2nd Sight
The Culture of Benefits
by
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Benefits are the result of a promise kept by an employer to the employees Consider how benefits must align with overall business schematic. A successful package forms part of the overall compensation strategy for attracting and more importantly, retaining top talent. It is a fact that a benefit plan also works to re-enforce the culture of the organization. Stands to reason then that there has to be a trust between the organization and its employees that the benefit plan will remain intact and be there when they need it. Let’s be clear, insurance and benefit providers are FOR PROFIT organizations themselves. They too must be competitive. The market, underwriting, risk, specific customer requirements, amongst a multitude of other factors go into the pricing model. But at the end of the day, the purpose of insurance is to cover off the element of “risk”. • Risk of loss of life • Risk of loss of income • Risk of a catastrophic event Too often, corporations review their benefit package with an eye only on the dollars spent, viewing benefits as a commodity, rather than the important component of compensation, culture and wellness that it is. Business owners are happy (and rightly so) to take the premium decreases when the usage—and NEEDS are low, and all too willing to remove coverage at the exact time that is it needed most.
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About the Book
“2nd Sight, the Culture of Benefits” is a look under the cover of how an employer sponsored benefit plans impact every aspect of the corporation, from daily performance, engagement, compensation, safety, and especially the culture of the organization. Benefits also influences the expectations of employees. No longer are benefits considered a bonus or a perk. They are expected as part of what makes a business an attractive place to work. If businesses want a strategic return on their investment in their human capital talent, then their benefit plan has to play a significant role in that conversation because every great benefit plan aligns with productivity and safety for effective return on the corporate investment.
About the Author
Lori Power is the founder of MP Benefits Inc., a published author of fiction and non-fiction, a Certified Exit Planning Advisor (CEPA), a Certified Facilitation Leader, holds the Queen’s University certificate for “Workplace Mental Health Leadership”, and the 2022 winner of the EBN Excellence in Benefits Award. As an advocate for continuing education, she is a mentor, educator, and public speaker. Lori is a member of Advocis, the financial therapy association, the Canadian Group Insurance Brokers (CGIB), and the Canadian Association of Life Underwriters (CALU). She has been featured on the Corporate Connections Speaker’s series, Global News, CBC, the HR Reporter, Smokin’ Bulls podcast, the Advisor Advantage, Benefits Genius, BCC Drive Time, Every Other Wednesday corporate culture conversations, and hosts a podcast entitled “SHifT”. Lori has been engaged in the Disney Institute for Business Learning since 2019, achieving their accreditation in the first three cores: Leadership | Quality Service | Employee Engagement and has gone on to complete their “Leadership Excellence” and “Coaching for Peak Performance” certificates. Lori non-fiction true-crime installment “They’ll Never Know” highlights the psychological relationship between people and insurance.