Group Savings Plans for Alberta Businesses
ARE YOU LOSING GOOD PEOPLE TO COMPETITORS WITH BETTER COMPENSATION?
There’s an old saying in employee benefits: benefits can help attract good people; group savings can help keep them.
Benefits may help get an employee in the door. A workplace savings plan can give them another reason to build a longer-term future with your company.
Salary gets attention. But good employees also look at what else comes with the job.
If another employer offers similar pay plus better benefits, employer matching, retirement savings and a stronger total compensation package, your employee may have another reason to leave.
Ask yourself:
- Are your best employees being approached by competitors?
- Is salary the only meaningful financial incentive you offer?
- Do employees see real long-term value in staying with your company?
- Are competitors offering RRSP matching or workplace savings plans?
- Could a relatively small employer contribution help retain an employee you cannot afford to lose?
- Do employees understand the true value of their total compensation?
- Are you investing in retention—or waiting until someone resigns?
REPLACING A GOOD EMPLOYEE COSTS MORE THAN THEIR SALARY
When a strong employee leaves, you do not just lose a person.
You may lose:
- Productivity
- Experience
- Customer relationships
- Institutional knowledge
- Management time
- Recruiting and training costs
- Momentum inside your team
And your competitor may gain all of it.
A workplace savings plan can give employees another financial reason to stay.
YOUR COMPETITOR MAY ALREADY BE OFFERING MORE
A candidate comparing two similar jobs may not see:
$75,000 vs. $75,000
They may see:
$75,000 salary
versus
$75,000 salary + benefits + 3% employer RRSP match
That difference can matter.
An employer-funded or employer-matched savings program can help turn compensation into something employees build on year after year.
ARE YOU MAKING IT EASY FOR GOOD PEOPLE TO LEAVE?
If employees receive nothing beyond salary and basic benefits, there may be very little financial cost to changing employers.
A well-designed group savings plan can create:
- Employer matching
- Long-term financial value
- Automatic payroll savings
- A stronger total compensation package
- Another reason to stay
- A better recruiting story
The goal is not simply to offer another employee program.
The goal is to make your company harder to leave.
KEEP THE PEOPLE YOU CANNOT AFFORD TO LOSE
Group savings can form part of a broader retention strategy.
Depending on your business, that could include:
- Group RRSP
- DPSP
- TFSA
- Employer matching
- Employee-only payroll contributions
- Different contribution structures for different employee groups
Review Your Employee Savings Strategy
Fusion can help you compare your current compensation package with the type of workplace savings programs available to employers.
We can review:
- what you currently offer
- employer contribution options
- employee participation
- plan costs and investment choices
- how the program fits alongside your group benefits
- whether the plan is actually supporting recruitment and retention
Give Good People a Reason to Stay
Add long-term financial value to the employee relationship beyond salary alone.
Compete for Better Employees
Strengthen your compensation package when recruiting against larger employers and competitors.
Turn Compensation Into Retention
Use employer contributions and workplace savings to reward employees who continue building their career with your company.
HOW EASY WOULD IT BE FOR YOUR BEST EMPLOYEE TO LEAVE TOMORROW?
If the answer is too easy, your compensation strategy may need another layer.
Learn how Group RRSPs, employer matching and workplace savings programs can help strengthen your total compensation package.
Investment, tax and legal considerations vary. Employers should obtain appropriate professional advice when establishing or modifying a workplace savings arrangement.
Build a Better Compensation Package
Add workplace savings to salary and benefits to create a stronger overall employee offering.
Reward Employees Who Participate
Use employer contributions or matching to encourage employees to save while increasing the value of working for your company.
Help Employees Build Their Future
Give employees a simple payroll-based way to save for retirement and other long-term financial goals.
ARE YOU LOSING GOOD PEOPLE OVER MORE THAN JUST SALARY?
See how a workplace savings plan can strengthen your compensation package, help employees build financial security and give your best people another reason to stay.