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In-Demand Benefits for 2024 Retention

General HR
December 12, 2023

About the Webinar

As businesses continue to compete for top talent, it’s more important than ever to offer benefits that not only attract but also retain employees. In this session, we explore the latest trends and strategies for designing a comprehensive benefits package that meets the diverse needs of today’s workforce.

Employees who believe their employer cares about their well-being are 69% less likely to search for a new job and 71% less likely to report burnout.

Taking a people-first approach to benefits is essential in 2024. Employers must understand what their employees value and what benefits matter most to them.

In this webinar, we explore various in-demand benefits and discuss the importance of wellness benefits that impact both their well-being and your business’s bottom line.

A well-rounded wellness program is essential to attracting and retaining employees and promoting a healthy workplace culture.

What You Will Learn:

  • How to take a people-first approach to your benefit offerings
  • The importance of supporting your employee’s well-being
  • The benefits in demand from the workforce and how you can gain a competitive advantage
  • Ways to understand the impact of a multigenerational workforce and how to attract top talent

Meet VensureHR

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About Your Host

William Kane

Partner Growth Manager, VensureHR

Bill Kane is a dedicated lifelong learner, talent manager, and retired Army Command Sergeant Major (CSM) with a proven track record of tactical and operational leadership. Born and raised in Southwestern Montana, Bill’s journey has been marked by resilience, commitment, and service. 

Bill’s role as the Partner Growth Manager at Vensure Employer Solutions showcases his networking and customer service skills, which he skillfully deploys to foster corporate partnerships. He is responsible for driving marketplace engagement to enhance the employer-employee relationship, thereby improving recruiting and retention efforts through benefits, discounts, and rewards. 

Bill’s background in the Professional Employer Organization (PEO) industry began as a Safety Consultant, where he gained a deep understanding of the challenges faced by employers and the desires of employees.  He experienced the challenges faced by organizations as a consultant, a trainer, and a strategic planner as Director of Safety. 

Bill is a highly decorated and distinguished military leader who has served with honor and dedication throughout a long and illustrious career. With over 26 years of service in the Army Reserve, he left an indelible mark on the lives of thousands of Soldiers and the armed forces.  Since retiring from service, he continues to contribute to the community through mentorship, veterans’ advocacy, and sharing his wealth of knowledge and experience with the next generation of business leaders. 

Bill’s life journey is a testament to leadership, commitment, and a relentless pursuit of excellence. 

About Your Host

William Kane

Partner Growth Manager, VensureHR

Bill Kane is a dedicated lifelong learner, talent manager, and retired Army Command Sergeant Major (CSM) with a proven track record of tactical and operational leadership. Born and raised in Southwestern Montana, Bill’s journey has been marked by resilience, commitment, and service. 

Bill’s role as the Partner Growth Manager at Vensure Employer Solutions showcases his networking and customer service skills, which he skillfully deploys to foster corporate partnerships. He is responsible for driving marketplace engagement to enhance the employer-employee relationship, thereby improving recruiting and retention efforts through benefits, discounts, and rewards. 

Bill’s background in the Professional Employer Organization (PEO) industry began as a Safety Consultant, where he gained a deep understanding of the challenges faced by employers and the desires of employees.  He experienced the challenges faced by organizations as a consultant, a trainer, and a strategic planner as Director of Safety. 

Bill is a highly decorated and distinguished military leader who has served with honor and dedication throughout a long and illustrious career. With over 26 years of service in the Army Reserve, he left an indelible mark on the lives of thousands of Soldiers and the armed forces.  Since retiring from service, he continues to contribute to the community through mentorship, veterans’ advocacy, and sharing his wealth of knowledge and experience with the next generation of business leaders. 

Bill’s life journey is a testament to leadership, commitment, and a relentless pursuit of excellence. 

darcy-tuer-headshot

Darcy Tuer

CEO & Co-Founder, ZayZoon

Darcy Tuer is ZayZoon's Co-Founder and CEO, who grew up in Calgary and Edmonton and started his first tech company in 2000. “I'm passionate about Calgary's technology ecosystem.”  

Also the Co-founder and previous President of Spira Data Corp. for 11 years, he founded his first software company, Halo Networks, in 2000 while studying electrical engineering at the University of Alberta. 

Darcy was convinced he was meant to be a part of ZayZoon when Tate Hackert, ZayZoon's Co-Founder and President, pitched the company and its vision to him. The idea of bringing financial wellness to the masses and creating a social impact around the world was something he could not ignore. “We believed that if we had one person that needed us, that we could keep away from a predatory loan, we knew that there would be hundreds of thousands of people that we could help in the same way." 

Through Darcy, Tate, and co-founder Jamie Ha's efforts, ZayZoon has raised $34.5 million USD in debt and equity for its Series B financing. This financing will support recruiting efforts and continued growth and innovation for the company.

darcy-tuer-headshot

Darcy Tuer

CEO & Co-Founder, ZayZoon

Darcy Tuer is ZayZoon's Co-Founder and CEO, who grew up in Calgary and Edmonton and started his first tech company in 2000. “I'm passionate about Calgary's technology ecosystem.”  

Also the Co-founder and previous President of Spira Data Corp. for 11 years, he founded his first software company, Halo Networks, in 2000 while studying electrical engineering at the University of Alberta. 

Darcy was convinced he was meant to be a part of ZayZoon when Tate Hackert, ZayZoon's Co-Founder and President, pitched the company and its vision to him. The idea of bringing financial wellness to the masses and creating a social impact around the world was something he could not ignore. “We believed that if we had one person that needed us, that we could keep away from a predatory loan, we knew that there would be hundreds of thousands of people that we could help in the same way." 

