Months of remote work has made employees contemplate their purpose, and they’re prepared to quit their jobs for better opportunities. In an effort to keep workers engaged, child care provider Bright Horizons offers a program called FastTrack as part of their EdAssist Solutions. The service gives employees the opportunity to obtain high school diplomas and college certificates affordably.
“We think of education as a benefit,” says Patrick Donovan, senior vice president at Bright Horizons EdAssist Solutions. “We manage it to make sure that it’s as easy as possible for the employees to take advantage of what their employers want them to do in any area of development.”Say “Hello” to GenerationYou – Health Care, ReimaginedWe didn’t change the goals of advocacy, we reimagined them. GenerationYou delivers a personalized, targeted solution.
Education has become a leading factor behind unemployment during the pandemic. The difference in the unemployment rate for those with a high school diploma or less and a bachelor’s degree or more was 2.2 percentage points pre-COVID — the gap increased to 8.8 percentage points in May 2020, according to the U.S. Bureau of Labor and Statistics.
Employees with a lower education level are traditionally in service industry roles that are suffering from lack of revenue due to COVID, according to Donovan. These are also roles that may be automated at a higher rate. For those still employed, it may be financially challenging to upskill and keep up with new technologies.
“One thing the pandemic has done is wake people up to the idea of improving their economic security,” he says. “[Employees] are going to be looking for employers that offer workplace development programs.”
Enrollment in accerlerated programs such as FastTrack has grown 40% in the last year as employees seek new education opportunities, greater job security and the potential to explore new options, according to a release. Bright Horizons has approximately 220 schools in their education network they’ve negotiated discounts with. They also provide academic and financial advisors to assist employers and employees with building an education plan.
Educational benefits not only provide a steadier financial future, but make employers more attractive to prospective hires, Donovan says. Employees are more confident at work and more loyal to their employer when their tuition and fees are subsidized.
Lauren Floyd, health and safety director at Bright Horizons, felt left behind after being unable to complete her college degree due to financial reasons. When Bright Horizons presented her with the opportunity to further her education through their Horizons Degree Program two years ago, she jumped at the chance.
“It opened a door I didn’t think I was capable of being able to walk through,” Floyd says.
Despite being furloughed a few months into the pandemic, Bright Horizons allowed Floyd to keep her education benefits. In September of 2020, she graduated with a BA in early childhood education and administration from Ashford University, which led to her landing her position with the company.
Once employers see the payoff — better recruiting, better retention and better productivity — the choice is easy to offer these benefits, according to Floyd.
Running a startup isn’t easy. Sure, it seems thrilling and glamorous: being your own boss, traveling around the world to pitch and raise funds, and making the headlines with your groundbreaking idea.
But it can also be a nerve-wracking process, especially when it comes to fundraising. Anyone who’s started a business will know that cash flow is on your mind, particularly when you start to have a team and office space. If you want to scale, you’re going to have to grow your team and invest in things like marketing to make yourself known.
Chances are, you’ll be looking for investors early on to support you as you develop your business to be able to grow even faster. This is also what most of us believe to be the normal route for a startup, with headlines about investment series breaking every day.
And yet there is an alternative that’s slowly growing in popularity: self-funding.
It may seem daunting to take the plunge, but that’s exactly what we decided to do at Recruitee, in 2017. Based on our experience we’ve put together the top seven steps you can take to become self-funded and run a sustainable startup.
We developed Recruitee out of pain point we felt ourselves as we were recruiting. We’ve always put our product at the center of all our decisions, which means our priority is to ensure it’s user-friendly, fun, and accessible to everyone . . . Focusing on your product first helps you make decisions with that in mind. It forces you to ask yourself what problem you’re trying to solve with your product, rather than chasing after opportunities for investment, or developing solely based on input from partners. This should also mean you deliver a product that works for your customers and has product-market fit, rather than one that resonates with investors’ financial plans.
Your product is, of course, important, but without people to use it, it’s nothing. It’s always been important to us to ensure our customers are successful in using our tool. We want to reduce the impact of their pain points and help them do their job. If you’re able to do that, they’re more likely to come back or stay with you for the long-term. With happy customers, you can focus on growth and acquisition based on previous success stories and key learnings.
Once your product is successful, you’ll start to grow your customer base. So view them as your investors. What they pay to use your product is what will help keep you afloat in your self-funded journey. Treat them as you would treat investors, all while recognizing that this option offers you more freedom.
