Benefits Should Be a Top Priority in the Workplace, Say Employees

When it comes to supporting employee well-being, employers and employees don’t always see eye-to-eye. According to the 2024 Future of Work Survey from Benefits Canada, there’s a notable gap between what employers think is important and what employees actually want. Many employers believe that creating a “positive workplace culture” should be the top priority, but employees think benefits, like health care, retirement savings, and pension plans, are what matter most.

Culture vs. Concrete Support

Workplace culture undeniably plays a significant role in employee satisfaction. A positive, inclusive environment encourages collaboration, engagement, and productivity. In fact, companies with high employee engagement outperform their competitors by 21 per cent in profitability, according to one study. They also experience higher customer ratings and even higher sales. However, while a good culture may create a sense of belonging, those surveyed say it’s the tangible support of a strong benefits package that provides real peace of mind. Employees are looking for security, knowing they have access to health care, financial support, and retirement planning resources when they need them.

This gap in priorities could lead to missed opportunities for employers. Offering comprehensive benefits can improve recruitment, retention, and employee well-being. A benefits-first approach could be a key differentiator in today’s competitive job market.

Why Benefits Matter More Than Ever

The past few years have highlighted the importance of health and financial stability. As economic uncertainty continues, employees are understandably focused on their well-being. Health benefits provide a safety net against unexpected medical expenses, while retirement savings and pension plans help build long-term financial security. Canadians approaching retirement age (55 to 64 years) who have both a principal residence and an employer-sponsored pension plan have a median net worth about $1.4 million more than those who have neither.

Benefits also directly impact mental health. Financial stress is a leading cause of anxiety. The constant worry about finances, fear of job loss and challenges of making ends meet are contributing to higher stress levels, anxiety and depression among employees. Access to comprehensive health and wellness programs can alleviate some of that pressure. Employers can support not just physical and financial health, but also mental and emotional well-being, by prioritizing benefits.

How Employers Can Bridge the Gap

• Listen to employee feedback. One of the most effective ways to understand and address employee needs is by gathering direct feedback. Conducting regular surveys, focus groups or one-on-one check-ins can provide valuable insights into what benefits employees value. Consider using anonymous employee engagement surveys to collect honest feedback, organizing small focus groups to explore more specific concerns, or reviewing exit interviews to identify gaps that might be causing turnover.
  
• Evaluate your benefits package. A benefits package should evolve with workforce needs. The Canadian Government’s Employment Standards portal outlines workplace benefit requirements. Standard offerings like health coverage, retirement plans, and wellness programs are important, but today’s employees also want mental health support, flexible work options and financial wellness programs.
  
• Communicate clearly. Many employees don’t use benefits because they don’t know what’s available or how to access them. Clear, frequent and engaging communication will go a long way in making sure employees can make informed decisions about their benefits. Consider using multiple channels, such as email, intranet, town halls and team meetings. Provide simple, jargon-free explanations of benefits and eligibility, and offer HR consultations for personalized guidance.
  
• Balance culture with benefits. A positive company culture improves employee satisfaction, but it can’t replace tangible benefits. Employees want both a supportive environment and practical resources that improve their financial, mental and physical well-being. Reinforce your company values through leadership and employee recognition programs. Review your policies to ensure they reflect inclusivity and support for diverse employee needs, and promote work-life balance with flexible scheduling, wellness incentives and career growth opportunities.  

Meeting employee expectations

Building a positive workplace culture is always a worthwhile goal, but employers shouldn’t overlook the fundamental need for a strong benefits package. When employees feel secure in their health, financial, and retirement planning, they’re more likely to perform their best.

Contact us today so we can help you align your benefit offerings with employee expectations, so you can build a more engaged and productive workforce.

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