Your Talent Matters - Helping Businesses Grow

By: Nick Godfrey and Mehdi Rahman
  • Summary

  • Your Talent Matters podcast is for Canadian small business owners hosted by Nick Godfrey, employee benefits specialist and Mehdi Rahman senior strategic HR professional. In this podcast Nick and Mehdi will share ideas and interview guests on how to grow your business by attracting and retaining great talent and how to build a culture and engage employees so that they stick around and help you change the world.
    © 2024 Your Talent Matters - Helping Businesses Grow
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Episodes
  • Do you wonder if there is there a better way to manage your employee benefits plan?
    Jan 19 2024

    The choice between a single-source insurance provider and a third-party administrator (TPA) depends on various factors, including the specific needs and preferences of the organization or individual seeking insurance services. Here are some considerations for each option:

    **Single Source Insurance Provider:**

    1. **Simplicity and Convenience:**
       - Single-source providers offer a one-stop-shop for various insurance services, making it more convenient for clients to manage their policies and claims in one place.

    2. **Integrated Solutions:**
       - A single-source provider often offers integrated insurance solutions, combining various types of coverage under one umbrella. This can be beneficial for organizations looking for comprehensive and streamlined insurance packages.

    3. **Consistency in Service:**
       - Dealing with a single provider can result in a more consistent experience in terms of customer service, claims processing, and policy management.

    **Third-Party Administrator (TPA):**

    1. **Customization and Flexibility:**
       - TPAs may provide more flexibility in tailoring insurance plans to specific needs. This can be advantageous for organizations with unique requirements that may not be met by standard insurance packages.

    2. **Cost Considerations:**
       - TPAs might offer cost-effective solutions because they can negotiate with multiple insurance carriers to find the best rates. This can be particularly relevant for organizations looking to manage costs effectively.

    3. **Specialized Expertise:**
       - TPAs often specialize in certain types of insurance or industry sectors, providing in-depth knowledge and expertise in those areas. This specialization can be valuable for organizations with specific insurance needs.

    4. **Claims Management:**
       - TPAs are typically responsible for managing claims processing. Having a dedicated entity handling claims can lead to efficient and specialized claims management.

    **Considerations for Decision-Making:**

    1. **Budget and Cost Management:**
       - If cost is a significant factor and customization is important, a TPA might be a better choice. However, if simplicity and convenience are prioritized, a single-source provider could be more suitable.

    2. **Coverage Needs:**
       - Evaluate the specific insurance needs of the organization or individual. Some may require a comprehensive, bundled solution, while others may benefit from a more tailored approach offered by a TPA.

    3. **Industry Specifics:**
       - Consider the industry or sector in which the organization operates. Some TPAs specialize in certain industries, offering expertise that aligns with specific needs.

    Ultimately, the "better" option depends on the unique circumstances and priorities of the insurance seeker. It may be beneficial to consult with insurance professionals or brokers to assess the best fit for the specific situation.

    Nick Godfrey - Nick@Proinsure.ca - 905-815-7186 - https://www.linkedin.com/in/nickgodfrey01/
    Mehdi Rahman - SmartFriendSolutions@Gmail.com - +1 647-355-0926 - https://www.linkedin.com/in/mehdirahman/
    YourTalentMatters.ca

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    42 mins
  • Who qualifies for the registered disability savings plan in Canada?
    Dec 12 2023

    In Canada, the Registered Disability Savings Plan (RDSP) is a savings plan designed to help individuals with disabilities and their families save for the future. To qualify for an RDSP, the beneficiary must meet several eligibility criteria:

    1. Eligibility for the Disability Tax Credit (DTC): The beneficiary must be eligible for the Disability Tax Credit (DTC). The DTC is a non-refundable tax credit that is intended for individuals with severe and prolonged impairments in physical or mental functions. To qualify for the DTC, an individual must have their physician fill out the Disability Tax Credit Certificate (Form T2201) and submit it to the Canada Revenue Agency (CRA) for approval.
    2. Age: The beneficiary must be under the age of 60 to open a new RDSP account. However, once the account is established, contributions can continue until the end of the calendar year in which the beneficiary turns 59.
    3. Residency: The beneficiary must be a Canadian resident with a valid Social Insurance Number (SIN).
    4. Capacity: The beneficiary must be able to enter into a contract. If they lack the capacity to enter into a contract, a legal representative (guardian or other authorized individual) may open and manage the RDSP on their behalf.

    It's important to note that the RDSP is intended for long-term savings, and there are rules regarding contributions, withdrawals, and government grants and bonds associated with the plan. Additionally, there are rules regarding the maximum contribution limits over the lifetime of the RDSP.

    Individuals interested in opening an RDSP should consult with a financial advisor or contact the financial institution where they plan to open the RDSP for specific details and guidance based on their individual circumstances. The regulations and criteria associated with RDSPs may be subject to change, so it's advisable to check with the Canada Revenue Agency or other relevant authorities for the most up-to-date information.

    Nick Godfrey - Nick@Proinsure.ca - 905-815-7186 - https://www.linkedin.com/in/nickgodfrey01/
    Mehdi Rahman - SmartFriendSolutions@Gmail.com - +1 647-355-0926 - https://www.linkedin.com/in/mehdirahman/
    YourTalentMatters.ca

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    33 mins
  • Economic outlook for 2024 and the war for talent - what's changed?
    Dec 7 2023

    Predicting specific events in the future, especially in the business and economic realms, is inherently uncertain. However, as of my last knowledge update in January 2022, the "war for talent" refers to the competition among companies to attract and retain the best employees. This competition is driven by the need for skilled and qualified workers in various industries.

    Several factors contribute to the ongoing war for talent, including technological advancements, demographic shifts, and the evolving nature of work. If these trends continue, it's reasonable to expect that the competition for skilled talent will persist in the coming years, including in 2024.

    However, specific conditions may vary across industries, regions, and economic situations. Economic downturns, changes in labor markets, or unforeseen events can influence the dynamics of the war for talent. Keep in mind that the global context and business landscape are dynamic, and it's essential to stay updated on current trends and events for the most accurate assessment of the situation in 2024.

    Nick Godfrey - Nick@Proinsure.ca - 905-815-7186 - https://www.linkedin.com/in/nickgodfrey01/
    Mehdi Rahman - SmartFriendSolutions@Gmail.com - +1 647-355-0926 - https://www.linkedin.com/in/mehdirahman/
    YourTalentMatters.ca

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    22 mins

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