Through Darcy, Tate, and co-founder Jamie Ha's efforts, ZayZoon has raised $34.5 million USD in debt and equity for its Series B financing. This financing will support recruiting efforts and continued growth and innovation for the company.

William Kane, VensureHR Great. Thank you so much. Greatly appreciate the opportunity to be here today with Darcy and to join all of you, all to help to educate you on elevating your competitive edge in 2024 with in demand benefits. We’ll go ahead and get things kicked off. In recent years, many of us have disrupted the business world and have caused us to refocus on critical organization assets, the most important critical organization asset, which is our employees lasting impact of the pandemic, inflation, rising costs of living and more flexible work environments have all been pivotal to the types of on demand benefits that employees are seeking and that businesses need to offer to sustain a competitive edge. Today, we’ll discuss on demand benefit offerings that help combat the great resignation and recession benefit a multigenerational workforce and high employee demand for this upcoming year. We’ll be talking about the role of on demand benefits, on retention as a driver for recruitment and the positive impact your business receives by empowering your employees. In today’s business environment, we view our workforce as rapidly evolving. During the pandemic, we witnessed employees seeking increased, increased flexibility and work from home support. Today, employees are more concerned about economic volatility, job security and the rising cost of everyday goods. This financial unrest has an outsized impact on employee well-being and product productivity and business success. Meanwhile, the employer landscape is similarly under pressure to drive cost and operational efficiencies. Jobs, job stressors like high inflation, potential recession, rising interest rates and market volatility are impacting employees and business leaders at an alarming rate. The 2023 Bright Plan Wellness Barometer survey indicate that while tools and resources have been made available, only 18% of workforce of the workforce has basic financial literacy. 35% have no emergency savings or only enough for up to two months and nearly half of unmanageable debt. Cap this with a significant impact on the welfare of your employees, mental, social and physical health and add in the effects of a multigenerational workforce that is planning for retirement. Sending kids to college or beginning a career in an era of artificial intelligence, advanced technology and robotics. And we have the makings of an interesting 2024. Darcy, what kind of things do you see unfold in 2023 that are making an impact on your 2024 plant?

 

Darcy Tuer, ZayZoon Yeah, great question, Bill. And thank you, everybody for joining us here today. Yeah, twenty-, obviously, for all of us, the last few years have been really, really fluid, I think, to say the least. And so when I think about, you know, the experience over this year and previous years and how I think about benefits and acquiring and retaining staff, there are some kind of key themes that come to mind for me. One in particular, I think when we’re dealing with such a fluid environment and it’s changing, you’re really indexing yourself to to the hiring process, right? To kind of that tip of the spear, how do we recruit and acquire new labor. But the thing we have to really be careful about is we’re looking at 2023 is we’ve worked really hard to recruit the talent that we currently have, and if we’ve done a good job, the retention of that talent is paramount. So I think it’s always important to start your thinking there. So how do we retain we’ve got how do we continue to persist, ideally an attractive work environment that’s supportive for our employees. And we went about retooling this actually at ZayZoon this year and we’ve got Canadian employees, you can apply here my Canadian accent and U.S. employees. And we really went about deliberately reassessing the the benefits that we’re providing really with the aim to provide some equity and a common framework across both geographies with how can we support the existing employees we have today. And that’s going to obviously hopefully create a gravitational pull for people that we’re looking to hire. So how are we equitable across roles, geography, demographics? I’m thinking about mental health support, financial benefits and supporting things like health spending, for example. So really working on that and then working with a team to help our employees understand where they fit in the organization and how we can support them along their journey as an employee here at XYZ and the driving purpose amongst the team and creating that community is paramount. So things like developing a more formal career path. So the people that are here today and the people coming on board really see a long term opportunity with season beyond just the job that’s being presented today or the job that they’re working in today. And I think you touch on another really important thing, which is that the multi generations now that we’re supporting within the workforce and that creates a lot of diversity. And I think if you use that diversity strategically, it can help lead to innovation and creativity. But there some things you want to think about as you’re navigating a multi-generational workforce. So stereotyping, you want to make you want to avoid that. Of course you want to drive open communication amongst your entire workforce. And I think it’s also important that you take individualized approaches so you can leverage diversity, but recognize there are different needs within the organization and that you balance those needs with fairness and equity. So ensuring your policies and practices are fair, you’re treating employees equally regardless of age and other diversity. And then another big aspect on the demographics side is starting to think about succession planning within the organization obviously speaks to different needs based on different demographics, but those are things that we tend tend to ignore amongst like the urgent and important categories, like hiring your next employee. And the final one I want to touch on is leading by example. So there are lots of leaders on the call today. So making sure that as we’re navigating a more diverse work environment and a challenging environment, that we’re demonstrating respect, inclusion in our very in our own interactions as a leader. So we’re setting the tone for that respectful and inclusive behavior through the benefits for choosing and how we’re interacting with our most important asset, our employees.

 

William Kane, VensureHR Yeah, I love that. Darcy. I really appreciate that. Really just focusing in on who you currently have so that you can improve things for the future as is absolutely where we want to start putting our focus as we as we look at ending this year and walking into 2024 to get into things a little bit deeper. I mean, to optimally address our employee challenges, we need to have a real time pulse. And you mentioned this, Darcy, The having a real time pulse on your workforce is shifting needs. This requires data and insights. That means that you have to ask for feedback from your current employees. You have to pursue analytics from outside and outside entities. When equipped with the correct information, we can target solutions and on demand benefits that improve employee well-being and drive productivity and engagement. Ultimately, this contributes to a healthier company body bottom line in the coming year. This focused approach is going to be critical to continued success in the face of our economic development, our excuse me, our economic uncertainty. Excuse me, Darcy. What can a business do to stay competitive when employees feel that instability and kind of don’t know where things are going?

