KOHO has been having a busy year. The fintech company has been scaling quickly and raised $42-million in growth capital earlier this year, led by returning investor Portag3 Ventures (also an investor in Wealthsimple and Borrowell).
But even as KOHO continues to grow, CEO Daniel Eberhard makes it clear that they’re going to remain focused on their mission and their people. KOHO’s approach to employee benefits is one way that they demonstrate that commitment.
Not only is KOHO an example of the thriving Toronto tech industry, it’s also an example of the kind of company that Honeybee loves working with. That’s because of the way that they “walk the walk” when it comes to their company values. As KOHO’s CEO puts it, “we do the things that we say we will do to make sure that our values aren’t just something that we hang on the wall.”
We recently visited the KOHO office to talk with employees about how they use their Honeybee benefits, and how employee benefits support KOHO’s unique company culture.
Watch the video below and read on for more of their insights on building an environment that attracts a diverse group of employees and helps them thrive.
Attracting top talent and keeping them
Many readers are likely to be familiar with the phrase “war for talent.” For some time now, there has been a competitive landscape for recruiting and retaining employees. Strong candidates in particular have lots of options in this job market. For growing companies like KOHO, in order to compete for that talent it’s critical to be aware of and invest in employer brand.
“The Toronto tech market is hot,” acknowledges Michael Fox, KOHO’s VP of People & Culture. “It’s one of the hottest in North America – right up there with San Francisco.”
So what does KOHO do to attract and retain their top talent? “It’s not just about salary,” Michael cautions. “We’re definitely competitive on salary, but we also need to offer more than that.”
That’s where company culture can come in. “There are a lot of things that are really unique about working at KOHO,” says Michael. And indeed, just walking into KOHO’s office is a unique experience. From board games to colourful murals, office dogs and a quiet room to escape it all, KOHO offers its employees a space that acts as a reflection of who they are as people.
They also invest in their employees with free access to executive coaching, take them on company retreats to encourage team bonding, grant them unlimited personal days to emphasize work/life balance, and provide a great maternity leave plan that supports new mothers.
And that’s all before we even get into talking about the great benefits plan that KOHO provides their employees through Honeybee!
Helping employees live their best lives
KOHO’s employee benefits plan is designed to support their company culture by recognizing their employees as individuals with unique needs.
“The people who work at KOHO, they can be all age ranges – young and old. They want benefits that are going to support them in their lives,” says Michael.
KOHO’s CEO Daniel echoes that statement, saying it was important to him that their employee benefits “were reflective of the broad range of people that work at KOHO.”
This rallying cry for personalization is growing louder, and it’s one of the reasons KOHO chose Honeybee. Honeybee wins over employees and employers alike with unparalleled flexibility. In addition to the traditional medical and dental coverage that employees have come to expect, Honeybee provides flexible accounts that employees can use on health and lifestyle expenses.
Or as one employee puts it: “Our employee benefits are amazing. Not only do we have a Health Account that we are able to customize to our needs, we also have an Allowance Account to use for whatever we want.”
That Allowance Account is funded by KOHO and can be used by employees on a wide variety of lifestyle expenses, including transportation, fitness, pet care, ongoing education, and more.
“It’s really not one-size-fits-all,” Michael says. “ Everybody in the company is able to take advantage of these benefits and live their best life with them. The flexibility is really important to them.”