Employers compete in ways to attract and retain the workforce they need. A small business gives them a new way to do it.
They were three, including a leader of a small business, who agreed on the fact that the social benefits offered traditionally do not suit all employees. The idea came to do something different, which two of the three early partners undertook with Tedy.
The Montreal SME wants to reinvent social benefits. Nothing less. Rather than offering the same menu to everyone, it allows a la carte choice.
“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.
Tedy allows 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 group insurance, which specializes in medical and paramedical care. We offer employees the opportunity to buy something else, like running shoes.
Sydney Wingender, co-founder of Tedy
The employer interested in the formula must start by setting a budget and objectives. It pays a monthly or weekly allowance, which can be used by its employees as they see fit. From pet care to ready-to-cook meals to public transport, it is the employee who chooses how to spend the money made available to them by their employer.
For $5 per employee per month, Tedy then manages transactions and payments in its automated and secure platform.
“No more flat social benefits”, promises the company to 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 restaurants.
Employers can also use Tedy’s platform to offer one-time allowances or a rewards program. Access to health professionals is also possible with Telus Health.
Born during the pandemic in a shared workspace, the company took off last year. Over the past year, the number of companies using its services has increased from 7 to 300. Concentrated in Quebec, Tedy would like to invest in the Canadian and American markets. And why not ? The response from companies is good. “Sky is the limit,” says Sydney Wingender. A call for venture capital investors is on the menu for next year, in order to give Tedy the means to achieve his ambitions.