 

Darcy Tuer, ZayZoon Yeah, it’s a it’s an important contemplation. I think of it like I would start to think of it personally, like, how do I feel? Right. And so when I go to bed at night, I wake up in the morning, and these days especially, you don’t know what world you’re waking up in, Right? What’s changed overnight? And there’s a lot of volatility there. And that with that volatility comes as feeling of maybe a need for safety or discomfort. Right. And I and I think about that as a family. We want to create a safe environment for our family and our community will work. Work is the same. And so I think of it similarly as a leader, how our employees feel at ease in that emotional response is our brand. And so how in a very uncertain time, if you will, how do we create an emotional response that produces feelings of safety, openness and transparency? And I think that’s so critical. So what we’ve found built your questions around. We’ve got to collect data and we need some analysis, and that’s absolutely important. And I think being deliberate about doing that. So for us, for example, we are by no means perfect. We’re trying to get better every day, every month, but we really work to actively engage our staff. So query to like empaths surveys where you’re collecting data and you’re collecting qualitative and quantitative impact, and we’re asking our team, how are you feeling? What are the things we’re doing well, What are things that we’re doing that maybe we should stop doing? And how do we are we are we take that information in. The worst thing you do is ask and then do nothing. So I think sometimes that’s a big mistake people make. So let’s get that information and let’s collect the data, Let’s synthesize the data and let’s beat it back through a structured process. So we want to show our employees that we’ve asked, we’ve heard, here’s what we’re going to do. Here are some commitments we’re going to make. Maybe here are some commitments we can’t make at this time for various reasons, but we’re going to do the best we can with what we have and then what we find we do. And so we want to create that responsibility and accountability. So the following quarter, we’ll go back to our employees, We’ll have a town hall and we’ll say, Hey, this is what we heard from you. Here’s what we said we’re going to do last quarter. Here are the commitments we made and here’s how we think we’ve done across those various commitments. And I think it’s a continuous improvement that you want in your own culture and your own work and product and services. You want to make sure you have that in your leadership and how you contemplate your benefits alongside that.

 

William Kane, VensureHR Yeah, absolutely. Darcy, 100% agree. One of the biggest things here is as we’re looking at the job market today, we need to remember that for employees, it’s not just about having a job to feed their families anymore. It’s which job do they want and do they have the flexibility to pursue the things that are making them happy while they’re pursuing that career? So I think it’s really important that we ask ourselves as business leaders, are we willing and are we focusing on skills development for those employees and are we allowing for that work life balance to exist inside of our are our high paced demands? Absolutely. Love that you’re a live feedback guy. You like to get that feedback, supervise and refine and come back and make things better for the future. That’s always a good way to go about it. And as we talk about the people first mentality, I think it’s really important that we understand that employees struggle and they want help, right? One of the businesses most prominent people related challenges in this upcoming year are supporting employees holistic well-being and enabling their employees to grow with learning and development development. So if you have a job, if you have a place for employees to go, do they have a place to accelerate their growth and to pursue bigger and better things? This is significantly different than what we’ve seen in the years that we’ve faced, you know, even just a year ago, because it’s not just about supply chain and cost, it’s now focusing in really heavily on talent. Talent is the number one worry for growth company leaders right now. The stakes are so high that analysts are actually calling these clashes the beginning of talent wars. Over 50% of U.S. mid-sized companies are planning to boost hiring in the upcoming year, and 90% are expecting to fight to recruit and retain their top talent. So we really need to think about who we’ve got, where their value is, and what the outcome of having to replace our workforce or even portions of our workforce would look like in order to push back and leverage success in this talent war. Growth companies must appeal to today’s talent pools, The younger generation and Darcy, you mentioned this, but the millennials and Gen Z workers, that’s our that’s that’s where we kind of really need to start shifting our minds is about the younger generation that are coming in. They say that by 2025, these two generations will make up nearly two thirds of our workforce, and by 2030 it’s predicted that three quarters of our workers will be Gen Z and millennials. Remember that a key with Gen Z is the Millennials is that they look for value based companies that are reflecting their wants and their needs. This means that wellness benefits must be a top priority in your work force. According to last year’s BRITE Plan survey, 51% of employees experienced worsening mental health, and one third of employees have left the workforce for caregiving responsibilities. So those are some areas that you need to consider as you’re looking at on demand benefits going into the future. Statistics show that over 11 hours of productivity are lost weekly due to financial stressors costing close to $200 billion annually in productivity and engagement. In the Capital Statistics Office, 64% say that financial stress has made their personal relationships worse because they’ve been forced to decide to work rather than to participate in important family and non-work functions. Financial stressors lead to the most desirable employee benefits. This includes financial wellness, mental health and flexible time off. Employers can help improve employees financial well-being by offering financial wellness benefits to educate and guide people to achieve their life goals confidently. And that’s why I’m super happy to have you here, Darcy. An industry leader in boosting financial literacy and helping employee finance is really focusing on the much needed production while we’re keeping our people as the main priority. And with that, Darcy, I’ll pass the mic over to you for these next slides here.