If you raise funding, you’ll be calculating your burn rate and thinking about how to spend your newly acquired money—not to mention, investors will probably have an opinion on how it should be spent. This often means that decisions are made with a short-term vision, which impacts your business in multiple ways. When going the self-funded route, take the time to think of your vision for the company in the next five or even 10 years. What foundations do you want to build it on? How will you get there? Making financial decisions based on a long-term plan means you will spend your money differently and pick your investments wisely in a way you wouldn’t if you suddenly had $10 million in the bank.
As a small bootstrapped business, you won’t be able to travel across the country at a moment’s notice to meet potential customers in glamorous locations. You also might not be able to hire all the staff you think you need or invest in all of the marketing channels. To make sure you’re still investing in your business and giving it the attention it needs, think in scalable and sustainable terms. For us, that meant we took most sales meetings online via conference calls. That didn’t prevent us from succeeding, as today, we have over 3,000 customers.
When you’re self-funded, every penny you have counts. That means you’re going to need some out-of-the-box thinking on how to get what you want and how to spend your limited resources. While this may seem scary, it’s actually a good thing. It helps you exercise some restraint and invest only in the necessary items until you’ve reached financial sustainability. For example, which of your marketing channels will give you the most bang for your buck? Which of your employee benefits are the most important to you? Which area of the business needs to be invested in as a priority? You might be surprised by what you can do with less. And if the amounts on your invoices scare you at first, there’s plenty of solutions. You can ask to split the cost or pay in installments, or ask your vendor for a discount.
At the heart of your business are your company values, and if you’ve decided to go the self-funded route, that says something about what you stand for. As a founder, what is it that you believe in and what drives your business? What are the principles by which you want to run the business, and how will that be reflected in the way you work? If you are clear on your values, you’ll be able to use them as guiding principles when you have to make decisions. It will also help you in hiring talent, growing your team, and creating a company culture that can scale.
Becoming self-funded is definitely not an easy decision to make, but it’s one that can really pay off as Mailchimp, Wistia, and others have proven. We’re not suggesting that the above are foolproof steps that guarantee success. Every business is different. But we do know it’s important to ask yourself the right questions and challenge yourself to think differently.
With unprecedented speed and scale, the COVID-19 outbreak has upended B2B salesforces across the world. Rather than viewing these new challenging times through the lens of adversity, companies are pivoting fast and creating opportunities out of uncertainty.
In the short term, they should turn to the latest innovations to rebound from the crisis smarter, better and stronger. Empowered by the new dynamics virtual selling is creating in their workforces, sales leaders are increasingly leaning on emerging technologies. This will help them remain relevant in a rapidly shifting market while maintaining critical business continuity.
Without a doubt, buyer priorities are evolving. When the pandemic eventually subsides, B2B selling will be changed. To survive and thrive over the long term, organizations should have to fundamentally reinvent the way their B2B salesforces interact with customers.
The traditional ways of selling are giving way to innovative approaches that will alter the way we communicate and do business—often for the better.
The time to act in bold new ways is now. To best prepare for the immediate and long-lasting effects of COVID-19, business leaders must adapt and rise to mounting challenges quickly. It’s time to embrace the unpredictable. Enterprises must take strategic steps to combat the economic consequences of the crisis, successfully capture market share and keep pace with constantly shifting customer demand.
To help capture new opportunities, consider these recommended five powerful B2B sales dynamics:
Your business will need to adapt to the new normal as the Canadian economy gradually reopens during the COVID-19 pandemic.
After managing your business through the lockdown and planning for the recovery, you are most likely going to be doing business in a changed landscape.
Plans and forecasts that you have already made likely won’t apply for the long run anymore. Planning cycles will require speed because the future is still blurry and remains uncertain in these new conditions.
Volatility will be part of the new normal for a while, as industry conditions and ways of doing things still need to settle down.
There will be circumstances that you can’t control, such as any government regulations dealing with COVID-19 that may become the new norm, and you will need to quickly adapt your business to them.
Consumer sentiment and expectations may also be different as businesses reopen and, again, you will need to adapt to them.
Your planning will have multiple iterations and will be evolving based on situations that aren’t static.
How will you get to this “new normal?”
There are three key steps for your business to take to adapt to the situation.
You will need to create a detailed plan to return your business to scale quickly. Based on what you now know about your market, ramp your business back up.
Everything might still be bit blurry as you do this. You may not have a clear sight right away, but the important thing is to ramp it up.
You will also need to return your employees safely to work, either from working at home or rehiring them, based on public health guidelines.
You will also need to take any necessary steps to ensure that your business is financially as sustainable as possible.
There are important questions to answer: What do your customers want now and can you give it to them?
Do you understand how the consumer market has changed and can you satisfy your clients’ needs?
You will need to be agile enough to adapt your business to keep your market share and increase it if you can.
If you aren’t able to adapt, your future may be uncertain.
