Most Canadian companies nowadays offer employee benefits like health insurance, retirement savings plans, and paid vacation days. The 2022 Velocity Global report suggests that 90% of Canadian employers offer extra health insurance. And many companies pay 50 to 80% of the premium cost for their employees. So, today’s workforce expects more than just a competitive salary. If, as a company, you are not offering attractive employee benefits, you risk falling behind.
In the absence of a good benefits package, your employees will feel apathetic towards the company. And, they can be attracted to your competing companies. In this article, we will discuss how to create an attractive employee benefits package that will help you retain the best employees.
After reading this, you’ll learn to build an attractive employee benefits package in Canada, what benefits matter most, the most common benefits, and simple steps to build a plan that attracts and keeps great talent.
Why Building An Attractive Benefits Package Matters
A company’s key to success is its hard-working and loyal employees. That’s why having attractive employee benefits matters. When you’re offering your employees necessary benefits, it will motivate them to work even harder. By providing them essential benefits, it will help attract talented employees, make them committed to their work. Moreover, it will make your employees remain physically and mentally fit & healthy, and increase your company’s reputation.
To build an attractive benefits package, you’ll have to think about the types of benefits your employees need, and you can provide those benefits without being financially affected.
There are lots of benefits, some are mandatory, and some of which are non-mandatory. You can observe the types of benefits packages offered by your competitive company.
What benefits matter most:
We’ve already talked about different kinds of benefits you can offer. But a company can’t offer all kinds of benefits. To retain good employees, you have to identify the kinds of benefits your workers need, and then arrange them. We have listed some – please check.
- Extended health benefits:
This is an additional health service that regular health insurance doesn’t cover. It shows that the company cares not only about their jobs but also about the health of the employees.
- Life insurance:
Life insurance is a benefit where the company gives financial support to your family if you pass away during the job.
- Accidental Death & Dismemberment:
This insurance provides a decent amount of money if an employee unexpectedly passes away or loses the function of any part of their body.
- Parental leave support:
It is additional leave and financial assistance provided by the company to take care of a newborn or adopted child.
- Short and long-term disability coverage:
Short or long-term disability insurance provides benefits to employees based on their condition in case of an accident, illness, etc.
6. Group health benefits:
Group health benefits mean that the company provides health insurance to all employees as a group. It helps pay part of the cost for doctor visits, medicine, and other health stuff.
There are a few things you need to consider to create an attractive employee benefits package:
1. Assess Employee Needs and Preferences:
To keep talented employees, you have to offer benefits based on your employees’ needs. By figuring out the most needed employee benefits, you can decide or shortlist them. You need to keep in mind that the company must not suffer any extra financial pressure.
2. Research Industry Standards and Competitors:
Please look at what competing companies in your industry are offering their employees. Observing them will help you identify the most attractive benefits, so you can offer the best to your employees. Moreover, you should check and compare the packages from the best employee benefits providers in canada and include them in your list.
3. Define Your Budget and Prioritize Benefits:
Every company wants to retain its workers by providing them with the best possible benefits. But a company cannot offer all kinds of benefits. So, the company needs to choose specific benefits considering its financial situation.
4. Include a Mix of Core and Optional Benefits:
You need to provide both core and optional benefits. You have to allow employees to choose optional benefits according to their preferences. Being able to express their wishes helps them understand their importance and stay focused on their work.
- Follow the Law and Maximize Tax Savings:
When providing employee benefits, make sure you’re following the law and tax rules. This will help you avoid any tax issues.
6. Communicate the Benefits Clearly:
A company should also emphasize making employees aware of the benefits it provides. By knowing these benefits, employees become aware of their rights.
7. Review and Update the Package Regularly:
Discuss the designated benefits with employees and update them as their needs change over time.
Conclusion:
Making a good benefits package for employees is very important. It helps you keep your best workers and also compete in today’s job market. Try to give the benefits that your workers really need and think about your company’s financial ability also. This will make workers happy and help your company grow with a good reputation.
Also, don’t forget to follow the rules of law and make sure your employees are aware of it. Explain the benefits clearly to your employees, and don’t forget to update them over time. A good benefits plan shows workers that the company cares about them, and that makes them want to stay and feel motivated to do their best.