 

Darcy Tuer, ZayZoon Great. Thanks. Thanks very much. Yeah. So it’s it’s interesting. I remember a couple of years ago, like we I had one of our institutional partners share the like in their in their time as a capital allocator like they’ve seen this like this fundamental. Yeah. And how in that power dynamic between hey we’re an employer we’re offering this great opportunity to kind of work for us to it’s shifted to the labor side of the equation I think as we all know, especially being in this field. So how we think and how we’re thoughtful about using our scarce resources. Right. You know, we serve a tremendous number of small businesses and like the employer is, we’re trying to help with their own financial help. We help provide upward mobility businesses. Are there people to you? And often the businesses are suffering from similar resource shortages. I know I’ve certainly felt that over the course of time. So how do we how do we optimize for that? And if we think about, well, let’s look at where things are failing and what can we do to as a countermeasure to maybe some of those failings. So I know last year SHRM released a study on the top reason people are leaving their jobs is due to inadequate total compensation. Well, great. I just talked about how businesses are struggling with their own financial health and well-being and their lack of financial resources. Well, 74% of people saying they left as a result of that. I think you have to read into that. This is total compensation. Right. And so total compensation factors in more than just your take on pay, it actually factors in intrinsic value, too. So, Bill, you talked about it’s important that there is a purpose for especially with the Joneses and millennials, they they need to attach, you know, the massive amount of time and investment. They’re making its employees into something that’s bigger than them, something that connects with them. And I think that’s really I think that’s really important. But and we as employers need to demonstrate that connection. And we also have to live it. We have to make decisions that are going to support the wellness of our own employees, financial and financial health and wellness. So, you know, lack of adequate pay and current time, it’s certainly very challenging. And we’re seeing this pervasive across industries. So it’s not just white collar or blue collar or our hourly or salaried employees. You know, these are people in corporate jobs, quick service restaurant workers. Everyone’s concerned today about their personal finances. And so it can be different based on your age group. So we talked about diversity there from a demographic perspective. And I think you really do need to dig in to how can we start to provide a more individualized approach to taking care of the people that work for us. So talk for some of our employees. It’s paying off Student debt might be buying the first house, it might be saving for retirement. So so how do we how do we provide support? Because we’re seeing currently an expectation that that’s what employees are expecting. And I know when we lean into support, we as business owners see value back, right? In that you’re kind of taking a leap of faith there. But now I think that if you’re not offering that support, it used to be a competitive advantage. Now it’s competitive disadvantage if we’re not looking to provide those supports because the business across the street is looking at it and you’re going to lose, you know, that precious resource, that person to to that business across the street.

 

William Kane, VensureHR Yeah, I really like that. You talk about those intrinsic factors then and you know, the the disadvantage that comes into play with not caring those, those opportunities or the on demand benefits that can help financial wellness Absolutely love that that you bring that up in this setting because it does create a disadvantage and when we’re looking at the the desire to recruit and retain top talent and the competitiveness of of this industry, it’s so important that we are able to at least promote that we care and show that we have that culture of of people. First mindset. Love that.

 

Darcy Tuer, ZayZoon Yeah, absolutely. So something I read by, I think it may have been the maybe on banking of America, just in my research as we’re building out kind of how we thought about financial health. One of the comments was financial stress is on par with getting a medical test result. So, yeah, it’s just think about that for a second. Like you’re sitting waiting for that. And you know, a lot of us have been in that position. And so I think it’s a relatable thing. Well, if financial stress is on par with that, how do you think for your employees that’s going to impact their quality of life alongside impacting their emotional and mental health? What impact is that having on job satisfaction or the quality of work that they’re producing or the strain on relationships personally or even in the workforce? We’re seeing reduced engagement and stress on those team dynamics where stress employees are going to be less cooperative, communicative or supportive of their colleagues. And we talk about trying to measure these things. These are pretty intangible, but we know these forces exist, especially for those I certainly have starting out dealt with financial stress. And it’s it’s the worst, right? It’s so how can we as employers offer benefits and resources to positively impact the financial health and well-being of our employees, not just for the sake of the workers, but also because it’s going to improve work life, productivity and ultimately their loyalty back to the company. And we’re seeing really this emergence of benefits on demand and other really unique, bespoke benefits that can handle and help with that diversity to help create a more engaged and committed workforce. And like I said, where businesses are going to see a return on on that investment.

 

William Kane, VensureHR One of the things that I love working with your team the most, Garcias, is knowing that they’re always bringing a high level of energy. And I’m glad that you spoke to the work life balance element of, you know, you get these financial stressors and everybody kind of feels that. But at the same time, you know, do you feel like you’re weighted more heavily on I need to go to work to be able to get my finances in order or can I take this day to go out and run 100 miles in 24 hours or, you know, if I need to have some medical care provided to me, am I able to take the time away without feeling those financial stress is coming back? And, you know, ultimately they do impact our productivity. They impact the bottom line at the job, at the job as well. So that balance, I think, is super important when it comes to how we are able to handle the stressors because they’re going to happen. You can’t go through life without those stressors. I think it’s just a matter of of understanding. And, you know, it’s a harmony between the places that we want to be and the places that we have to be.

 

Darcy Tuer, ZayZoon That’s a harmony. It’s a great word. You know, we we’ve talked about work life balance for. Decades. Right. And the way I think technology and work and remote work and everything is starting to change. Our thinking on it is it’s it’s almost not balance anymore. It’s we’re threading these worlds together. And it was a colleague, I think, a couple of weeks ago we were chatting and they said, what what what we’re finding is the ability to be present, right. Is is paramount. So if you’re sitting at home with your kids and like, sure. BLOCK is buzzing on your phone, but you put it away and you’re present at the dinner table with your kiddos. But then you’re like, oh, well, you know, I’ve got some things to attend to on the work side, and I’m blocking my calendar and I’m I’m working out with them. I’m finding balance, I’m dealing with that. Then I’m back to my family time. But it’s, it’s really rethinking our relationship between work, family and and other. And can we find a healthy can we find a healthy way to do that? And some of that is around providing hourly flexibility for workers. So we’re gonna measure you on value delivered, not just punching a clock at 8 a.m. and punching out at 5 p.m. to right and they’re innovative, innovative ways for us to look at that.

