Background
This established Canadian subsidiary was hit hard with the price drop in oil and they needed to find costs savings fast.
This was by far not the first oil downturn they had ever seen. They knew they didn't want to make the mistake to cut their benefits so that when the market rebounded their current employees would be ready to leave to other employers who provided more, and hamstring them from hiring quality employees.
They needed impactful costs savings, but they also needed to maintain meaningful coverage that could be improved with a moment’s notice.
Their Challenges
- Reduce costs—the pressures of the economy demanded it.
- Maintain the coverage that matters most—they valued these employees and didn’t want to expose them and their families.
- Be able to improve the benefits and retirement program as soon as the economy rebounded—They didn’t want to be disadvantaged with retaining and attracting quality staff when the economy rebounded.
How We Helped Them
- Streamlined the healthcare supply chain, eliminate undervalued and under-utilized coverage.
- Reduced their total benefits costs.
- Used the right platform for their needs.