5 Mid-Year Questions to Ask About Your Benefits Plan

We’re halfway through the year, and if you work in HR, you probably have a lot on your plate. Before the next renewal cycle approaches, consider looking at whether your benefits plan is doing what you need it to do.

Employee needs are changing. So are expectations around support, flexibility, and wellness. A mid-year check-in can help make sure your plan is keeping up.

Here are five smart questions to guide that review.

1. Are employees using their benefits?

A recent survey found that 77 per cent of professionals aren’t getting the most out of their workplace benefits, mostly because they’re not sure what’s included or how to access them. Many feel let down by their employer’s current plan. More than a quarter say the benefits seem more focused on attracting new hires than supporting the people already there. And only one in three feel they understand how to make the most of what’s available.

If utilization is low, it’s worth digging into why. Do employees know what’s available to them? Are they finding the plan useful, or is it missing the mark?

If mental health resources are underused, for example, you might need to improve how they’re communicated, or you may need to revisit the options entirely.

2. What’s showing up in claims data?

Benefits usage tells a story, and that story might surprise you.

Mental health in Canada is now three times worse than before the COVID-19 pandemic, according to the CMHA’s State of Mental Health in Canada 2024 report. In fact, mental health claims are up 20 per cent year over year, more than double what they were in 2019.

If you’re seeing major increases in mental health, physiotherapy, or prescription drug claims, it could be time to re-evaluate things like coverage caps, eligible providers or wellness program options.

3. Has your workforce changed?

Your team today might not look like your team a year ago.

Maybe you’ve hired more remote workers. Maybe you’ve brought in a younger cohort or have more team members caring for aging parents. The demographics matter, because different groups value different benefits.

For example, younger employees might prioritize mental health or virtual care. Older employees might be more focused on drug coverage and retirement planning.

Your benefits plan should reflect who your team is right now.

4. What are employees telling you?

You don’t need a formal survey to get feedback (though that helps). One-on-one conversations can help identify blind spots and opportunities.

Some employees may find it challenging to understand the plan. They may be unsure of what exactly is covered, or feel like something important, such as paramedical or dental benefits, isn’t meeting all of their needs.

Listening now gives you time to adjust before things become pain points.

5. Is your plan helping you stand out?

Take a moment to consider what your plan says about who you are as an employer.

In today’s job market, great employees have options. The right benefits can make all the difference in both attracting and keeping talent.

Job seekers look at benefits as much as they consider roles. If you don’t offer a plan, talent might not even apply. In fact, 72 per cent of Canadian employees at small businesses say they’d consider leaving for a job with benefits. Nearly half say they’d take better benefits over a raise. A solid plan shows your team that you value their well-being.

Compare your plan to industry standards and talk to your provider. Make sure what you’re offering reflects your culture and the kind of workplace you want to be.

Keep Fine-Tuning Your Plan

Benefits aren’t something you set and forget. They’re a reflection of how much you value your team. This mid-year check-in is a good time to listen and fine-tune your plan so it keeps working for everyone.

Contact us today so we can work together to build offerings that support your team and strengthen your business.

Suggested Reading

Why Comprehensive Benefits are Key to Attracting Talent

The Hidden Reason Your Team Isn’t Using Their Benefits and How to Fix It

Additional Resources

CMHA The State of Mental Health 2024 Report