February Blues, Competitive Hiring Market and How a BeniPlus Wallet could Help

February is here, and though many of us probably wish it wasn’t so, it is time to start thinking about some of the many concerns that February brings. It is the beginning of tax season, the time where many experience the Winter Blues and generally the coldest and darkest month of the year.For small business owners, this February might be even harder than most. There are the challenges that have emerged because of the Omicron variant, rising inflation, and expected increases in interest rates. Now more than ever, it is important for small businesses to take stock of how they and their employees are feeling and take steps to address physical and mental health challenges.The vast majority of Canadians are feeling overwhelmed and burnt out, with more than 1/3 reporting that this feeling is extreme. There have been numerous causes for this burnout. Workloads have gone up during the pandemic while at the same time many of the supports that employees depend on have decreased.Leaders seem to be feeling this trend at extraordinary high rates. Recent reports have noted that 82% of senior leaders are exhausted as a result of increased demands, increased workloads, and the extra work hours required to make ends meet. On top of this, these leaders are facing concerns over making sure their businesses are successful and taking care of their employees, while at the same time trying not to show their exhaustion.Adding to leaders’ concerns, is the incredibly competitive talent market and recent employment trends. 2021 saw many Canadians voluntarily leave their positions. In 2022, nearly half of Canadians are actively considering leaving their role and concerns over compensation have come to the forefront of Canadians minds.Canadians in general are worried about the impacts of inflation. A recent Nanos survey shows that nearly 2/3 of Canadians say that their salary is not keeping up with rising costs and that their largest financial concern is being able to afford everyday necessities like food and energy.What Can I Do to Help? When employees discuss compensation, they are often not just talking about salary. More and more, Canadians are putting a premium on work-life balance and employee benefits programs. This is a great thing for small business owners, who are able to address these concerns more effectively than some of their larger competitors for talent.Recent reports have found that over 2/3 of Canadians reported achieving a better work-life balance in 2021, and this focus appears to be a trend that has strengthened as 2022 has progressed. The work from home movement has grown amongst employees whose position allows it. Nearly 90% of Canadians reported enjoying work from home in 2021, and less than ½ wish to return to the workplace regularly in 2022. Many are finding that the extra time that they have saved by not commuting to work has allowed them to focus on some of their own goals and priorities.However, this does not mean they are not looking for more employee perks from their employers. A recent survey found that while many of the workplace perks that employees enjoyed before the pandemic have disappeared throughout the pandemic, perks are one of the most important factors in employee retention and hiring. Over half of employees aged 30 to 44 said that perks were more important than ever and were one of the most important employment considerations.Across all demographics, Canadians want more support and flexibility from their employers. In general, the most popular added perks are additional time off, increased mental health benefits and greater wellness support.Revitalizing your company benefits programs is great way of addressing some of your employees’ major concerns. Benefits programs can allow your employees to have the support they need to address their health, mental health, and financial wellness. Plus, it has the added benefit of being very tax effective for the employer and employee alike.The BeniPlus Wallet is a great option to provide you and your employees with simple, flexible, and affordable group benefits to fit your company's needs. Our proprietary wallet system allows you to determine which benefits options or sleeves best fit your business and allows your employees to determine how to structure their benefits to best fit their individual needs.For more information about the BeniPlus Wallet, get a quote today.Sincerely,Stephen DeKuyperCo-Founder and President[gravityform id="16" title="true" description="true"]