 

William Kane, VensureHR Yeah. And I that that resonates with me greatly Darcy I mean because you know you have to be able to be able to, to bring the two worlds together and that intertwining of the harmony of, of the two worlds is really important. We’re not taught to do that. You know, it’s something that we are kind of forced to walk the plank with when we get a job and we’re forced with those responsibilities. Those financial impacts exist there. You’re kind of forced to kind of figure it out on the on the go. And I think one of the biggest things here is, you know, as employers and leaders in the marketplace, we kind of have to teach how to balance the work force. So the work life harmony that we so deeply desire, because if we don’t teach that, what we end up having is we just have this this abrupt edge where you’re not going to be able to leverage the best benefit, the best quality employee, and they’re not going to be able to get their best selves to work.

 

Darcy Tuer, ZayZoon Yeah, absolutely. So it leads into the question. So as an employer, what are options available to me to provide those supports to create that the loyalty and wellness within our employee base, within our community. So, you know, we’ve got a slide here outlining some components of that. And I think a big part of it that I know I’ve struggled with as a as a leader is making sure that these are really clear to our staff. Right. That there’s a there’s a deep understanding and a refresh of the benefits that are being provided. You know, often employers aren’t leaning into these enough or if they are providing some, they’re not being used due to lack of education around the benefits themselves. But the top three concerns that we’re seeing for employers today include not enough funds for retirement savings, not having enough money to cover emergencies or unexpected expenses, and terribly not being able to provide the basic needs like covering their housing, food or utility costs. So there we go back to that financial stress and that visceral, emotional reaction. People are going to have to living under that under that duress. So what are benefits we can look at? And again, covering the multi generational aspect, too. So we’ve got 41k in retirement plans. And I’ll be honest, as a Canadian, this wasn’t as big in Canada. And when we rolled out our our U.S. benefits plan to our U.S. workforce, it was amazing getting that feedback from our American employees on how critical this is to to them in their planning. And it’s really an expectation that there should be a benefits. More than three or four out of four employed Americans feel like retirement savings is the most important financial benefit to all. So so that’s critical. That was the lesson, just being vulnerable. That was a lesson learned for me. And I’m happy we acted on. And then there’s financial education. So I’m a big fan of like James Clear and Atomic Habits. And what I found with our platform, if we just serve up financial education, there isn’t a drawer, right? There isn’t a reward. It’s like, Well, here’s another thing you can add to your list. But but what if we could serve up products where you’re rewarded for making better financial decisions and you see this in the wellness space to where we can actually get get employees to consume financial literacy, because these are core principles that we were taught in school, which I’m always shocked by, where we’re not taught financial literacy or project management, kind of like basic fundamentals for being successful in career and life. So how can we help with that? How can we backfill for that lack of. Knowledge. And so this is a great way to empower employees to help them recognize spending habits. So how do we surface things that say, Hey, it looks like you are eating out a lot, which is great, but if you think about that, that’s going to add 40 to 50% in your your grocery bill on a monthly basis. So here’s an alternative habit that you can form with a financial reward attached to that. And so providing that capability is really important. And of course, at season we provide earned wage access where we see most of our customers are using that for an essential to put food on the table to put fuel in their car. We we always think about the customer at the end of the day. Leaving work and they’re thinking about putting food on the table and putting fuel on a car. And they can’t do both. And think about. Think about the dread that that creates. But then, conversely, think about the empowerment when they had employers giving them access to an incredible benefit that that allows them to use their hard earned wages to pay for those essentials for their family. That’s a right, in my opinion, that they should have, but it’s not being provided consistently, which is obviously a core part of our mission. And then advisory and counseling. So 40% of employees want access to expertise. I’m a big believer in that. I’m a big believer in mentorship, coaching, providing those kinds of services and support. So I think being able to find mechanisms where you can help educate your employees and create better equipped, better habits around their own being the custodians of their own financial health and wellness.

 

William Kane, VensureHR You know, Darcy, you mentioned the population that’s living paycheck to paycheck. And there was a point in my life where I was living paycheck to paycheck and, you know, not knowing where to go or get the resources to be able to help me get out of that hole was a real struggle. I’m grateful that at some point I had the peace of mind to be able to go back and say, All right, well, it’s going to be it’s going to be about budgeting. It’s going to be about being responsible with my finances. But can you talk a little bit about housing and helps with that population that’s going paycheck to paycheck to kind of help get their heads above water and find a little bit of stable ground?

