Vancouver City Savings Credit Union is using its internal benefits and employee data to react to the financial realities that workers are facing amid the rising cost of living, says Ivana Afonso, the organization’s director of total rewards.
“We know the cost-of-living crisis is hitting our core-aged employees hardest, especially those balancing housing, childcare and eldercare. Our goal is to create a benefits framework that’s flexible enough to adapt to those pressures while still being financially sustainable.”
Vancity’s current total rewards program includes extended parental leave with up to 85 per cent salary top-up, virtual health care, family assistance services, discounted mortgage rates, low- or no-interest loans, mental-health coverage of $10,000 per year per member, flexible health and personal spending accounts and hybrid-friendly work supports.
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Earlier this year, the organization introduced a new compensation framework to support pay equity and career growth, updated mortgage and term-deposit rates and added benefit personas to its flexible plan communications to help employees identify the options most relevant to their life stage. “The personas make it easier for employees to see how a certain benefit might meet their needs at a particular point in their life,” says Afonso. “It’s about making the system easier to navigate so employees get the most value out of what’s available.”
According to a 2024 Statistics Canada survey, core-aged employees, generally those between 30 and 49, make up a substantial share of Canada’s full-time workforce. Many are in peak earning years, balancing mortgage or rent payments, raising children, supporting ageing parents and contributing to retirement savings at the same time. These overlapping responsibilities can heighten financial pressures and increase the value of benefits that offer flexibility and practical support.
Vancity’s data shows steady engagement with virtual care and the employee and family assistance program, particularly for family and wellness needs, and an increase in demand for mental-health and financial-wellness supports. “We analyze usage, look at demographic data and benchmark against the market,” says Afonso. “It’s not a one-and-done exercise. The needs change, and so should our offerings.”
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Nalini Vishram, a Toronto-based human resources consultant, says this type of targeted approach is becoming more critical as employers adapt to cost-of-living pressures and rising benefit costs. “We’re seeing a shift from broad, one-size-fits-all plans to designs that directly address the biggest stressors employees face right now.
“That starts with understanding what’s creating financial strain, then building benefits that can relieve that pressure, whether it’s flexible health coverage, mental-health supports or financial tools like low-interest loans.”
Vishram adds clear, targeted communication is just as critical as the benefit itself. “When employees understand how a benefit addresses a challenge in their daily life, it becomes more than a perk — it becomes a reason to stay.”