2021 was a challenging year that many Canadians would rather forget. Small businesses had a particularly difficult time navigating lockdowns, variants, and the effects of inflation on their bottom line. This challenge was exacerbated by the fact that feelings about work are changing and the Canadian employment market has become incredibly competitive over the past year.
Not surprisingly, Canadians have been feeling worse and worse since the beginning of the pandemic. Recent reports have found that nearly 85% of Canadians are feeling burned out. The pandemic combined with increased responsibilities and emotional exhaustion has created a situation where Canadians feel overwhelmed and lacking the support they need to succeed.
Has the Great Resignation Come to Canada?
Around the world, economists and journalists have been noting employees are unwilling to work under the same conditions they did before. Nicknamed the ‘Great Resignation’ employees across the globe have been leaving their jobs in record numbers. Even more concerningly, recent reports have found that 40% of the globe’s workers will consider leaving their position in 2022.
In Canada, the trend has been less stark. However, recent surveys by both Hay’s and Ipsos found that this trend is heating up. Nearly 40% of Canadians now say they are seriously considering seeking new employment in 2022, in hopes of receiving better compensation, benefits and career opportunities.
Benefits programs have always been an important tool used by small businesses to attract and retain talented employees. In today’s competitive marketplace, it has become more important than ever to offer benefits and work environments that are flexible.
What Can Small Businesses Do?
Canadians are united in wanting better benefits, flexible schedules, and more mental health days from their workplace. Canadians generally like working from home and more than 40% of them are looking to work from home 2-4 days a week after the pandemic has ended. Surprisingly, work from home has emerged as one of the most desirable workplace perks for Canadian workers in 2022.
Benefits have also played an important role in Canada’s current employment and hiring trends.
Nearly 30% of Canadians report that their company benefits offering was the main reason they were considering leaving their current role. Similarly, 53% of Canadians say that benefits are the most impactful consideration other than salary on accepting a new position.
But a one-size-fits-all approach is not what Canadians want. A recent Ipsos study found that nearly 40% of Canadians with a chronic condition and nearly 50% of younger working Canadians say their benefits did not fit their needs. Overall, nearly 8 in 10 Canadians report that they would like more flexible and individualized benefits programs.
Rethinking your benefits plan is a great way to address many of these issues. It will help with employee retention and satisfaction and can serve as a distinguishing feature that can help you remain competitive in this difficult hiring environment.
The BeniPlus Wallet is a simple, flexible, and affordable way to offer your employees benefits to fit their individual needs. Our wallet allows your employees to decide where and on how they spend their benefits dollars.
If you’re a small business owner who’d like to provide your remote and in-office employees with a simple, flexible and affordable employee benefits program, take 10 minutes and get a quote today.