Top 5 Benefits Trends for Small Businesses and SMEs

Small businesses are the backbone of Canada’s economy, and they face unique challenges when it comes to making sure that their teams have the health, wellness, and financial benefits they want and need. With rising healthcare costs, it’s becoming increasingly difficult for small businesses or SMEs to offer health benefits to their team members. But with the rise of Flexible Spending Accounts (FSAs), small businesses now have more options for providing their team the benefits they need than ever before. To figure out which benefits are a best fit for your small business it is important to know what benefits your team wants and what your competitors are offering. Here are some trends to watch that can help your small business stay ahead of the game and provide your team with the employee benefits they want and need:1. Personalized BenefitsOne trend that is gaining popularity in the benefits industry is personalized benefits. Small businesses are now able to customize their benefits packages to fit the specific needs of their team members. With the help of Healthcare Spending Accounts (HSAs) and Wellness Spending Accounts (WSAs), small businesses can offer their employees access to a wide range of health and wellness services that may not be covered by a traditional benefits plan. This allows employees to choose the services that are most important to them and gives them greater control over their health and wellness. 2. Technology Technology is rapidly transforming not only the healthcare and wellness industry but also the benefits environment. Small businesses can now leverage technology to provide their team with better and easier access to health and wellness services. This includes telemedicine and digital wellness resources, wearable health and wellness devices and online portals that make benefits simple. With the help of HSAs and WSAs, small businesses can offer their employees access to these technologies at no extra cost to the owner. Plus, it can help small businesses stay ahead of the curve and the competition in the hiring and retention market. 3. Focus on Mental HealthMental health has become an increasingly important issue in recent years, and small businesses are taking notice. More than ever, Canadians are expecting mental health coverage from their employers. This is an area when HSAs and WSAs can be particularly helpful to small businesses. These accounts can cover a wide range of services including therapy, counseling and mindfulness programs, without costing the employer more. Mental health supports have also been proven to help create a healthier and more productive work environment and lead to better retention and job satisfaction. 4. Wellness ProgramsWellness programs have been around for a while, but they are set to become even more popular as Gen Z and Millennials begin to make up the bulk of the workforce. WSAs are a great way for small businesses to invest in their team’s overall wellness by providing their team with access to gym memberships, fitness classes, and nutritional counselling. This helps foster a culture of wellness within your business and can lead to happier and healthier teams. 5. Increased Access to Health and WellnessFinally, one of the biggest trends moving forward in 2023 is increased access to health and wellness services. No longer are employees looking for just basic prescriptions, vision and dental coverage. Now they want to access all the resources they could possibly need to ensure their continued health. Whether it is physiotherapists, chiropractors or massage therapy, an HSA has you covered without any added cost. Providing your small business with the health and wellness benefits your team is looking for has never been more important. By staying ahead of the curve and focusing on ensuring your team has the personalized resources they need, you can ensure your team remains their happiest and healthiest and attract amazing talent at the same time. For more information about how the BeniPlus Wallet can help, talk with one of our benefits experts today!