Top 5 Benefits Your Team Is Looking For In Their Benefits Plan

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In today’s highly competitive hiring market, making sure that you offer your team a comprehensive compensation package has never been more important. Retention and hiring have been especially challenging for small businesses this past year. Small businesses have had to deal with one of the tightest labor markets in history, rising inflation and employees who are expecting more and different things from their employers. 

Canadians in general are concerned about inflation. This concern is impacting how they view work and their willingness to seek new opportunities. For example, recent reports have found that fears of inflation are contributing to many Canadians desire to continue hybrid or work-from-home arrangements. In fact, nearly ½ of workers expressed concerns about the impact of commute and food and beverage costs if they were to return to the office full time. 

While inflation has employees worrying, they have also become concerned about their benefits. Recent reports have found that nearly 31% of employees thinking about changing positions, are looking for a better benefits offering from their employer. Likewise, over a 1/3 of workers would return to the office if they could receive better health, wellness and financial benefits. 

Employees aren’t just looking for your traditional benefits plan. More than ever, Canadians especially those that work for small businesses, are looking for flexibility and customization in their benefits plan. This has left many small business owners scrambling to figure out which benefits they should offer and how they can afford it. 

When it comes to benefits there are 5 benefits that Canadians are searching for. 

  1. Healthcare Spending Accounts (HSA). Healthcare Spending Accounts allow team members a designated amount of money to spend on traditional health expenses. They are one of the most popular new benefits with nearly ½ of Canadian benefits holders having access to a HSA and nearly 90% of those who don’t, wanting one. HSAs offer flexibility that you can’t get in traditional benefits plans by allowing employees complete control over how they wish to spend their health benefits. Whether it’s a pair of prescription sunglasses, a massage or mental health support, they have complete control over their benefits.

  2. Flexibility. Whether it is in their benefits, their hours or where they work, flexibility has consistently been one of the most important benefits to Canadians these past few years. Working with your team to ensure you offer them the flexibility the need to succeed and thrive is a great and cost-effective way to boost your hiring and retention strategy.

  3. Wellness Spending Accounts (WSA). Canadians today are looking for their employers to support their wellness goals. With a WSA, your team members can use their benefits dollars to cover the cost of their fitness or sports expenses, access paramedical specialists, or even support their professional development.

  4. Retirement Savings. With people worrying about rising costs and the challenges of saving during high inflation, Canadians are looking for financial wellness supports more than ever. Helping your team save for retirement with a group Registered Retirement Saving Plan is a great way to ensure your team is taken care of today and in the future.

  5. Optional Additional Coverage. Allowing your team to purchase additional coverage to fit their goals is a great way to ensure that your benefits plans stand out against the competition. Recent surveys from RBC has found that nearly 80% of Canadians would like to be able to add coverage to their existing benefits plans. 

A BeniPlus Wallet, you can provide your team some or all these highly desirable benefits, at a cost you can afford. Our plan is designed specifically for small businesses and SMEs to provide the flexibility possible. Our plan allows employers to determine the benefits offered and the amount of coverage provided. Plus, the “cap and control” nature of our plans means you always know the maximum cost upfront. We have no premiums, setup, or unexpected fees.

For more information about the BeniPlus Wallet, visit our website and get a quote today.

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