Maximizing group benefits plans to beat the talent crunch

Maximizing group benefits plans to beat the talent crunch | Insurance Business Canada

Insurance News

Maximizing group benefits plans to beat the talent crunch

Expert offers insights on how to stand out as a top employer

Insurance News

By
Mika Pangilinan

Small-to-medium-sized businesses (SMBs) challenged by Canada’s talent crunch can stand out as top employers by maximizing their group benefit plans.

Helleouet said Canadians feel the pressure brought by inflation and rising interest rates. In this environment, group benefits have become crucial to the total compensation package.

“Those things are all very real,” she said. “What was once viewed as a basic part of overall total compensation, group benefits, has never been more important than it is today. It’s a basic expectation nowadays.”

Responding to employees’ needs

A study conducted by Desjardins Insurance found that more than 62% of workers have experienced problems with burnout over the last few years. An equal number also said they had contemplated quitting to escape burnout.

Given this trend, many SMBs have begun offering plans that include employee assistance programs, virtual care, non-taxable wellness accounts, and more. But, a common challenge that SMBs face is low utilization of these benefits.

“I’ve seen businesses introduce a very new, very generous plan, but they don’t promote it after the initial rollout,” Helleouet said. “Years go by. Things are forgotten.”

This is where regular communication and education about benefits can be a game-changer, according to Helleouet. When employees know the resources and support at their disposal, they are more likely to seek help when needed, preventing issues like burnout from escalating.

How can businesses attract and retain talent through their group benefit plans? How can they adapt their group benefit plans to support employees better? Learn more by reading the full report by Insurance Business Canada.