 

Darcy Tuer, ZayZoon Yeah. Yeah, of course. Yeah. When we. Well, it’s interesting. When we went to market with really what we thought was the best solution to provide that kind of liquidity on an employee’s earnings. I remember we went out and, you know, we’re backed by like venture investors, and so they’re looking for kind of the next big thing. And I remember when we first started pitching this to investors, it kind of fell on deaf ears. And what I realized, it’s like I’m not my customer. I have been in my past, Bill, like you. So I get it. I get the pain. And so something we changed was really just put out videos of customer testimonials. And you look at Saisir and you look at customer tests. We have tons and tons of videos. We start started like our first investment committee pitch with four customer videos, and it was unbelievable. We had customers that their car broke down, they couldn’t get to work and this represents 63% of the working population and we have lots of customers that make six figure incomes, but they’re trying to they’re maybe the sole provider earner for their family. And then in today’s market, it’s difficult, obviously, and it’s only getting harder with inflation rates. So a lot of those testimonials were around. I didn’t know this existed when I found out it was a life saver because I could put a deposit on that new apartment. One of my one of my and this really sad but one of my most impactful testimonials was actually a dad who was in the birthing room with his wife, and he shared that because of sales and he was able to buy diapers for his newborn infant. And that’s like, you want to connect your employees to purpose. Like there’s nothing like getting out of bed every morning and working on solving for that problem. It’s is really is really easy. I would say for for me and me and my colleagues. And so yeah, if you think about how pervasive that is, that’s you know, we’re talking about 75, 80 million Americans.

 

William Kane, VensureHR Yeah that’s an incredible amount of of the population that is really being impacted. And you know, honestly I can I can I can smile and say that it must be amazing to impact so many lives on a day to day basis. So really love what you guys are doing over there at Zoom. Darcy I hope you keep it up for the long term and continue to find phenomenal success and helping people out. Folks, I want to talk. Yeah, absolutely. I want to talk a little bit about how career development falls into the discussion that we’re having today. I’ve mentioned before that a key to the multigenerational workforce is that they’re looking for value based companies that reflect their wants and their needs At the top of their list of needs is really that work life balance having a clear purpose of the why that they’re doing their job at work and then ultimately career advancement are learning and development, current conditions and the ever ending, ever evolving business needs of redefine the skills employees need to remain agile and efficient and what they choose to do in order to achieve their business goals. There’s a LinkedIn Workforce Learning report that that came back and said that 93% of survey respondents would remain at their company if the company invested in their personal career advancement. Many companies are leaving or many professionals are leaving jobs out of necessity, feeling like the only way to advance inside their careers to jump to a new company. Yet if organizations offered more advancement in training and opportunities, a staff would be likely to stay. And then learning management software. LMS these these helped to prevent compliance violations. They help retain top performers and can be used as a recruiting perk advertising that your organization is a learning organization providing an avenue to professional certifications, allowing training opportunities and offering education incentives make you a clear employer of choice. Gen Z values learning opportunities that provide job security and advances their careers. Remember that Gen Z’s tend to prized job stable stability. According to the same LinkedIn article, financial security is far more on Jones’s radar, so providing clarity and security around their jobs can be a key way to attract and retain good talent. If your company lacks the resources to address all three work life balance, clear purpose and learning in development, we recommend focusing your time, money and energy on learning and development. This is this is sure to keep your talent that you spend a lot of time training and recruiting in place and drive additional recruiting opportunities to you. On the conversation about On-Demand benefits. We’ll talk a little bit here about some of the fringe benefits that may be interesting to add to your portfolio of benefits that you offer. We look back a few years ago, people used to worry about getting mugged on the street. Nowadays, with technology and over the past few years, these muggings have gone digital and identity theft is becoming a nearly unstoppable issue. And if we were to take a poll and ask everybody in the room, how many of you have been affected by or had your identity stolen, we would probably see nearly all of the participants today. But nearly half of U.S. citizens are falling victim to identity theft. We look at statistics back from 2021, there were over a million more cases of identity theft, equating to almost 5.7 million cases that were reported, and that doesn’t include the ones that weren’t reported. If we couple this with the concern for cybercriminals that are targeting your businesses by finding weaknesses in your infrastructure, the biggest weakness in your infrastructure are the people that are using it. Identity protection Muslim undoubtedly be on the list for your employees as an on demand benefit over the pandemic time period, pet purchase blew through the roof and now over 30% of our younger population, 18 to 41 year olds are concerned with having affordable pet insurance available to take care of their new furry family members. And it’s super important, you know, we we truly value the pets that live inside of our households and taking care of them is an important part of what we do. So looking at it from that standpoint as a need, you know, having pet policies available for your employees is something that could potentially draw top talent towards your company. And then the next on this list is really all about group plans. Group plans allow employees to leverage the scalability of their employer or your business because employers can typically deliver better rates through group plans that an individual generally cannot find. This is going to include personal property insurance that offers special group rates, convenient payment options, employee tenure discounts and rewards for being part of a larger population. And then group legal plans. They take the stress out of your ordinary day to day legal issues. And this comes from or includes anything from estate planning, wills, real estate assistance, all the way up to traffic issues and traffic violations. We carry forward with additional on demand benefits that are available. We see that our lifestyles are becoming more and more sedentary, and as they become more and more sedentary, companies want to encourage employees to adopt healthier habits. Take care of yourself and things will start to, you know, be be more productive in the work environment. So some examples of some fitness perks that might be desirable include onsite gyms, discounts or reimbursements on gym memberships, access to online workouts and wellness app subscriptions. Many companies are offering discounts on a variety of services and products. An employee discount is the most common example. Discount plans help employees feel unique and further cement a group identity. Third party vendors allow businesses to introduce discount programs that span a more comprehensive range of services for the employees. And lastly, telehealth. Telehealth is becoming one of the more common current day on demand benefits offered by adopting a telehealth offering. Employees can gain affordable on demand access to various virtual therapies to include health coaching, disease management, behavioral health assessments, and. And telemedicine. So as we’re nearing things out, really, what kind of want to talk about the importance of this well-rounded wellness program? So whether you’re a business owner or an employee, you know how expensive wellness can be. And as a business owner, you must consider on demand benefits as a long term investment. Ultimately, healthier employees will lead to a healthier organization, healthier organizations, more productive impacts. That bottom line that we are all aware of and we need to maintain, you know, a dogged determination for improving on a regular, regular basis. So think about it this way. You don’t need to spend millions of dollars on a wellness program. But by showing that your wellness wellness matters to you, to your company, you’re putting your money where your mouth is. If you can provide group or employer sponsored benefits and perks, you can keep your wellness program within a reasonable budget. This is about recruiting and retaining that top talent for your market, fostering a culture of dignity and respect for your future as an employee. We, the employees, have a responsibility to take advantage of the programs that are put together for us, take full advantage of the program offerings and provide feedback on what you want or you need. And lastly, and most importantly, as an employee, we need to use the company programs to its total capacity. We either use it or we lose it. Don’t see anything that you’d like to add when it comes to the overall importance of a well-rounded program.

