Lack of communication around employee benefits? 77% of Canadian professionals don’t fully utilize their workplace benefits
- 70% of professionals are dissatisfied with their current benefits plan
- 72% of employers believe they could better understand which benefits their employees value most
- 54% of professionals state that their employee benefits play a pivotal role in their loyalty, satisfaction and productivity in a company
- 59% state that effective workplace benefits positively contribute to their work-life balance
Almost four-fifths (77%) of professionals are not utilizing their workplace benefits.
A further 70% are dissatisfied with their overall benefits plan at their current employer, according to new research from the Robert Walters’ Employee Benefits Guide.
The guide – surveying over 500 professionals in Canada to discover the state of workplace benefits – provides employers with a unique benchmarking tool to assess and evaluate their benefits offerings.
Martin Fox, Managing Director of Robert Walters Canada comments: “Annual bonuses, pension contributions, and flexible work policies – to name a few – are considered essential elements alongside base pay. If employers fail to communicate or offer attractive benefits, it could seriously impact both attraction and retention levels, as well as overall employee engagement and productivity.”
Inaccessible plans
Only half (51%) of professionals are satisfied with communications around their workplace benefits – this runs the full gamut of workplace perks, from financial benefits like annual bonuses or pensions to wellbeing plans like private health insurance or mental health support.
Not only that, but 72% of employers admit they lack clear understanding of which benefits their employees value the most.
Martin comments: “It's not just the contents of the benefits package that matter, but also how effectively they are communicated. Employers who truly understand which benefits resonate with their employees will be better positioned to ensure these benefits are accessed and utilized effectively."
How important are benefits?
Over half (54%) of professionals state that their workplace benefits play a key role in their loyalty to their company.
Additionally, 35% of professionals would switch jobs for better financial benefits, even if it means a lower base salary.
Despite this, only 29% of professionals are satisfied with their overall benefits package.
Martin comments: “It's concerning that, despite the clear link between benefits and professionals' loyalty and intention to stay, less than half are satisfied with their overall benefits package.
Given this, companies struggling with or looking to improve employee attraction and retention should first analyze the effectiveness of their current benefits package."
Driving employee happiness
Nearly half (49%) of professionals believe that their employee benefits significantly boost their job performance and productivity.
A further 59% state that they also contribute positively to their work-life balance.
Martin comments: “Benefits are a pivotal part of successful remuneration packages. Neglecting them or failing to invest in relevant and impactful benefits can be damaging, affecting not just employee happiness, attraction & retention rates but overall business performance."
How can benefits be improved?
Tim Pal, Group Benefits Consultant at Rampart Benefits Inc., explains four ways that employers can improve their benefits packages:
- Clarify what you offer – there is significant potential for confusion when it comes to benefits, particularly with more complex financial options like pensions, equity, and stocks/shares. It's crucial for employers to clearly explain these offerings, as they are the benefits that will have the most substantial long-term impact.
- Leverage employee feedback – ask your employees what works for them, what they’d like to see if they don’t already – they provide meaningful insights into what works and bring new innovative ideas to the table.
- Measure the success of your benefits – conduct regular polls or checks to gauge the success of your benefit offerings. This will help you gain an understanding of which benefits are effective and which are not. Remember, benefits should always be seen as something that can be continuously improved and optimized to meet evolving expectations and needs.
- Make your benefits customizable – research shows that professionals with customizable benefits - the ability to choose and adjust benefits to suit their changing circumstances - are significantly more likely to be satisfied with their benefits package.
ENDS
For more key insights on workplace benefits, you can download the Robert Walters’ Employee Benefits Report.