While you will be introducing change into your business due to COVID-19, it’s important to understand any regulatory changes that will apply to your business and that they are expected to be maintained in the future.
As you put your plan into action, you will also need to understand any permanent shifts in your industry and how the competitive landscape may have changed.
Businesses trying to keep their current customers will need to adapt to capture new ones in a changed consumer and economic landscape.
Your business will likely be operating in a fluid situation for some time. You need to make sure you have taken the right steps to flourish in this new normal. Make sure your planning cycles are constantly being iterated to capture the latest changes in your environment.
Research on conflict analysis tends to frame issues from a human needs perspective. That’s because the purpose is to examine how systems serve or impede the basic needs of the people who live within them.
The same framework applies to business organizations. As leaders, you need to look at the fundamental psychological needs of your employees. When your company satisfies your workers’ needs at work, they’re more likely to be engaged, productive, healthy, and loyal. However, when you fail to meet the needs of your workers, you’ll see them exhibit low morale and high turnover.
An easy way to understand the universal need for value is to remember that everyone needs to feel like they matter. Think about all the “systems of life” that you belong to—family,
local community, or the workplace. To belong and thrive in these communities, you need to feel heard.
We all want to know that others respect us as human beings, no matter our environment. Workers need to feel like the company cares about them as humans and as employees. They can do this by giving workers some voice or impact over their work-life and by rewarding or recognizing them for jobs well done. So if you’re a business owner or organizational leader, ask yourself, do your workers feel they matter to the company? Are systems and processes set up to ensure employees have a voice and understand how much the company values and respects them?
All employees who value their jobs need to know that they can do their jobs well, and that the company will recognize them for doing so.
If an employee feels incompetent at her job and doesn’t believe she can learn or achieve what the job demands, she will inevitably feel dissatisfied. The more senior one is at their job, the more competent they will feel. Workers must have a sense that they can excel at their jobs, and that progress will lead to greater autonomy.
To serve your workers’ need for competence, you need to put the right person in the proper role and make sure that they’re clear on what their role entails and requires. It’s also crucial that you give them the tools to meet and exceed expectations, so that they can execute with autonomy.
Although the practice of mindfulness and living in the “now” has proven quite a vital practice, human beings are forward-thinking. We often have goals we hope to achieve in our personal and professional lives. If you want your employees to stay with your company, they need to understand how their role enables them to make progress in these goals. Some individuals are quite happy in their current position and would be satisfied staying there for the next 20 years, assuming it will help them pay off their mortgages and take that ultimate family vacation. Others will want to move up professionally and will need a clear, reasonable path to making Vice President someday.
Whatever the ultimate goals are for each person, you can serve the need for goal achievement by giving each worker a clear opportunity to accomplish both short- and long-term goals. Without this clarity, an employee will inevitably be looking around for other opportunities that align with their needs.
In some cultures, people don’t view work as something that is supposed to be stimulating. As long as the job provides steady pay and sufficient attention to basic human needs, some workers are quite satisfied. On the contrary, others expect to be challenged and engaged by the work they perform.
As an organizational leader, you can serve this need by placing the right individuals in the right positions, consistently adding to their competencies, and providing new learning and growth opportunities. If you are in a relatively young industry with a relatively young workforce, assess whether you have systems in place to track how stimulated workers feel, what they’d like to learn, and when they’re ready for the next challenge.
More and more companies now are catering to new expectations by toting remote work flexibility. Gone is the clock-in, clock-out mentality—companies now measure workers’ performance by output and productivity. Allowing employees to work where, when, and how they would like serves a growing need for freedom and flexibility, and ultimately for work-life balance.
In other words, does the higher purpose of the company serve or support the employee’s deeper purpose? Employees who find meaning in their work lives will ultimately require that they are spending their time helping a company whose mission they believe in.
Start by making your company’s vision or mission explicit, and when it comes to hiring, make sure that you hire individuals who align with that mission. Assess your hiring systems—are they currently set up to ensure that individuals understand how the company’s vision aligns with their own?
Workforce culture can truly make or break a company. That’s why it’s essential to have systems in place that facilitates the needs of your employees. It’s not enough to give your workers a paycheck—if you neglect to develop these systems, your company’s fundamental need for a consistent workforce will inevitably suffer.
