As Job Market Rebounds, Hewitt Associates' Benefit SpecSelect™ Database Helps Employers Measure Competitiveness of Benefit Programs
Online Tool Enables Organizations to Compare Employee Benefits Quickly and Easily
Aug 13, 2010
TORONTO—The Canadian economy appears to be recovering from last year's global recession, returning many employers to the position of having to compete for skilled employees. While salary will always be important, many employers are presenting a broader picture to candidates, ensuring they appreciate the competitiveness of their employee benefits package as well. To enable organizations to gain a better understanding of how their benefit programs compare to those of competitors for key talent, Hewitt Associates, a global human resources consulting and outsourcing company, is pleased to make Benefit SpecSelect available.
Benefit SpecSelect is a Web-based tool that provides employers with access to comprehensive information in the following major benefit areas:
- Health care (medical, prescription drugs, dental, vision, hearing, and post-retirement medical)
- Retirement income (defined benefit and defined contribution)
- Disability (short-term and long-term)
- Death (basic and contributory employee life, dependent life, survivor benefits, and retiree life)
- Time off with pay
- Work/ life balance
- Flexible benefits
The Benefit SpecSelect database currently houses the details of benefit programs at over 400 major Canadian organizations. Employers that provide their own program information and pay an annual fee can access the online information. They are able to determine what particular competitors offer; compare their programs to others in the same industry, geographic area or with the same number of employees; and gain access to prevalence data. The choice of comparator groups rests entirely with the SpecSelect subscriber.
"We find that many employers are taking a 'total rewards' approach and want current and prospective employees to recognize the value of their entire employment package, not simply the salary," said Karen Sciarretta, a senior benefits consultant in Hewitt's Vancouver office. "If they're not offering more money, but have better benefits, that might tip the scales in their favour and convince a great candidate to join the organization. Benefit SpecSelect provides employers with the information they need to 'stay in the game' when it comes to competing for talent."
For more information on Hewitt's Benefit SpecSelect tool, please emailCanadaSpecSelect@hewitt.com or call 1-888-439-4880 / 416-225-5001, ext. 5850.
About Hewitt Associates
Hewitt Associates (NYSE: HEW) provides leading organizations around the world with expert human resources consulting and outsourcing solutions to help them anticipate and solve their most complex benefits, talent, and related financial challenges. Hewitt consults with companies to design and implement a wide range of human resources, retirement, investment management, health management, compensation, and talent management strategies. As a leading outsourcing provider, Hewitt administers health care, retirement, payroll, and other HR programs to millions of employees, their families, and retirees. With a history of exceptional client service since 1940, Hewitt has offices in 33 countries, including Canadian offices in Toronto, Montreal, Vancouver, Calgary and Regina, and employs approximately 23,000 associates who are helping make the world a better place to work. For more information, please visitwww.hewitt.com/canada.
Media Contacts: |
Marcia McDougall, Hewitt Associates, (416) 227-5713
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