Kudos to some Corporate Giants

I subscribe to Google Alert specifically focused on my insurance specialty, income replacement benefits. Probably some of you read the same or similar online publications to keep in touch with market trends and the good, bad and ugly in your industry.

The issue a few week ago jumped out at me, an article by Ginger Dean a Forbes contributor, sited “10 Companies that offer Health Insurance for part time workers” Dec 30, 2017. I had to read that one!

All we have heard in the news for the past year is how raising the minimum wage in Ontario will cause havoc and dire straits to businesses, large and small.

Then the Tim Horton’s fiasco hit the news wires and boycotts and protests in front of franchise stores became the action de jour. “The billionaires are exploiting their workers”, yet again.

Well – not all of them!

Albeit this is a U.S. article about U.S. companies, 8 of 10 operate right here in Canada and Ontario.

As an agent who provides personal benefits insurance, focused on income replacement, but including group and individual life and health care benefits, I am aware of the large number of employers who prefer to “contract” workers or create part time hours to avoid spending money on health care benefits particularly long term disability benefits. For many part time workers, the only protection they have is workers comp, E.I. benefits and their provincial health care plan. No access to supplemental, fairly inexpensive (to them) employer sponsored group insurance.

Part time (20 + hours/week but less than 40) or contract workers have little or no access to guaranteed replacement income, dental benefits or supplemental health care services and drug plans.

Fortunately, I represent insurance companies that offer benefits to part time workers. The worker pays all the costs themselves, but at least the protection is available.

Now for those 10 companies; 8 of which are prominent retailers and service providers in Canada. They don’t all offer the same benefits, but the rationale is clear. These companies NEED part time employees: off peak hours, 24 hr/7 access to their businesses, and some workers need or choose part time employment! Some of the companies are traditionally seen as employers of large cohorts of part time workers none the less, they respect and value their contribution.

Those named are: Whole Foods, Activision Blizzard, FedEx, Lowes, Costco, Starbucks, Nike, UPS, Home Depot and JP Morgan Chase

Benefits include; depending on the corporation, things like fully paid health including prescription drug coverage, mental health care, dependent benefits, vision care, access to pension plans, paid training or auto and home insurance, holiday pay, employee stock purchase plans and life insurance premium and paid time off, generous employee discounts. Some have enrollment guidelines (number of hours or days worked before qualifying).

Starbucks even pays for college expenses, covers career sabbaticals, time off. Onsite Fitness is offered (not surprisingly) by Nike, and long term care insurance. A variety of benefits for the part time worker. If those corporations can be profitable while being a conscientious employer, recognizing the value attributed to the part time worker why aren’t all companies and institutions doing the same?

For anyone seeking supplemental income or only being able to work part time hours these are a selection of places to apply.

For the part time worker whose company does not provide supplemental health care benefits and guaranteed income security, a low cost insurance plan designed to cover one or more part time hours jobs is available. You just have to ask.