Business

What Startups Should Look for in a Group RRSP

By Julia Dilecce on 19/09/2019Article 4 Minute Read

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By Ben Grant, Manager of People at Jobber

If you’re a startup founder or working in a people management role for a growing startup, you know how important it is to build a great team.

At Jobber, we’re building software that helps small businesses with their day-to-day operations. In the last year we’ve grown a lot—our team has increased by 70 percent! With this kind of growth, it is critical for us to ensure our strategies for recruiting, hiring, and retaining high quality talent keep pace and evolve with our business. 

One area we identified as an opportunity was expanding our compensation mix by adding a group RRSP program for our employees. When looking at talent, financial incentives can play different roles depending on who they are targeted at. A prospective employee may look at our Group RRSP program, and when compared to a competitor who does not offer such a program, our program gives us a competitive advantage as an incentive for recruitment. For existing employees, a well thought out Group RRSP program can be a powerful retention tool, which is a helpful edge in the extremely fierce tech market. For Jobber, it was a great fit as we continue to build ways to support our employees. 

What we needed in a Group RRSP

When we decided it was time to set up a Group RRSP program at Jobber, we started off by figuring out what we valued in a program, then went looking for the best solution to meet our needs.

We’re naturally a digitally savvy group, so finding a solution that allowed us to work and communicate in an online environment was very important to us. To that end, we knew we wanted a completely digital process to get our team from onboarding and registration to ongoing education and monitoring without having to wade through a sea of paperwork. We also wanted a ridiculously easy way to administer and manage the program. We didn’t want our new Group RRSP to be a massive drain on resources. 

We also prioritized an adaptable setup that would allow us to change the parameters of our Group RRSP as our business needs changed. We are fortunate to be in a place where we offer employees matching on their Group RRSP contributions, but not every startup is in the same situation. The ability to change the structure of your program as you scale is important. When that happens, taking the time to jump through hoops can be cumbersome and repeating the search process is not an exercise we wanted to repeat. 

Finally, the cost of operating our Group RRSP program was also a major consideration. Both in terms of administrative cost, along with any employee carried costs, which are built into the investment side. We wanted a great program, but it had to be cost effective, particularly when some of those costs are paid by employees. So, low fees were a must.

So we had our checklist. The right group RRSP for Jobber had to be:

  • Digital and easy for our team to set up and use
  • Agile enough to adapt to our growing and changing business
  • Affordable, for both Jobber and our employees

Selecting a Group RRSP Provider

Once we’d determined the selection criteria for our Group RRSP program, we started collecting and evaluating potential solutions. For Jobber, Nest Wealth was a great option, not just as a vendor, but as a partner in attracting and retaining our most valuable asset.

A digital experience that is easy and accessible?? Check. 

A flexible and scalable structure that can grow with Jobber?? Check.
Low fees and no cost to employers?  Check… 

Check, check, and check.

Every business has different priorities and unique ideas about what they need to focus on in order to be successful and grow. For us, the key to our continued success is our amazing team. Adding a Group RRSP program has been a valuable tool in our recruitment and retention toolkit so we can continue to attract and retain the best people.  

Ben Grant is a Manager of People at Jobber — He creates solutions and solves problems to ensure the Jobber team is a happy, high-functioning group that helps small businesses be more successful.