitionsContents 8-9 10-15 Foundations of a benefits plan Communication 16-18 Advantages of flexible benefits 19-20 Disadvantages of flexible benefits 21-22 Outsourcing flexible benefits 23-25 Key areas that need to be assessed 26-27 The tax situation around flexible benefits 28-30 Project plan for flexible benefits 31-32 Implementing a flex plan 33-34 How flexible benefits can facilitate change 35-37 Determining what employees value 38-40 Questions which impact on strategy and design 41-43 Flex in the future 44-45 Drill 46-55 Case studies 56-57 Conclusion and questions Page 2
  3. 3. Introduction Page 3
  4. 4. Introduction to Toronto Training and HR• Toronto Training and HR is a specialist training and human resources consultancy headed by Timothy Holden• 10 years in banking• 10 years in training and human resources• Freelance practitioner since 2006• The core services provided by Toronto Training and HR are: - Training event design - Training event delivery - Reducing costs - Saving time - Improving employee engagement & morale - Services for job seekers Page 4
  5. 5. Definitions Page 5
  6. 6. Definitions 1 of 2Flexible benefitsCafeteria benefitsFlex plan Page 6
  7. 7. Definitions 2 of 2TYPICAL BENEFITSLearning and developmentLifestyle optionsFinancial and legalHealth and wellbeing Page 7
  8. 8. Foundations of a benefits plan Page 8
  9. 9. Foundations of a benefits planHealth insurance for expenses not covered by yourprovincial planDental benefitsGroup life insuranceShort- and long-term disability plansRetirement savings plansVacation and other paid time off Page 9
  10. 10. Communication Page 10
  11. 11. Communication 1 of 5Brief (each time)Jargon-freeBrandedTailored to its audience: employees are interestedin matters affecting them personally, so the morea company can target the information individually,the more buy-in it will achieve Page 11
  12. 12. Communication 2 of 5DirectChampioned: if someone known and respectedbelieves in the scheme and can put forward theircase study, others will buy in too Page 12
  13. 13. Communication 3 of 5QUESTIONS TO ASK:What is the best way to design a unique brand andstyle?What needs communicating?Who are you communicating to?What media do you need to use?Who will be the communicator?What is the best timing?How can communication difficulties be overcome? Page 13
  14. 14. Communication 4 of 5DEVELOPING A COMMUNICATION STRATEGY:Review current benefit awarenessEstablish preferences for benefit communicationExamine employee attitudes to flexibility inbenefits and the value/concerns they may haveregarding this issue Page 14
  15. 15. Communication 5 of 5DEVELOPING A COMMUNICATION STRATEGY:Get it!Support it!Do it! Page 15
  16. 16. Advantages of flexible benefits Page 16
  17. 17. Advantages of flexible benefits 1 of 2Employees choose benefits they want and value,rather than having to accept unwanted and under-valued benefitsWhere a budget system is adopted, the cost ofbenefits is controlled betterEmployers and employees share responsibility forbenefitsEmployees can change their benefits as theirlifestyle changes Page 17
  18. 18. Advantages of flexible benefits 2 of 2Employees participate in the design of their rewardpackageDual-career couples avoid the duplication ofbenefitsEmployers are seen as responding to employeedemands for flexibility Page 18
  19. 19. Disadvantages of flexible benefits Page 19
  20. 20. Disadvantages of flexible benefitsDanger of increasing costsProblem of valuing benefitsDiscounts may be lost if some employees withdrawComplex administrationNeed for financial counsellingTax implications Page 20
  21. 21. Outsourcing flexible benefits Page 21
  22. 22. Outsourcing flexible benefitsEnsure there are clearly defined reasons foroutsourcingEnsure contracts are drawn up wellEnsure a good but practical set of service levelagreementsEnsure the outsourcer provides a good set ofguarantees and performance bondsMake absolutely sure that the contract caters forall eventualities Page 22
  23. 23. Key areas that need to be assessed Page 23
  24. 24. Key areas that need to be assessed 1 of 2Supporting and enhancing the organization’smission statement and key prioritiesEmployee benefits reviewMarket issuesEmployees’ and employers’ prospectiveEmployment law issuesCommunications issuesProduct selection and mix Page 24
