VBF Group Benefits & Retirement Plan Benchmarking – Jun 2, 2022
Members learned more about one of our member companies, Capri CMW from Amar Munjal, and Bruce Yari. Amar began the presentation explaining how companies can leverage their benefits program to retain and attract employees.
Capri CMW can provide an audit of your offerings, benchmarking the group benefits & retirement plan, to see how it compares to other companies in a similar industry/size and geographic location the organization is hiring from. The audit ultimately outlines the comparison of other companies’ offerings, and the pros and cons of each of the findings. They look at plan design and recommend change metrics to improve it, allow people to enroll earlier, and make it more flexible from a contribution perspective.
Basic employee education is effective if offered recognizing demographic/age, and additionally, provided on company time. The education that Capri CMW offers on a bi-annual basis to employees will help them understand how they can save tax with payroll deductions, the potential for saving with an RRSP and giving them future projection based on their organization’s plan. Employees will want to know that the impact is on their net take home pay if they contribute to the 4% matching program. Capri CMW also can build and send out total rewards statements to employees on a yearly basis, if requested, and can conduct one-on-one education sessions with employees as well as group education sessions.
If organizations wanted to start this process, it’s recommended to engage employees in a survey asking them for feedback on their current benefits plan. Common current feedback is increasing coverage for mental health as well as wellness payments (gym membership, running shoes, fitness classes, equipment). The process will take approximately 2 weeks from start to finish, and at the end, the organization will receive data on how their plans stack up against the competition, ultimately helping leverage their position as a leading employer in the marketplace.
A reminder of future events:
Oct. 6th, our annual Round Table takes place.
