With Canadian Benefit Providers Hour Bank benefit plans the Employer owns the hours. This Hour Bank benefit plan reduces employee turnover and increases employee retention.
Canadian Benefit Providers Hour Bank Benefit programs allow employees to maintain their benefits during lay off.
Canadian Benefit Providers Hour Bank Benefit Plans can be fully insured or self insured.
Employers from 5 to 50 employees can have different plans each of which are guarantee issued at guaranteed costs. These programs are for employers that have a current plan but can’t get claims experience (members of an Association) or for employers who have never had group benefit plans before.
Canadian Benefit Providers can structure the hour bank rules to fit the employers’ circumstances. These flexible rules can be based on however an employee is reimbursed. Miles driven, quantity shipped, tables serviced, trees planted, hours worked. You name it we can configure it.
Canadian Benefit Providers has been administering Hour Bank benefit plans for over 10 years. The following case studies illustrates it value.
Case Study One
An employer in the construction industry had multiple divisions working in various remote locations. Administration of their current program was difficult, time consuming and many employees never registered for the benefit program. Employee turnover was approximately 50%.
After the Employer Owned Hour Bank program was implemented administration was reduced, all eligible employees were enrolled in the plan and employee turnover reduced to approximately 22%.
Case Study Two
Again, an employer in the construction industry had multiple divisions. The primary concern was lack of reporting.
Reporting was provided based on the employer’s criteria. Over $1 Million dollars were returned to the employer within 18 months of being on the Canadian Benefit Providers Hour Bank program.