top of page
Search
  • Jeremy Stankov

Where to Start? Employee Benefits Tips for Start-Ups

We're asked a lot about what type of employee benefits plan is best for start-ups.


It's a great question but, unfortunately, not one with an easy answer because each situation is different.


That said, there are a few things you want to make sure you take into consideration - in no particular order.


1. Funding

- who's paying for the benefits?

- Are you cost-sharing with employees or funding the whole plan?

- Is it a Defined Benefit or Defined Contribution plan?


1.b. Sustainability / Budget

You need to make sure you set up a plan that will be sustainable. The last thing you want to do is go too far too fast and then have to scale back or terminate the plan because it's too expensive.


2. Demographics

- do you have multiple generations within your workforce?

- would everyone be happy with the same benefits or would different employees have different needs?


3. Goals

- are you trying to attract top talent?

- do you want to help improve current employee’s health with a comprehensive plan or cover the basics?

- are you looking for a starter plan?


4. Growth

- is your plan appropriate for the stage of business you're in and your expected growth?

- what happens when you get above 10 employees, 25 employees, 100 employees?


These are 4 (or 5) things that you want to look at very closely.


Implementing the wrong plan that won't be appreciated or valued by employees is a huge waste of resources and time.


And there are lots of traps and errors waiting for first time plan sponsors (ok, not just 1st time plan sponsors!).


Make sure you have an advisor who is an employee benefits expert and knows how to develop and manage these types of plans - they're too important and expensive not to.

20 views0 comments

Recent Posts

See All

Enhancing Your Group Retirement Savings Plan

Regular CAP compliance reviews are an essential part of properly servicing your group retirement savings plan. Ensuring compliance with industry guidelines is crucial for the long-term success of your

As weird as it may sound at first...

Imagine giving the next generation, your kids and grandkids, a head start, a cash infusion, money to start a business, put a down payment on a house or simply the lifetime gift of insurance. Imagine t

Comentarios


Please Complete This Form To Get Started

Your information will not be shared or used for any purpose other than to contact you in response to this request.


Would you rather talk now? 

Call us at 1-416-320-2218.

What type of insurance do you want to talk about?

Thanks for submitting!

bottom of page