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Employee benefits have gained attention over the past few years, and rightfully so. Today’s growing Millennial and Gen Z workforce understands the importance of basic healthcare, and the advantages of working for an employer that offers other types of benefits that support their lives outside work. As we navigate an age of high turnover and continued talent shortages, offering the right types of benefits can make a world of difference in retaining top talent and attracting the right candidates.

The Qualtrix 2023 Employee Experience Trends report, based on a survey of 30,000 full and part-time workers across 27 countries and 28 industries, listed pay and benefits as one of the top drivers of Intent to Stay. However, only 57 percent of employees surveyed are satisfied with their pay and benefits, down from 67% in 2022. This mismatch provides a critical opportunity for employers to revamp employee benefits programs and add more attractive perks that can increase employee engagement and retention.

Financial Wellness

With the threat of a global recession in 2023, employees may have questions about stocks, bonds, inflation, cryptocurrency, and NFTs. Financial wellness programs may include financial guidance, education, or consulting that will help employees make informed decisions and plan for the future.

GRSPs

Speaking of the future, supporting their employees’ financial security is a strong area of focus for employers right now. Increasingly, smaller businesses are introducing a Group Registered Retirement Savings Plan (GRSP) as a benefit. A GRSP is an employer-sponsored retirement savings plan, similar to an individual RRSP, but administered on a group basis by the employer. Contributions are made by pay-roll deduction, on a pre-tax basis, through a GRSP administrator. Employee contributions are often matched by the employer (typically to a maximum of 3-5% of earnings), and contributions by the employer are taxable as income to the employee.

An employer that offers a way to help employees save for the future as part of its compensation package, particularly if they offer a matching program, will be an attractive option for talent that has their pick of jobs in the current market. Not only this, but employers can help reduce the distracting anxiety of financial stress by offering a GRSP program so that employees can feel confident that funds are being set aside for their future every time they get paid.

First Time Home Buyer’s Incentives

Helping employees get into their first home is also emerging as a benefit trend as we featured in this blog back in 2021. The federal government recently introduced the First Home Savings Account. It allows people to make tax deductible contributions of $8,000 annually to a lifetime maximum of $40,000. Employers are offering bonuses to help accelerate this savings, often in exchange for a longer-term commitment to the company, such as three years.

Whole Family Support

To support inclusion, lifestyle, and various family dynamics, it’s become popular to offer support for childcare in the form of stipends, onsite care or flexibility. Some employers are also providing fertility support for those who need it, including infertility care, such as in-vitro fertilization, sperm donor expenses, and embryo transfer.

There has been a big push for these services to be addressed by employers in recent years as more attention has been paid to the inadequacies of traditional medical insurance in these areas. Additionally, adoption assistance can also foster a family-friendly corporate culture and help make adoption more affordable. Given the smaller number of people who do adopt, it can be a benefit that doesn’t actually cost employers all that much, plus it shows employers are thinking about their full employee population and creating an equitable environment for everyone, no matter their situation.

Remembering that pets play an important role, offering pet insurance for these four-legged family members is a great perk, as our pets are considered a part of the family. You can see it with the number of places that have become pet friendly in the last five years alone; restaurants, hotels, stores. But according to the Canadian Veterinary Medical Association, cost can be a major factor in how—or if—people seek care for their pets. That may be why the pet insurance market has more than doubled over the past four years. Pet insurance can be a valuable benefit to help keep expenses down when needs arise for our furry friends.

Today’s employees want greater flexibility and choice. To keep employees engaged and attract top talent, employers must offer employee benefits that address the whole well-being of their people; the landscape of what that looks like for individuals has evolved drastically – maybe it’s time your benefits program does too.