I have recently read the Mercer white paper regarding the future of the Canadian healthcare system and here is my summary of what to expect over the next few decades and it’s effect on employee benefits. Healthcare spending approaches 50% of some provinces’ total budgets, something must change. The system has changed little in the past 50 years. Add in the cost pressures from an ageing population and government will be forced to reduce coverage, extend wait times and remove the “free” aspect of universal care. What can employers do to get ahead of the coming challenges? No one knows what the healthcare landscape will look like by 2025, but you can be assured that it will cost more. Understand the interplay between your private plan and the public system ad begin internal discussions to get out front of the pending of the pending ‘train wreck”.Employers will need to make decisions in terms of picking up some elements that the government no longer covers. If not mandated, do you step in and fund the gap? Do you cost-share with your employees? When the public plan shrinks, make certain that your plan doesn’t include provisions to automatically pick up the difference. You might elect to do so, but protect your plan by ensuring the correct wording that clearly stipulates responsibilities from all parties. There are many specialty vendors and advisors that have created niche products and services that help businesses save money, improve the quality of care and enhance patient/user experience. Their numbers and expertise will increase exponentially over the coming years, providing new technology, thinking and improved client service.
I recently attended a event put on by our non-profit organization where one of the presenters was a startup company that provides a software service that helps provide protection for small business from cyber attacks against their IP, data and systems. I can speak from personal experience a little more than a year ago, unbeknownst to me some ransomware downloaded on itself through one of my programs and it took over my computer and effectively made it impossible for me to operate until I agreed to pay the author of the program a significant amount of money to remove the ransomware. I am somewhat fortunate as my son works in network security and after making a panicked call to him, he accessed my computer and then suggested I contact a computer in the US that installs and firewalls and deals with cyber breaches and threats. In the end I lost a day of productivity while the US company identified the ransomware, and cleaned out my registry and installed the necessary additional layer of protection I needed to avoid further attacks. They also shared information about practices I should adopt going forward to deter further attacks. The lesson I learned at the time is not to take for granted the security of my data. There are a great deal of resources available to help you learn the risks that are out there. In addition there are now some great companies that have developed some great software for SME’s that can help protect your precious company IP, and data. Believe me speaking from personal experience, it is worth your time and expense. Hit me offline and I will share some valuable links with you.
Since the pandemic started nearly a year ago I have come to the realization that in spite of all the doom and gloom we hear every day in the media that life goes on for most of us in a somewhat altered state. So what have I observed? For some sectors this has been been disastrous and others this has been a boom. Technology has allowed many of us to continue our business activity although now we work remotely from home offices. I know in talking with other business people some are feeling a sense of isolation from the world. My daughter who works in marketing and sales was expressing frustration in not being able to meet face-to-face with her clients and just plain burnt-out from spending 7-8 hours a day standing in front of a screen talking into a camera. I understand her frustration, but on the flip side I asked her how she would feel about having only a phone and fax machine to accomplish her daily objectives, that was our reality only 20 years ago, so technology has eased some of the communication glitches during this pandemic. The other thing I have noted is in my frequent virtual meetings with C-Level managers in their home offices is that they appeared to be more open and relaxed than in a typical office setting. I find the conversation and information flows more easily than before, perhaps because we are all going through these trying and difficult times together. One other thing that the pandemic has made me realize that there has to be a seismic shift in certain kinds of businesses going forward if they are to survive in the future. For example restaurants, bars, live entertainment, and retail have to re-imagine how they will deliver their product to consumers in post pandemic society as we are likely to change the way we live, work and interact after this virus subsides and we wait for the next one make its appearance.
This article was from coverage of the Benefits Canada Face-to-Face: Drug Plan Management Forum, held at the Fairmont Royal York Hotel in Toronto.
Magna International Inc., a global vehicle part manufacturer and assembler with a workforce of 104,000, has a decentralized management structure that allows every division to run as a separate entity, said Arthur Fabbro, the organization’s director of total compensation.
Typically, drug plans in the organization’s U.S. divisions have a three-tier design comprising generic drugs, preferred brands and non-preferred brands.
In Canada, a two-tiered system—formulary and non-formulary drugs—prevails. Mail-order pharmacy, in its infancy in Canada, “plays a huge role in containing costs in U.S. plans.”
According to Fabbro, Canadian drug plan providers might also learn from these common U.S. practices:
adjudicating pharmacy claims;
conducting safety checks and drug utilization reviews;
negotiating preferred price and rebate arrangements with drug manufacturers;
negotiating preferred pricing with retail pharmacies; and
conducting regular reviews to discuss trends, explore and implement plan design strategies, and develop clinical programs.
Future plan design modifications may include out-of-pocket caps, electronic claims submission and automatic generic substitution. “If we could raise generic substitution by just 5%, we could cut major costs,” said Fabbro, who also gave the thumbs-up to clinical and utilization management programs. “These programs hone in on where the costs are hitting our plans,” he said, “and there’s no question they lead to more cost-effective outcomes.”