Benefits & Pension Consulting
Our Client's
We provide innovative advisory services to a number of Southern Alberta's leading employers, ranging from small businesses to international corporations.
How We Help You
A Success Story
We have established a unique process to ensure our clients are receiving the maximum value from their employee benefit and retirement programs.
Read this case study about how we helped a client redesign their employee benefit and retirement program to retain and reward their best employee's.
Our client's all have one thing in common, they expect results.
When you partner with Cox Financial Group you can trust that your employee benefit and retirement programs are taken care of and serviced at the highest level which enables you to focus on other aspects of your business.
We offer a unique, integrated approach to the design and cost management planning of employee benefit and retirement programs.
We strive to create comprehensive programs that align with your organization's goals and objectives, which at the same time identify and manage cost concerns, improve employee's value perception, and increase employee loyalty.
We help our client's attain maximum value from their benefit dollars by negotiating renewal rates with insurance carriers, evaluating plan funding options, designing and implementing communication strategies tailor-made to their environment and employee needs, tracking claims experience on a monthly basis and resolving any claims or service issues in a timely manner.
Challenge
A mid-sized organization was interested in retaining their expert trade's people who were leaving to other organizations for marginal hourly rate increases.
Solution
We helped our client create a custom-tailored total rewards program which specifically rewards employees based on their years of employment with the organization but flexible enough to accelerate stars.
The rewards program consisted of two key elements that are phased in over the different time periods.
The first element was the redesign of their employee benefit plan which went from one plan design for all employee's to a three tiered program where benefits are enhanced at each tier. The tiers were uniquely designed based on the client's desires of when they thought rewarding the employee's would be most effective in increasing retention. The program also consists of health and wellness spending accounts where more credits are allocated to employees as they move up each tier.
The second element will be the introduction of a company-matching Group RRSP program. The program will mimic the tiered design of the employee benefit program, rewarding employees with a higher company match as they progress through each tier.
The tiered approach is a key element in each program as it ensures our client is rewarding long-term employment and their investment isn't lost on transient employees.
Results
Our client is now retaining more of their expert trade's people and all of their employees are beginning to understand the value of their total compensation packages beyond the hourly rate of pay.
To find out more about how we can help you achieve your objectives send us a quick email below or give us a call at 403-329-6220.
