“It’s really important that we’re helping the financial well-being of our employees and thinking about total compensation as a differentiator for a start-up company.” – Ryan Ayres, Director of People and Culture
PartnerStack
Website: partnerstack.com
Industry: Technology, Marketing
Location: Toronto, Ontario
Size: 100-250 employees
About PartnerStack
Ryan Ayres, Director of People and Culture, will tell you that PartnerStack isn’t just a tech company – it’s a people business first. It’s this focus on employees that has helped the start-up land in the #1 spot on the Great Place to Work Canada’s 2021 Best Workplaces list.
PartnerStack is among the country’s hottest tech firms on the quest for the best talent, growing from 4 people to over 150 in just six years. While its mission is to help companies grow through channel partnership programs, PartnerStack is also helping its people build up their skills and themselves.
The Challenge
Competitive tech hiring landscape
In the wake of the financial uncertainty that came with COVID, and as Toronto’s tech scene continues to boom, the competition for top talent has become fiercer. With a continued priority on growing the business and a desire to craft a well-balanced benefits package for its hybrid work model, PartnerStack started evaluating benefits that would boost employees’ financial confidence, while giving them a competitive edge in attracting and retaining talent.
Solution
A stronger compensation package
At a time when more and more Canadians are experiencing financial stress, it’s becoming clear that retirement benefits are a key component of total compensation when hiring and retaining talent. PartnerStack began exploring the options in the market and evaluated seven group plans in total – from well-known online investment managers to major banks and insurance companies. In the end, Common Wealth came out on top.
“We want to build the best company to work at and the best company for people to grow their careers at. Having a plan that scales with an employee’s growth throughout a business is incredibly important to retention and attraction,” says Ayres.
Why Common Wealth
PartnerStack’s careful due diligence included digging into the investment funds, the returns, customer experience, and the plan’s overall success.
Ayres adds, “We wanted a plan that we could really look back and feel really confident in encouraging all of our employees, and invest in ourselves. One of the biggest decision-makers for us is having the opportunity to work with the Common Wealth team, who provided a tremendous amount of support and insight, and a really strong onboarding experience for all of our employees.”
Common Wealth stood out for its:
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- User-friendly digital platform with easy setup and enrollment
- Personalized retirement planning with in-app suggestions
- World-class investments managed by global leader BlackRock
- Guided education and support from retirement experts
Results
Investing in financial wellness
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- 73% of eligible employees enrolled in the plan after two months
- 99% maximizing the employer match
- 13 minutes on average to enroll
Response has been very positive with more than 70% enrolled in the plan within a couple of months after launch, and nearly all employees are maximizing the employer match. By accessing summary data on the team’s financial wellness, PartnerStack is able to evaluate how members are doing in preparing for their retirement.
Employees have been satisfied not only with how fast and easy it is to get set up with the plan, but also with the opportunity to support a fellow tech firm that is disrupting an industry that has seen little innovation or options for companies like PartnerStack.
As Ayres says, “We can support each other through a meaningful and impactful ecosystem.”
Make a difference for your team
If you’d like to explore a group retirement plan for your company, book a free consult with one of our specialists to get the conversation started.
