Group benefits are one of the most important parts of compensation in 2022. Recent reports from Principal Financial Group have found that nearly ¾ businesses believe that benefits are a crucial tool for hiring and retaining talent in the post-Covid economy. Similarly, nearly 90% of small and Medium Enterprises report using group benefits as a way to ensure key employees remain engaged and productive in their roles.
But offering group benefits is not as simple as it seems. Recent reports out of the United States have found that over 50% of employees said that their benefits were unaffordable with nearly the same amount saying the benefits that they were offered were not worth the cost.
So, Why are Group Benefits Important?
When you provide your team with group benefits, you are doing more than ensuring that they are able to access the health and wellness resources that they need. You are also allowing them the peace of mind of knowing that they do not have to worry about how they will afford their next prescription, dental bill, or unexpected medical expense.
Providing your team with the benefits they need has never been more important. Recent reports found that nearly 40% of employees are feeling burnt out. If your employees are also mothers, the burn out numbers are even higher with nearly 50% of working mom’s reporting feeling burnt out.
Providing great benefits is also an important tool in convincing many of your team members to return to the office. Returning to the office remains a contentious issue for many Canadians. Recent reports from Ipsos have found that nearly a 1/3 of workers would leave their position if asked to return to the office full time.
This led many companies to get creative with incentives to try and entice employees back to the workplace. Whether it is free lunch deliveries, increased health and wellbeing supports, flexibility in your benefits offering seems to be one of the most important features to ensuring your team are their healthiest, happiest and most productive selves.
3 of the Most Popular Benefits of 2022
With all the competition in the hiring market right now, making sure your benefits are consistent with what your team wants and needs has never been more important. Below you will find some of the most popular benefits and perks with Canadians this year.
While flexibility seems to have been a tagline this past couple of years, it has grown to be one of the most valued benefits for most Canadians. Nearly 60% of employees report wanting flexibility in deciding which hours they work. While there has been general unease over productivity of Canadians with flexible schedules, recent reports have found that employees with flexible work schedules work more hours than their 9 to 5 colleagues.
Likewise, over a ¼ of workers would like flexibility in where they work from. Whether it is determining the city they live in or even whether their schedule is hybrid, remote or in-person, more than ever, your team is looking for their employer to allow them the flexibility to determine the best and most productive way for them to work. Plus, it can be done at no extra cost to the employer!
Employer support for retirement continues to be one of the most important benefits for Canadians. A recent survey found that nearly 46% of workers wanted retirement support from their employer.
Helping your team save for retirement has never been more important. According to the C.D. Howe Institute, around a ¼ of Canadians between the ages of 45 and 64 have no private retirement savings and it is likely that many Canadians will be unable to maintain their current style of living once in retirement. This is even more concerning when you take into account high inflation and comparatively low interest rates which means Canadians will have to save more than previous generations.
Mental Health and Wellbeing Supports
Covid has emphasized the importance of offering mental health and wellness supports to team members. Mental health continues to be one of the most challenging health issues facing businesses and Canadians. Mental health is currently the leading cause of disability across the country.
It is estimated that Canadian companies lose an estimated $300 Billion a year as a result of untreated mental illness. Likewise, mental health has a substantial impact on productivity and absenteeism.
Providing your team with simple, flexible and affordable group benefits has never been more important to ensuring that your team is happy, healthy and productive. With a BeniPlus Wallet you can provide your team with all the resources they need to ensure that their benefits fit their needs.
With our plan, you can determine the benefits available to your employees and what benefits options they have access to. We offer a range of benefits options including Healthcare Spending Accounts (HSA), Wellness Spending Accounts (WSA), Registered Retirement Savings Plans (RRSP), Charitable Giving and Personal Insurance.
Your team members then allocate their benefits between their eligible options to fit their needs. If they have low medical expenses they can choose to allocate some or all of their benefits to their RRSP or WSA. Likewise, if they want to spend their benefits exclusively on mental health supports they can allocate their benefits to their HSA. There are no dental, vision or mental health maximums or co-pays. If there is money available in their HSA, they can use the entirety of it for eligible health expenses.
To learn more about what a BeniPlus Wallet can do for you and your team, get a quote today!