The secret to Jim Micak’s satisfaction with his benefits plan is an employee survey. The president and CEO of DPRA Canada and corporate director of DPRA Inc., a software solutions company with offices across Canada and the U.S., says he would stop being happy with the plan offerings when his employees told him they weren’t satisfied.
Micak’s 30 Canadian employees are entitled to extended health and dental care with a co-pay of 10%, vision care, basic life insurance, AD&D coverage and long-term disability coverage. On the retirement side, DPRA has a straightforward group RRSP, with a 100% match up to 4% of an employee’s salary and a money market fund as the default. The plan has a participation level of 87%. There’s also profit sharing after 1,000 hours of service worked, which is funded to 3% of salary per year.
“Every two years, we conduct a survey to see if employees are satisfied with the plans and if they are happy with the services of the providers,” he explains. And employees are happy. “I can’t recall the last time someone has raised an issue about benefits.”
Micak offers employee benefits because there is an expectation that his firm should—and because he feels it’s the right thing to do. Within his industry, the plans offered by DPRA are competitive. “In interviews, when we get to the discussion on benefits, candidates are always impressed and appreciative. We really do see it as a differentiator. We want to make this an attractive place to work, and we want talented people to want to work here. This can be done, in part, through the benefits plan.”
Over the years, Micak says the benefits have generally stayed the same. He tries to make sure that employees on both sides of the border have similar coverage in order to be fair. With a younger demographic, there are fewer demands and expectations from employees. But recently, he has heard them wondering about more investment options for the group RRSP, which he is exploring.
When it comes to the benefits plan, the Canadian side of the business is less of a challenge compared with the U.S. side. To stay vigilant on cost control, the company monitors claims experience on a monthly basis south of the border. Employees are also increasingly interested in accessing more paramedical and alternative healthcare options. Micak is starting to look into how he can give his employees a bit more flexibility in their health coverage.
Even though his employees are happy, one way that Micak is considering improving the benefits plan is by adding a wellness component—even if it requires an investment. “I don’t think I’ve ever scratched my chin at the cost of my benefits program,” he says. “It just seemed necessary for us.”
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