Three Ways to Enhance Employee Benefits in 2023

December 14, 2022

Pad of paper with Employee Benefits printed on it

Over the past year, employers have been focused on stabilizing remote workforces and keeping employees safe during a global pandemic. As we look ahead to the new year, benefits plans will not only continue to serve as an effective way to attract and retain talent, they’ll be the source of essential support services for workers trying to be productive during transitional times.

Staying Ahead of the Curve

Employee benefits that simply cut the costs of medical, dental and vision plans are no longer enough. As we turn a corner on COVID-19 and prepare for a possible recession, it’s imperative for employers to support their workforces while remaining competitive in an incredibly tight job market.

Five generations are currently in the workplace: Gen Z, millennials, Gen X, baby boomers, and the silent generation. Employees are looking for more support when it comes to their mental health and wellbeing, as well as specialized benefits for health issues or demographics that may have been overlooked in the past. Each generation has different expectations, and more employers are exploring different offerings in response. Companies can stay ahead of the curve by offering tailor-made benefits plans.

Three Ways to Enhance Employee Benefits

One survey shows 65 per cent of employers plan to make some enhancements in 2023, and half plan to introduce other policies that promote work-life balance.

Enhancing employee benefits doesn’t have to involve reinventing the wheel.

Here are 3 ways your company can provide added value:

Employee Assistance Program (EAP): Organizations should consider addressing one of the most significant impacts on productivity in the workplace: burnout. Employers are worried about employee productivity, employees’ financial stress, and mental health – and they’re introducing or improving services to support their wellbeing. Your organization can support employees with access to an employee assistance program (EAP), which offers services including – but not limited to – counselling, online resources, manager training, employee training and group seminars. Some of these resources can help teams recognize and de-stigmatize mental illness in the workplace and contribute to a bigger conversation around mental health. More employers are answering calls for better coverage in this area, which can contribute to an increase in productivity and improve employee retention.

Support for Women’s Health: The health requirements of women in the workplace have often been ignored. Employers can consider offering medical benefits that provide support for reproductive challenges, pregnancy, postpartum care, pregnancy loss, and menopause. These supports and services can also include the creation of a dedicated breastfeeding room, offering flexible work arrangements, and surveying women to learn what interventions would best support them in the workplace. Implementing a specific women’s health strategy helps create a workplace in which women feel safe to talk about their health concerns. It can also prevent some women from leaving for another employer, shifting to part-time hours or turning down opportunities for promotion. Companies looking to make their workplace more inclusive and gender-neutral could also implement gender parity when it comes to parental leave policies, offering benefits to parents regardless of sexual orientation.

Homeowner Assistance: As housing prices continue to rise, so does demand for homeownership benefit offerings. The rising cost of rent, increasing unaffordability of housing and the possibility of a recession mean more Canadians are giving up on the dream of owning a single-family home. More than 80 per cent of Canadians between 18 and 28 living in urban centres say they’re worried they won’t be able to buy a home. One study shows 60 per cent of employees want their companies to add, improve or expand on homeownership assistance benefits. Companies could consider offering forgivable loans through an employer-assisted program, that helps cover the cost of down payments and closing costs. Helping employees with the single largest purchase of their life can help ensure workers have access to stable housing in proximity to the workplace and remain loyal to their employer.