  25. 25. Key areas that need to be assessed 2 of 2Administration, IT and outsourcingProject managementFinancial benefits, costs and risk analysisMonitoring and evaluation Page 25
  26. 26. The tax situation around flexible benefits Page 26
  27. 27. The tax situation around flexible benefitsClearly understand the current tax and socialinsurance positionFor each product selected, define precisely its taxtreatmentAssess mixing benefits together and the use ofsalary and bonuses to fund choicesUse modelling to find the best mixDevelop a clear, simple effective communicationstrategy specifically for tax Page 27
  28. 28. Project plan for flexible benefits Page 28
  29. 29. Project plan for flexible benefits 1 of 2Agreement of benefits program and items toincludeBenefit products and providers agreedSystem configurationPayroll feedEmployee data providedSecurity checksScheme booklets designed and printed Page 29
  30. 30. Project plan for flexible benefits 2 of 2Communication documentation issued toemployees explaining the schemeTesting of siteSite signed off by clientSite signed off by administration teamGo live-enrolment period Page 30
  31. 31. Implementing a flex plan Page 31
  32. 32. Implementing a flex planDon’t provide too many optionsRepackage benefits to provide employees with thecoverage they need, but don’t break it down somuch that you’ll get “cherry-picking”Simplify the price/credit structureHave well-planned communication Page 32
  33. 33. How flexible benefits can facilitate change Page 33
  34. 34. How flexible benefits can facilitate changeRestructuring company care schemesIntegrating incompatible terms and conditionsafter mergers and acquisitionsIntroducing new payment systemsReinforcing cultural changes Page 34
  35. 35. Determining whatemployees value Page 35
  36. 36. Determining what employees value 1 of 2Is it tax-effective for the employee?Is the benefit not generally available outside ofwork?Does it enhance the company’s image andbranding? Page 36
  37. 37. Determining what employees value 2 of 2Does it offer a discount pricing advantage?Does it add cost to the existing benefits plan?What is the impact on the total rewards packageof pay, benefits, career development and work/lifebalance? Page 37
  38. 38. Questions which impact on strategy and design Page 38
  39. 39. Questions which impact on strategy and design 1 of 2When are you looking to introduce the scheme?How will you be administering the scheme?What benefits do you currently provide (and atwhat levels), and who do you provide them for?What benefits must you provide in the future?What benefits do you want employees to havegoing forward and at what minimum levels?What benefits do your employees want? Page 39
  40. 40. Questions which impact on strategy and design 2 of 2Who do you want to be able to select each of thebenefits?How much money will you give your employees tospend on their own benefits?How much of their own cash will employees beallowed to spend on their benefits?Who provides your existing benefits, and can orwill they provide benefits on a flexible basis? Page 40
  41. 41. Flex in the future Page 41
  42. 42. Flex in the future 1 of 2Fixed amounts for contribution to the premiumcost of additional group insurance, such as drug,dental, hospital and out-of-country medicalcoverage, paramedical and private duty nursingand optional life insuranceLifestyle accommodation benefits, such as flexiblework arrangements, personal and professionalgrowth opportunities, work/life balance options,wellness programs, flexible work hours andvacation purchases Page 42
  43. 43. Flex in the future 2 of 2A plan to cover medical and dental expensesdeemed eligible by the Canada Revenue Agency,such as cosmetic dental servicesAdditional voluntary contributions funded by theemployee, with the employer contributing a fixedpercentage Page 43
  44. 44. Drill Page 44
  45. 45. DrillPage 45
  46. 46. Case study A Page 46
  47. 47. Case study A Page 47
  48. 48. Case study B Page 48
  49. 49. Case study B Page 49
  50. 50. Case study C Page 50
  51. 51. Case study C Page 51
  52. 52. Case study D Page 52
  53. 53. Case study D Page 53
  54. 54. Case study E Page 54
  55. 55. Case study E Page 55
  56. 56. Conclusion and questions Page 56
  57. 57. Conclusion and questionsSummaryVideosQuestions Page 57
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