The majority (91 per cent) of Canadian employers are planning to benchmark their benefits plan against market practices to remain competitive, with half (49 per cent) prioritizing this for next year and 42 per cent for the next three years, according to a new survey by MercerMarsh Benefits.
The survey, which polled nearly 350 employers across Canada, also found 88 per cent said their organizations plan to develop a cost-containment strategy to keep benefits plans affordable over the next one to three years. And 82 per cent said they’ll be prioritizing a better understanding of employees’ benefits needs, preferences and perceptions.
Looking specifically at benefits that MercerMarsh calls ‘mainstream,’ around two-thirds of survey respondents are focusing on employees’ financial wellness, with 63 per cent providing budgeting and other financial education/support solutions and 58 per cent providing financial coaching/planning.
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In the area of mental health, 84 per cent of employers said they offer virtual therapy, followed by a traditional employee assistance program (83 per cent), an anti-stigma campaign (68 per cent), accommodations (63 per cent), online assessments (62 per cent) training for managers (57 per cent) and employees (54 per cent), online cognitive behavioural therapy (55 per cent) and resiliency/mindfulness training (53 per cent).
Employers are also focusing on employees’ physical wellness, including by offering telemedicine (69 per cent), smoking cessation (63 per cent), vaccines (60 per cent), ergonomic assessments (59 per cent) and fitness subsidies (52 per cent).
In addition, around half (54 per cent) of the survey’s respondents said they provide a well-being allowance, 71 per cent offer discount programs, 66 per cent cover medications for fertility treatments and 61 per cent have company-sponsored volunteer initiatives or paid time off.
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The survey also looked into some benefits that are considered to be ‘niche.’ In the financial wellness space, 44 per cent said they offer savings programs other than retirement, followed by a share purchase or profit-sharing program (34 per cent), mortgage advice (20 per cent), credit score monitoring (10 per cent) and student loan financing (nine per cent).
In terms of physical health, 41 per cent of respondents said they have fitness facilities for employees, followed by live fitness classes (35 per cent) and annual health assessments (25 per cent). In the broader well-being space, more than a third (38 per cent) said they offer corporate challenges, followed by wellness fairs (27 per cent), well-being incentives (23 per cent) and relaxation/wellness/sleep pods (25 per cent).
As well, around half (48 per cent) of employers said they provide discount programs on the organization’s products, 29 per cent have electric vehicle charging stations and 23 per cent offer a public transit subsidy. And slightly more respondents allow pets at work (15 per cent) than offering childcare subsidies to workers (14 per cent).
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Lastly, the survey explored some benefits that fall under the category of ’emerging.’ Just 13 per cent of respondents said they offer discounts for tutoring services, while the same percentage offers reimbursement for the non-medical expenses related to surrogacy.
In addition, 10 per cent said they have a virtual pet care program and eight per cent said they offer robo-advice. A range of other financial wellness benefits were provided by five per cent of respondents, including cuber/identity theft insurance, a food subsidy program, a hardship fund and emergency loans.