 

Darcy Tuer, ZayZoon I think you’ve covered it really nicely. Maybe I’ll just close with one analogy I always use with my team. I would say, and this is ironic because I was never a sports guy growing up, so people make fun of me for that. But I would say I think of my company as like we’re managing a high performance sports club sports team and we want to make sure that we give our athletes the best resources they can to be successful in the role they play, which means we’re going to have a championship winning team on our hands. And I think that approaching it from a scarcity mindset or a reactive mindset, like you’re not going to win a championship. And I think as leaders, if we want to, we want to be successful and we’re trying to look at it from that paradigm, I could be helpful.

 

William Kane, VensureHR Yeah, absolutely love that. You know, at the NFL getting close to the playoffs, you can really see how, you know, the champion mentality is really important as you go through it. It’s from the top to the bottom, right? Everybody on the team has to have a professional mindset and be willing to put the time and efforts in to find success. You know, as an individual, my success comes from my organization success. So if my organization’s not being successful, I’m not going to find success there. Absolutely love that. And, you know, ultimately, folks, I just want to reiterate that, you know, as we’re looking at the workforce today, we have to understand that it is a very competitive market. And and truly, you know, if you’re bringing employer employees on in recruiting or you’re just retaining, remember that it’s about what the employee wants and they do have the flexibility to pursue the things that make them happy along the way. And it’s our job to ensure that they find the things that make life easy to be able to find success in the workplace. So I think at this fall, at this time, folks will open things up for some questions and answers. And we have many questions coming through in the chat.

 

Speaker 3 Absolutely. And Bill and Darcy, thank you so much for this enriching presentation as we began to take our questions from our listeners, just in case you were unable to access the Q&A widget. Please refresh your screen and then you should be able to see it. And if you have any questions for our presenters, please use the Q&A widget to share them. Our first question for the two of you. How could the company prioritize the type of benefits they offer to have a mix of everyone’s needs?

 

Darcy Tuer, ZayZoon I feel like this is your domain.

 

William Kane, VensureHR Yeah, I appreciate that. It’s a great question. Ultimately, it really comes down to the feedback that you’ve received from your employees. And I think the number one thing is to say, you know, hey, we we care about you as our work force. And having that people first mentality is really important. But if you have a people first mentality, you know, go to the people and ask them what they’re demanding, right? There is a number of offer options that exist out there and that are really easy to fall into and say, Hey, we’ve got a wellness bundle of on demand benefits. But if your employees aren’t using them, if they don’t speak to the employee, they’re not going to use them. So I think I think one of the first things that you really need to do is you need to identify what’s currently being proposed to be used, what is being used, and then request feedback from your team. You know, why aren’t you using this? Is it too expensive? Is it something that you just don’t have a desire to use and then kind of revise them and make the necessary changes as you go? And, you know, during the presentation we talked about it. You know, having a wellness plan is a long term play. You have to look at it for the long term. So making a significant change every single year, dumping out the bucket and then trying to refill it with news, new products, new benefit lines, is not necessarily what your your workforce is looking for. So, again. Get into the minds of the people. Talk to your folks. Talk to your your your leaders. Talk to the people that are making the widgets and identify what their needs are so that you can fulfill them.

 

Speaker 3 Thank you for sharing that. And I heard it, as said earlier as well, making sure that benefits are clear to employees so that they will know how to access them, that they are actually available and how to leverage them should they desire to use them. Now, with that being said, do you have any recommendations on effective ways to communicate a company’s benefit offerings to employees?

 

William Kane, VensureHR Darcy, you might be you might be tailored a little bit better to answer this question, but I can certainly take it if you if you would like.

 

Darcy Tuer, ZayZoon Yeah. Yeah. I’m okay to start. And Bill, if you want to jump in with anything after. Yeah so communication so we’re remote first organization so like we have to really really really be deliberate about how we communicate. So I talked about the employee engagement survey. We did the same thing for benefits. I’m across Canadian staff and American staff and we we took that information and we synthesized it. We we relayed it back out to two employees. And we’re very transparent. We said we’re going to spend the next I can’t remember how long was two months evaluating what’s available in the market. I want to come back to you with a plan. And we spent a tremendous amount of time on that. And then I know my people and culture team, they’ve recorded loon videos that were shared amongst the leadership team, so we could provide feedback like a lot of synthesis on the front end. I think to Bill’s point, like if you don’t do that on the front end and you try to hammer on the back end, it’s it’s incredibly inefficient and it’s going to be expensive and you’re not going to be close to the bull’s eye. And then we use we we have weekly like information shared, if you will, town halls. And so people and culture took over the town hall and walked everybody through it. And then we had specific meetings with these people leader so they could convey that. And then we’re going to monitor and measure how the benefits are used, and we’ll convey that back to the leadership team so we can kind of continually improve and provide that feedback to staff.

