Mental health issues also a key concern
TORONTO ON, July 13, 2023 – As companies grapple with attracting and retaining talent, investment in employee benefits remains a key priority for Canadian employers, according to a new survey from leading global advisory, broking and solutions company, WTW (NASDAQ: WTW).
“Employee benefits are significant differentiators in attracting and retaining talent.”
Anne-Marie Nawar | Canadian Health and Benefits Insights & Solutions Leader
WTW’s 2023 Canadian Benefit Trends Survey found that competition for talent (84%) and rising mental health issues (63%) are the top two issues influencing employer’s benefit strategies followed by a focus on inclusion and diversity (48%) and rising costs (40%).
“Employee benefits are significant differentiators in attracting and retaining talent. We are increasingly seeing organizations apply employee listening and analytics around the employee experience to inform their benefits strategy as an employer of choice,” said Anne-Marie Nawar, Canadian Health and Benefits Insights & Solutions Leader, WTW.
A key area of focus for employers is to ensure that benefit plans meet the needs of all employees (50%) and employee wellbeing (45%). As they look to meet these needs, employers plan to prioritize mental health support (77%), health benefits (59%) as well as inclusion and diversity (44%).
Canadian employers are also looking to improve their market positions on financial wellbeing (31%), retirement plans (30%) and community and social responsibility / ESG (29%).
Employers, however, are anticipating cost to be a top challenge for benefit budgets with the impact of inflation (40%) accentuating those concerns in the next two years. As a result, managing plan costs is a key area of focus for most (59%) employers.
“Financial and labour market pressures are putting employers in a position of needing to balance the competition for talent with the rising cost of services, while budgets remain tight,” said Justin Kreller, Health & Benefits Director, WTW. “This is especially challenging when employees are seeking benefit provisions that support the key areas of inclusive wellbeing, lifestyle and financial protection, that are at the same time environmentally and socially conscious”.
WTW surveyed 128 Canadian organizations across a broad range of industries about their benefit strategies between March and April of 2023 for its 2023 Benefit Trends Survey.
At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance. Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you.
