Why Comprehensive Benefits are Key to Attracting Talent

Offering a comprehensive benefits package shows your company is dedicated to your team. When employees feel valued and appreciated, they feel more satisfied in their roles, are more loyal to their employers, and motivated to do their best work. Prospective hires also get a sense of a company’s values through its benefits, which can impact their decision when considering a job offer.

In a post-pandemic world that prioritizes well-being, comprehensive group benefits aren’t just a perk but a necessity for attracting and retaining talent. Nearly half (46 per cent) of small business owners facing hiring challenges have responded by increasing wages, 27 per cent have boosted benefits such as extra vacation time, and 19 per cent have implemented shorter weeks.

Here are three reasons why offering and strengthening your comprehensive benefits offerings can improve your ability to attract skilled professionals:

• Benefits Go Beyond Just Competitive Pay: Employers review resumes to find the right fit, just as job seekers scan job postings for companies with benefits packages. Top talent may not even consider working for a company that doesn’t have a benefits plan in place. Not every business offers a benefits package, so offering comprehensive benefits shows that employers value employee well-being and satisfaction. According to one survey, 72 per cent of Canadian employees at small businesses say they would consider leaving for a job that comes with benefits – something unavailable to them in their current workplace. Also, just under half of employees say they would choose benefits over a raise.
  
• Improved Employee Health and Productivity: Employer-provided benefits are important for overall well-being, particularly as Canadians face higher inflation that impacts their daily lives. Two-thirds of working Canadians with access to these benefits rate their well-being as good or excellent, compared to less than half (49 per cent) without them. When employees have access to healthcare benefits, including coverage for medical, dental and mental health services, they can promptly address any health issues. This promotes better physical and mental health, which reduces absenteeism and increases productivity at work.
  
• Benefits Provide Financial Security: Group benefits also offer financial security to employees. Health insurance coverage enables employees to afford essential medical care without financial stress. Retirement plans, such as pension plans or Registered Retirement Savings Plans (RRSPs), help employees save for their future and retire comfortably. These plans often include employer contributions, which incentivize employees to save. Employer-paid premiums for benefits are also usually tax-free for employees, unlike salary increases that are subject to income tax deductions. This tax advantage makes benefits an attractive part of the overall compensation package, giving employees an opportunity to maximize their earnings and savings.
  

Gain a Competitive Edge

Top talent recognizes the long-term value of benefits that support their health, financial stability and future planning, which may make them more likely to choose and stay with employers who prioritize their well-being. 

Contact us today to learn more about how comprehensive benefits can help your business stand out and meet the needs of your employees.

Suggested Reading

How Employers Can Support the Well-Being of Young Workers

How Employer Matching Can Help Improve Retirement Readiness

How to Optimize Employee Benefits for Tax-Smart Savings