Want to Hire the Best? Offer Better Employee Benefits

As a business owner in Canada, you probably understand the struggle of attracting and retaining top talent to bolster your business. With a growing emphasis on employee well-being and satisfaction, it has become increasingly apparent that a company’s workforce is one of its most valuable assets. If you constantly find yourself in need of new talent to occupy open positions, then you might not be offering the employee benefits they need to thrive — a competitive salary is not always enough to keep your employees feeling valued and content. 

Your employees depend on their benefits — from more extensive health insurance to vision care, these benefits are designed to keep them working at their best. If your competitors are offering a better employee benefits package than you, it’s hard to compete. If you want to secure the best of the best in your industry, you need to improve the employee benefits you offer! 

The Talent War: Why Good Employees Are Harder to Find

The labour market in Canada is struggling, with historically low unemployment rates and increased turnover, especially in sectors like technology, healthcare, and hospitality. 

For small to medium-sized businesses, it’s harder than ever before trying to fill key positions, from managerial roles to more junior positions. These smaller businesses struggle to compete with larger corporations equipped with plenty of resources and funding that allows them to attract industry talent with ease.

What Today’s Top Talent Is Looking For

Modern job seekers are looking for comprehensive benefits that enhance their work experience and support their personal well-being. This will look different for everyone, but the best employee group benefits packages usually include:

• The Basics: The following are essential elements of any employee benefits package. 

• Health Insurance with Prescription Drug Coverage

• Dental Insurance, including basic preventative coverage, oral surgery, and much more. 

• Retirement Savings Plan 

• Paid Time-off

• Supplemental Benefits: While not a mandatory part of your benefits package, these supplemental benefits help put you ahead of the competition. Just adding some of these to your pre-existing group benefits package will help maximize your ability to recruit top talent. 

• Mental Health Support and Insurance Coverage

• Flexible Work Arrangements (Remote & Hybrid)

• Vision Care Coverage

• Wellness Programs

• Travel Insurance

Candidates today, particularly Millennials and Gen Z, prioritize work-life balance and mental health, which greatly affects their decision-making when taking a job offer. 

How Employee Benefits Impact Recruitment and Retention

Statistics consistently show a clear correlation between strong employee benefits and improved employee retention rates. Companies that offer comprehensive benefits often report notable decreases in turnover, leading to increased stability and continuity within teams. For instance, according to a study by Glassdoor, over 60% of employees rated benefits as a key factor influencing their job choice.

It’s easy to understand the role employee benefits pay in keeping your company’s best employees thriving and satisfied. If a company enhances its benefits package to include free mental health services, enhanced parental leave, and flexible work hours — employee satisfaction increases, leading to improved morale and productivity. 

With extensive employee benefits, you do more than just retain talent…you also give them the motivation and drive to deliver amazing results for your business. 

Steps to Upgrade Your Employee Benefits Package

Enhancing your employee benefits package does not have to be an unsolved mystery. Follow these steps to make meaningful improvements that cater to your employees’ needs:

• Audit Current Benefits: Review your existing benefits package to identify gaps and areas for improvement. This will help you understand what works and what needs adjustment.

• Survey Employees: Engage your team in the conversation by conducting surveys or focus groups. Understanding what employees value most will help shape your benefits package.

• Analyze Your Competitor’s Benefits: Is what you’re offering matching up to your industry competitors? We’re not talking about just the big companies, we’re also talking about your fellow small and medium-sized businesses. Do your research to understand what they’re offering and whether you can match or expand on it. 

• Partner with HealthQuotes: Our trusted benefits providers at HealthQuotes can offer industry insights and access to valuable resources. Let us tailor a program that suits your company’s size and budget, ensuring you receive comprehensive coverage without overspending. Contact us today for qualified advice on your benefits plan!