Company: Paysafe Group, Westmount, Quebec, Canada:
Nomination Category: Achievement in Benefits Design and Administration
It’s been a landmark year for Paysafe’s benefits program. As well as revamping our health benefits and retirement plans, we’ve introduced an array of initiatives to benefit our three Montreal and Calgary offices – from wellness and personal development to plain old-fashioned fun! We’ve also ensured that our presence benefited the local community through charity work and volunteering
New Health Benefits & Retirement Plans
Following strong company growth, the ‘one size fits all’ approach of our existing benefits plan was no longer a good fit. To source and build a new plan providing more flexibility for our diverse team, we partnered with the Mercer consulting firm in 2018.
Powered by a different service provider, our new modular group benefits plan empowers employees by allowing them to choose their medical and dental coverage according to their specific needs. The plan also features a new health spending account, so employees can be reimbursed for a wider range of expenses.
Our new provider also offers state-of-the-art technology. Through a mobile app, our tech savvy employees can now be reimbursed in seconds.
It also features a personal spending account, allowing our employees to claim additional wellness-related expenses – from fitness services/equipment and work-life balance services to green living (childcare expenses, stress management programs, solar energy products, etc.).
We also revamped our group retirement plan, increasing our employer matching contribution and offering more diverse investment options. Employees can access all info on-the-go through a mobile app.
To prepare employees, we organized a series of detailed onboarding sessions in Q4 2018. These presentations and Q&As guided our team through the plans and prepared them for a seamless transition 1st Jan.
Daily Health & Wellness
Our benefits extended well beyond our health insurance plan. Nutritious breakfasts and snacks, including cereals, fresh fruits and preserves, became available daily, while every fortnight we organized a catered healthy lunch. While perhaps less nutritious, our monthly birthday celebrations, boasting ordered-in cakes, are equally delicious – and a major contributor to employee happiness!
Physical health is a strong focus for our new weekly Montreal running club. Almost as frequently, our COO leads biweekly spinning classes and we also offer cross-fit trainings at a local gym.
Our biannual Global Wellness Weeks featured cycling competitions ($2 per kilometer donated to UNICEF), yoga, meditation and healthy meals.
We also supported our employees’ development through a new monthly book club, which features in-depth discussions on business and management books. This allows our team to grow not only professionally but also personally.
Nothing beats employee wellness like fun. And we’ve excelled this year, with summer and winter parties, visits from the Easter Bunny, a Santa’s Grotto in-office (for employees’ children) and even ugly sweater contests. The fun culminated in our first annual Paysafe Day in May, with games, activities and awards for long-service employees.
We launched our expanded diversity and inclusion (D&I) strategy in June 2018 to ensure all employees benefit equally from working at Paysafe regardless of their identity. We introduced a new network of D&I champions at all offices, employee D&I trainings, and external auditing of our people practices, while also launching a dedicated intranet webpage.
Benefiting the Community
Giving back to our local communities is central to our identity. Our charity-work this year – from auctions to potlucks – focused on supporting children and organizations such as Autism Canada, Cystic Fibrosis Canada, and Fondation en Coeur. Our team also volunteered at Montreal’s Le Club des petits déjeuners, where ~60 employees prepared and served breakfasts to underprivileged children over 14 weeks.
In conclusion: this year we've set a benefits benchmark – one which we fully intend to beat.
· Launched a new modular healthy & dental benefits plan, providing employees with more flexibility, including health spending account.
· Launched revamped retirement plan, increasing company matching contribution.
· Ensured convenience for our tech-savvy employees through new mobile apps for both plans.
· Saved ~30% annually for our team through new plans.
· Increased our focus on day-to-day employee physical wellness multiple measures.
· Increased our focus on employee mental wellness and personal development through the introduction of a monthly book club and a wide range of fun activities.
· Expanded our Diversity & Inclusion program (D&I) with an external ‘people practices’ audit, new network of D&I champions at all offices, and other measures.
· Ensured Paysafe benefits the local community through a range of charity work.
· Ensured Paysafe benefits the local community through voluntary work.