Aon’s new rewards system gives employees enhanced control over benefits
TORONTO (May 12, 2016) – With five generations of employees working side by side in the workforce, employers are increasingly challenged to offer a benefits program that leaves everyone satisfied.
But how can companies inspire and incentivize obligation-free young workers looking for things like discounts on gym passes and while still satisfying the needs of older workers more focused on drug plans and retirement planning?
Aon plc (NYSE:AON), the leading global provider of risk management and human resource consulting and outsourcing, is tackling the challenge with the release of Aon Choice, a first-of-its-kind rewards delivery system that enables small- and medium-sized generational diverse companies to provide benefit package options traditionally offered only by larger corporations.
“A one-size fits all plan doesn’t work anymore,” said Christine Lithgow, president and CEO, Aon Risk Solutions Canada. “Benefit options need to be flexible and take into consideration where employees are in their lives.”
In a world where employee loyalty is undergoing a fundamental shift, research has shown workers satisfied with their benefits package are more likely to be loyal to the employer and engaged in the organization. Organizations with high levels of engagement have 40 per cent lower turnover rates.
With the launch of Aon Choice, Ms. Lithgow said smaller companies that have struggled to attract and retain engaged employees, can now offer flexible benefit plans, giving employees increased transparency and the ability to choose the level of coverage that’s right for them and their families.
“Aon Choice will help small business owners in Canada compete and win in the campaign for talent, she said.
Through Aon Choice’s integrated online portal, employees and their families in Canada can choose health and retirement plans from multiple options offered by their employer as well as access deals on home, auto, pet and travel insurance, and legal expense insurance.
Employees will also have more transparency over their employer’s total rewards investment through easy-to-understand online rewards statements. Employees will see their compensation and contributions made by their employer toward their benefits and retirement savings plans as well as any other rewards or incentives offered to them by their employer.
Six of 10 employees claim a comprehensive benefits package is a key factor when looking for a job, but a recent Benefits Canada survey, 85 per cent of respondents indicated their current program failed to provide the support and flexibility required present and future financial needs.
“Aon pioneered flexible benefit plans in Canada and we are leveraging this expertise to help small businesses. We know benefit administration and communication can be a burden for small and mid-sized companies,” said Brian Rennie, senior vice president, Health and Benefits, Aon Risk Solutions. “With our innovative technology and expert team, we’re committed to making it easier for them with Aon Choice.”
For details, go to choice.aon.ca
Aon plc (NYSE:AON) is a leading global provider of risk management, insurance brokerage and reinsurance brokerage, and human resources solutions and outsourcing services. Through its more than 72,000 colleagues worldwide, Aon unites to empower results for clients in over 120 countries via innovative risk and people solutions. For further information on our capabilities and to learn how we empower results for clients, please visit: http://aon.mediaroom.com.
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