In determining what makes one benefits plan better than another, the top three desired features as reported by survey respondents were support for mental health (88 per cent), a health spending account (80 per cent) and options to add additional coverage (79 per cent) to better meet personal or financial objectives. These results are aligned with how younger workers are feeling, with 61 per cent reporting lower levels of overall well-being (down three points since 2021), and 58 per cent reporting a decline in mental health (down five points since 2021).
"Given our collective experience since March of 2020, it's not surprising to see a range of worries and stressors reported by working Canadians" says
Some other labour market trends are highlighting the need for competitive employer-provided benefits. According to RBC Economics, there are roughly 70 per cent more job postings and 6 per cent fewer available workers compared to pre-pandemic levels in
"With heightened competition for talent, it's critical that organizations develop or refine benefits plans as a key component of their offer," says Gaudry. "We need to pay particular attention to this younger cohort, which already makes up a significant proportion of the workforce, and continues to grow. Employers must ensure the right support is available to this younger generation."
Canadians with employer-provided benefits are significantly more likely to rate their job satisfaction (64 per cent, six points higher), overall level of well-being (64 per cent, 10 points higher), physical health (62 per cent, eight points higher), mental health (60 per cent, seven points higher), and financial health (55 per cent, 17 points higher) higher than those without benefits.
- Prioritize employee mental health and well-being. RBC Insurance Group Benefit Solutions offers a Workplace Wellness Toolkit which provides plan administrators with a framework for assessing the well-being needs of their employees and creating a wellness strategy that is tailored to the unique goals of their organization at no additional cost.
- Increase awareness of existing benefits plan features. Remind employees about the coverage they may already have available and how to access it. This is also a great opportunity to gather feedback about employee satisfaction of their benefits plan.
- Ensure your benefits plan meets the needs of your workforce. One way to do this is to offer flexible coverage and a health or wellness spending account which allows employees to customize their plans to meet their individual needs. This will help with retention and recruitment efforts; especially for younger Canadians.
These are some of the findings of an Ipsos poll conducted
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