Employee benefits key in keeping entrepreneurs competitive and healthy
TORONTO, Oct. 5, 2012 /CNW/ - Small business owners are drowning in insurance details and paperwork, spending nearly five weeks each year enrolling employees, reconciling bills and other 'administrivia', according to new research from ADP Canada Co., a leading provider of human resources, payroll and benefit management solutions.
But at the same time, over three-quarters of employers believe that providing benefits is important for staying competitive with other companies in their industry.
"For many small businesses in Canada, providing employees with competitive health benefits, as a key component of their overall compensation, is an important strategy to attract and retain great staff," said Laura Mensch, Vice President, ADP Canada Insurance Agency Inc. "But while healthy employees mean healthy businesses, too many small business owners are spending their valuable time handling administration and paperwork."
Survey respondents indicated that the hours they save with more efficient benefits management would be spent managing staff (56 percent) and conducting business planning (54 percent).
Larry Ellerton, Chief Financial Officer and co-owner of Cantactix, a retail space management company in Toronto, was manually managing all insurance payments for his employees. He often spent four or five hours per week reconciling and managing employee benefits.
Switching to ADP Insurance Solutions provided significant time savings for Cantactix.
"Using ADP Insurance Solutions has given me back two days a month I once spent processing payroll and benefits by myself," said Ellerton. "Now I can spend time focusing on what matters - growing our business."
With the benefits plan changes recommended by ADP, Cantactix is able to provide equal or superior benefits for every employee, at a 20 percent cost savings for the company.
"With ADP Insurance Solutions, small business owners receive the data and insights to allow them to more actively manage their benefits while reducing their overall administration burden - by an average of 27 percent," added Mensch. "Reducing the overall cost, while providing more effective benefits, can transform workplace benefits from simply a cost of doing business into a smart investment in the business."
Small businesses: Keeping Canada's economic engine running
The ADP Best Practices in Workplace Benefits research study also revealed that more than 40 percent of business owners admitted that either their own or an employee's extended absence due to health issues would either greatly impact their business (29 percent) or even put their business at risk (12 percent).
More than 90 percent of those surveyed consider employee health and wellness to be an important goal of their benefits package.
ADP Canada Insurance Agency Inc. also announced today that it has joined forces with Cleveland Clinic Canada to develop an exclusive program for their clients. The MyHealthTrack program is a package of health benefits including online second opinions and health information resources, aimed at keeping small business owners and their employees in tip-top shape.
"The MyHealthTrack program is exciting because it offers world class, innovative health and medical services to the most significant contributor of the Canadian economy - small businesses," said Mike Kessel, President and CEO, Cleveland Clinic Canada. "We recognize that employees are a company's most valued asset and we look forward to providing them with outstanding patient care."
With the MyHealthTrack program, small business owners and their employees will have access to global medical expertise and Cleveland Clinic Canada's multidisciplinary clinical team in Toronto.
"Collaborating with Cleveland Clinic Canada means ADP Insurance Solutions can offer the health and wellness benefits that help small business owners retain valued employees and recruit competitively," said Mensch.
About the survey
Results are based on a survey of 508 business owners and executives at Canadian companies (50% of respondents are in businesses with 5-49 employees, 50% are in businesses with 50-249 employees). The survey was conducted for ADP by PMG Intelligence in August 2012.
About Cleveland Clinic Canada
Cleveland Clinic is a global academic medical centre that has been delivering world class care to patients since 1921. Located in the heart of downtown Toronto, Cleveland Clinic Canada is an outpatient clinic that incorporates the latest technology with innovative clinical wellness service to provide Canadians with a high-quality and convenient healthcare experience.
Learn more at www.clevelandclinic.ca
About ADP Canada Co.
ADP Canada Co. is a leading provider of human resources, payroll and benefits solutions that power organizations to drive business success. ADP Canada's insightful solutions provide superior value to 45,000 clients of all sizes, allowing them to increase productivity, improve employee retention, and control costs. ADP Canada Insurance Agency Inc. is an affiliate of ADP Canada Co. For more information about ADP Canada or to contact a local ADP sales office, call us at 1 866-228-9675 or visit us at adp.ca.
SOURCE: ADP Canada
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