Attracting, hiring and retaining exceptional employees is vital to the success of any business. With the demand for qualified employees higher than ever, benefits plans are playing an increasingly important role in building a skilled team.
In a job market where employers are fighting to retain and attract top employees, benefits plans may offer employers an edge. A recent Ipsos survey for RBC Insurance Inc. revealed that 68 percent of Canadians would opt for a job with a good benefits plan over a job with greater pay that doesn’t offer benefits.
“Our clients in all sectors are finding it a challenge to fill vacancies,” says Kris Pederson, group benefits broker at Momentum Benefits Inc. “In this type of market, employers need to ensure that their compensation package is competitive in all areas—including group benefits.”
This study, which surveyed 1,000 working Canadians aged 18 and older, also found that almost half of younger Canadian employees felt their benefits plan didn’t sufficiently address their health and wellness needs in the past year. In particular, many are finding that coverage related to mental health issues is lacking.
“Employers need to consider more than just the physical needs of their staff,” says Pederson.
"We are seeing a shift towards increasing coverage in the areas of mental health needs and to customizing plans based on the needs of the employees. A company with an older workforce, for example, will have very different needs from a company with younger staff or staff with young families and it’s important to tailor benefits plans accordingly.”
Connect with Kris today to discuss your group benefits plan and how to ensure your compensation package is competitive.
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