HRO Core

Key Person Insurance

The most valuable asset of any successful business is its key people, whose unique talents make a significant contribution to the bottom line. Who are key people? You, people with unique relationships with valued customers, people with specialized technical talents and people responsible for major projects. What impacts could a key person’ death or disablement have on your business?

Projects could stop
Job momentum could be lost
Job security for other employees could be affected
Customers could be lost
The business could have difficulties in continuing
The business could have trouble maintaining its good reputation
The business could lose sales and profit
The business’ line of credit be affected
There could be costs associated with recruiting, hiring and training a replacement

Benefits of Key Person Insurance:

It is the most economical way of providing cash
Proceeds are tax-free
Money is delivered at the exact time it is needed
The business’ future is secure

Keyman Insurance is one of the most important yet often overlooked insurance policies by businesses. While many businesses have insurance for their property, vehicles or other assets businesses fail to account for protection against prolonged illness or death for a key employee or owner. Face values range from $250,000 to $1,000,000 or more. Monthly premiums are affordable, even for small businesses.

To find out more about Key Man insurance, give us a call.

Performance Management

Getting HR right has become more important in these challenging times. Many companies we talk to are interested in implementing better employee performance management systems to ensure they get the most out of their human capital investments. We are working to provide value in this area.

A successful entrepreneur, once told me, “there are only two things in business: people and money”. Money is still scarce, so, people performance may hold the keys to success in your business this year.

2010 HR Priorities

Last year, the manufacturing sector experienced layoffs as did firms in the travel and tourism sector. Many of the small firms I talked to indicated that their HR decisions were ‘on hold’. Not just hiring, but, programs aimed at existing employees as well.

In Canada, however, all is not gloom and doom. Despite layoffs in manufacturing and other sectors, there has been stability in Internet firms and Canadian gaming firms have experienced expolsive 30% employment growth from 9,500 to 12,400. Also, the defence sector has seen employment stability and increases in certain firms due to the ongoing Canada First Defence Strategy program.

With smaller employee teams, employee productivity and performance management are key. How will you drive productivity and performance to new levels this year? What will be your themes for HR this year? To share in this discussion, go to the HRO Core Blog.

Hiring – Retaining – Optimizing

Bryan

Hello friends!

Happy New Year! We hope you like our new website. Please contact us to let us know what you think. – Bryan