 

William Kane, VensureHR Yeah, that’s wonderful. And the only thing that I would add to that is, is I’ve worked in the benefits world. I’ve seen a lot of business owners wait until open enrollment comes around for action. It’s time to start thinking about what benefits we’re going to be offering, what’s available. And they wait until that open enrollment window comes up. And typically you’re going to get a very small amount of time to really take the data and the analytics that you can collect throughout the year to start making an impact on how to properly enroll or how to educate your people on the benefits that you’re providing. And I would say to that is don’t wait until your open enrollment period is coming into its window to start talking to your employees about these benefits, about these On-Demand benefits Start out right, Like we should all be coming up on the end of open enrollment. And truly, if we want to be proactive in this measure and take care of our workforce as best as we can, we need to start talking about next year’s open enrollment and how we can better affect the outcome of what we’re desire.

 

Speaker 3 So I’ve heard a couple of things come out across this entire presentation. And one of them is keeping a people first mentality, and the other one is going back for the data and making sure that it is being leveraged efficiently and effectively in order to move forward. How do you think technology plays a role in understanding the benefits we should offer?

 

William Kane, VensureHR Yeah. You know, I’ll jump on this one real quick, Darcy. You know, I think that technology is the way of the future. It’s the world that we live in now. And honestly, there are a lot of on demand benefits that are available out there. But I really think we go back to, you know, some of the surveys and some of the the reports that are being generated and the data that’s being accumulated so that we can better take a look at how we can play a better role in things. I think that some of the benefits that that I see from technology coming out is access to resources for our employees by a mobile app, by a computer. We mentioned learning management software earlier on in you know, back in the day, there was a lot of hemming and hawing about training employees because they had to go and sit in a training room where now you’ve got a learning management software where you can really manipulate that training to best leverage technology, put it in the palms of your employees when they have a break, or you give them a specific amount of time off, they can start looking into using those types of benefits a little bit more readily. And those are the areas that I think are really kind of key to finding success in using technology and on the benefits.

 

Speaker 3 And when we’re thinking about benefits, I also want to think about impact. Have you found that there’s an impact on employee performance that is based on offering financial or mental wellness services?

 

Darcy Tuer, ZayZoon Yeah. So in our field, obviously we have a deep curiosity and the impact of offering financial wellness and wage access, really access to product. I’m Bill touched on that so far on the group plan side like access to products because let’s say we have a large footprint with hundreds of thousands of customers across tens of thousands of businesses where we are looking to create that impact. When you got is can we provide an embedded financial product that that person wouldn’t have access to otherwise if not for being an employee at that employer? And then tracking the engagement and retention as a result of maybe it’s that suite of benefit. So we’re seeing a 25 plus percent improvement in retention in certain industries for offering that. And I’d started this whole presentation talking about think about the employees you have before you just purely index to trying to hire new talent. Right. And I think that’s that’s a good signal that those benefits are going have a bottom line impact.

 

Speaker 3 I love that. That definitely goes back to honoring that employees are the most important asset and being accurate in assessing and having a real time pulse on what it is they actually need so that you can take a targeted and focused approach. Before we conclude this presentation, Bill, I just want to ask and check in with you if you want to go over this the last slide.

 

William Kane, VensureHR Absolutely. Thank you. And Echo. So I just want to take a quick moment. Vensure Employer Solutions brings additional value to your business. We do this by providing one stop business solutions, including business services like recruiting, cyber liability insurance, marketplace products like talent management software and employee perks and rewards, health benefits like master medical, telemedicine and ancillaries. And we do this while you remain in control of the day to day of your business. Employers that partner with companies like us get to leverage the structure and size of a large organization to offer a more streamlined way to navigate today’s modern on demand benefits, create a tighter alignment and partnership between the employee, the employer and their solution providers like our friends at Zoom. And this ultimately helps to drive a robust, more robust engagement and ultimately more productivity with our employees. At the end of the day, people first fosters a culture of care and belonging where every employee feels welcome and safe and can bring their whole selves to work. And that’s really what we’re looking for.

 

Moderator Thanks, Bill. And, Darcy, I want to give you an opportunity for to share any final reflections you may have.

 

Darcy Tuer, ZayZoon Oh, thank you very much. Yeah. When I think about season’s mission, we’re on a mission to save 10 million employees. $10 billion. And you talk about technology, and, like, I’m a true believer, obviously, in technology being a tech entrepreneur, but where I think tech is leading us is to this. And it’s been thematic, this whole presentation. It’s leading us to a capability where we can engage our workforce in a bespoke fashion where we know enough about them, we’re curious enough and we’re collecting the data and the insights to really serve up bespoke products, to take care of the things that are urgent and important and critical. I mean, proactive for them. And I’m really excited where we are today with benefits, but what the future holds as well.

 

Moderator Thank you. As a professional who values individualization is really important here about the bespoke offerings in the approach that is being taken into the work. So thank you for sharing. Just the reminder to HCI members. Today’s webcast has been approved for our HCI and SHRM credit as well as for a CRT certification. Your credit for attending is webcast will soon show up in your my ACR profile under the transcript tab. While you’re there, don’t forget to check out ACR dot org for even more insights as well as information on our certifications, virtual conferences, premium membership and more. I like to say one more thank you to our presenters today and through the get people at ZayZoon. And I like to also thank you our webcast viewer. Thanks for spending an hour with us. We’ll see you next time.

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