Employment Assurance Plan

Financial protection for candidates and hiring organisations during job transitions

In the dynamic world of recruitment, job transitions can carry risks for both candidates and hiring organisations. The Employment Assurance Plan is our innovative response to these challenges, providing comprehensive insurance coverage to secure job transitions and enhance confidence in the recruitment process.

Benefits for Hiring Organisation

The Employment Assurance Plan enhances hiring organizations' appeal by demonstrating their commitment to employee well-being. It reduces re-hiring costs, reinforces their brand as a caring employer, and attracts top talent.

Benefits for Candidates

The Employment Assurance Plan provides candidates with financial security during job transitions, offering peace of mind and improving job satisfaction. It shows the hiring organization's commitment to their well-being, creating a positive candidate experience and fostering loyalty.

How it works

Our Employment Assurance Plan can work seamlessly with your existing recruitment processes. Purchased by hiring organisations as an added perk for candidates and employees, the Plan provides coverage for a range of scenarios that might impact the recruitment process.

Purchasing the Plan: The Employment Assurance Plan is purchased by hiring organisations as a part of their recruitment process. By incorporating this plan into their employee benefits package, organisations demonstrate a strong commitment to their employees and future hires.

Activation at the Time of Job Offer: Once an employment offer is extended and accepted, the Employment Assurance Plan comes into effect. It ensures protection for the candidate and hiring organisation from the moment they sign their contract, providing peace of mind throughout their transition into a new role.

Coverage and Payout: The plan is designed to address a broad range of challenges both hiring organisations and candidates face during job transitions. Here, we outlined examples of how the scope of coverage can apply for both parties:

Claim Process: In the case of a covered scenario, the candidate or hiring organisation can file a claim with Talent Risk. Our dedicated team reviews the claim, ensuring a transparent and swift process.

Coverage Duration: The coverage duration of the Employment Assurance Plan corresponds to the agreed length of time for which the insurance protection remains active. Typically, the coverage begins from the moment a candidate accepts a new job offer and extends through a specified period during the employment transition. The exact length of the coverage duration can vary depending on the terms set in the policy and the unique requirements of the hiring organisation. For example, the coverage duration could extend through the candidate's probationary period, ensuring protection during this crucial transition phase.

Renewal: Renewal of the Employment Assurance Plan pertains to the process of re-establishing the insurance coverage once the initial policy period has ended. For Talent Risk, the renewal process is linked to the hiring organisation's annual hiring volume. In essence, the hiring organisation can renew and adjust the coverage based on their projected number of hires for the upcoming year. This provides flexibility and ensures the policy remains relevant and proportional to the hiring organisation's recruitment activities. The renewal process can be easily managed and updated to accommodate changes in hiring volume or organisational requirements.

For Candidates

• Rescinded Job Offers: Should the hiring organisation reverse a hiring decision due to factors beyond the control of hiring managers or talent acquisition leads, the EAP assures a financial payout to the candidate. This mitigates financial instability and aids in finding new job opportunities.

• Job Offer Delays: If there's an unexpected delay in a job offer (post initial acceptance) due to unforeseen circumstances within the hiring organisation, candidates can lean on EAP coverage. This ensures that candidates are not left in financial limbo while they await a start date.

• Probationary Period Terminations: The EAP covers candidates if they are let go during their probationary period for reasons beyond performance or disciplinary span of control. This added protection provides candidates with peace of mind during the uncertain probationary period.

• Job Misrepresentation: If the job or company culture turns out to be significantly different from what was communicated during the recruitment process, candidates are eligible for compensation. This reduces the risk of candidates feeling misled or stuck in an unsuitable role.

• Mergers, Acquisitions, and Restructuring: In cases where corporate events such as restructuring, mergers, or acquisitions impact a candidate's role, the EAP steps in, providing essential coverage.

• Relocation Challenges: If a candidate is required to relocate for a role and logistical issues lead to the withdrawal of the job offer, the EAP assures compensation.

In the event of a covered scenario, the Employment Assurance Plan provides a payout to the candidate (via the employer). This amount is typically based on proportion of the their agreed-upon salary as defined in the initial offer and the specifics of their plan, providing financial support during a potentially challenging time.

For Hiring Organisations

• Candidate Withdrawals: If a candidate withdraws from a role after accepting the job offer due to personal reasons, the EAP can cover some costs associated with restarting the recruitment process.
  

• Probationary Period Terminations: The EAP can cover financial liabilities associated with the recruitment fees that arise when the organisation has to terminate an employee during the probationary period due to unforeseen issues.
  

• Delayed Start Dates: If an organisation needs to delay a candidate's start date due to internal reasons, the EAP can compensate the candidate, mitigating negative impact on the employer brand.
  

• Rescinded Offers: In cases where a job offer has to be withdrawn due to reasons beyond control, like sudden budget cuts or headcount freezes, the EAP covers the associated financial risk and potential damage to the employer brand.
  

• Restructuring and Mergers: During instances of corporate restructuring, mergers, or acquisitions, where job roles may be affected or eliminated, the EAP mitigates potential financial implications.
  

• Relocation Failures: If a role requires relocation and the candidate can't move due to unforeseen circumstances, the EAP provides financial protection to both the candidate and the organisation.

In the event of a covered scenario, the Employment Assurance Plan provides a payout to the hiring organisation. This amount is typically based on proportion of the agreed coverage level defined in our agreement.