Employers compete to attract and retain the workers they need. A small business gives them a new way to do this.
Posted at 5:00 am
The idea
Three of them, including an executive from a small business, agreed that the benefits offered have not traditionally been appropriate for all employees. The idea of doing something different came up, which is what two of the three early partners did with Tedy.
The Montreal SME wants to reinvent social benefits. Not less. Instead of offering everyone the same menu, it allows for an à la carte selection.
“We didn’t invent the concept of corporate wellness, but we transformed it,” summarizes Sydney Wingender, who co-founded the Tedy web application with Jean-François Lessard.
The product
Tedy enables employers to build a bank that employees can use to buy something that makes them happy, whether it’s yoga classes or a new pair of glasses.
We do not want to replace the group insurance that specializes in medical and paramedical care. We offer employees the opportunity to buy something else, such as B. Running shoes.
Sydney Wingender, co-founder of Tedy
The employer interested in the formula must first set a budget and goals. She pays a monthly or weekly subsidy that her employees can use at their discretion. From pet grooming to ready meals to public transportation, the employee decides how to spend the money provided to them by their employer.
For $5 per employee per month, Tedy then manages transactions and payments on its automated and secure platform.
“No more flat-rate social benefits,” the company promises its customers. This approach is particularly attractive to companies that do not offer benefits and employ a young workforce that is difficult to retain, such as e.g. restaurants.
Employers can also use Tedy’s platform to offer one-time allowances or a rewards program. Access to healthcare professionals is also possible with Telus Health.
The future
Born in a shared workspace during the pandemic, the company took off last year. In the past year, the number of companies using its services has grown from 7 to 300. Tedy is focused on Quebec and wants to invest in the Canadian and American markets. And why not ? The response from companies is good. “The sky’s the limit,” says Sydney Wingender. A call for venture capital investors is scheduled for next year to give Tedy the means to achieve his ambitions.
Award-winning entrepreneur. Baconaholic. Food advocate. Wannabe beer maven. Twitter ninja.
