Growing Potential Together in Small Business.

Employee Benefit

• The ability to recruit top tier talent is the biggest obstacle affecting the growth potential for small business today. In an economy where so many people are looking for full time employment or a better job, you would think it should not be it hard to find staff, however, the irony is that a small business oftentimes cannot compete on salary and benefits with larger organizations or well-funded venture-backed start-ups, when a worker has the skills needed to fill the position.
• There are two kinds of retirement pension plans that small business owners can set up for their employees. Defined Contribution – Employees in DC pension plans choose the investments within their individual plans and the retirement benefit is based on the value of the investments in the plan when the employee retires. Defined Benefit – Employees in DB plans enjoy a specific benefit at retirement, calculated using a formula based on earnings and years of service.
• DB plans generally specify an age, usually 65, at which employees are expected to start receiving retirement income.

• Planning a better retirement for your employees provides security to your employees. Funds accumulating within a retirement plan for individual members are generally locked-in by provincial or federal legislation.
• DC is generally a less costly option than a DB plan for an employer and is easier to administer.
• Because you are making the investment decisions and guaranteeing a fixed benefit to the employee at retirement, as an employer, you face a potentially greater obligation with a DB plan than a DC plan.
• If there are insufficient funds in the plan, you may also be required to top up the plan by making a greater current cash flow commitment to the DB plan than expected.
• However, if there is a surplus in the plan, you may have reduced payments.
• Keeping employees vested and skilled is a simple yet powerful formula for growth.
• So, the best way to tackle this obstacle is to recruit those who are passionate about the business and then have each new recruit go through an ongoing employee development and skills training program.

Is anyone on your team ready to step up and become a leader?

• Who will fill your shoes when you retire? When an important member of your staff is over 55, do you have an organized program to maintain the staff’s skill level as its most experienced and knowledgeable worker/s move on, leaving the company vulnerable to “brain drain”?
• Identifying missing skills, incentivizing team members to meet your improvement goals, crafting long- and short-term plans to remedy the deficiency and finding resources to keep performance high are some ways to protect the long-term strength of your company.
• Form a comprehensive game plan by approaching it from these four angles and using solutions customized to your department and the organization as a whole.

Contacts

• I always tell small business owners to just reach out and ask someone who has been in the trenches to coffee so you can run your ideas or problems by them.
• No person is an island, and business owners love to talk about themselves. Just talking through possible solutions really does make all the difference in the world.
• Business owners often admit how difficult it is for them to ask someone else for help.
• Thankfully networking events, both online and in real life, are becoming more and more common, and people are discovering ways to connect with possible mentors and friends.

Small businesses are fueling our economy, but they must be able to locate and land top hires in order to continue succeeding and building a stronger future. By accessing many of the same tools large companies use, those top candidates are within their reach. Spending some of your budget on the right tools is better than missing out on talented prospective employees. In this age of technology, you can take advantage of many of the same tools, techniques and resources that larger organizations use to attract and land highly sought-after candidates. Contact HyperEffects to chart out a tailor-made tool for your hiring process to be swifter, organised and easy.

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