How offering workplace benefits can benefit your business

SPM Benefits |

For many employees today, a job is more than just a paycheque. Earning a competitive salary is important, but employees also expect their workplaces to support their mental, physical and financial well-being. This often means offering workplace benefits.

Offering a robust employee benefits package is crucial to attract and retain top talent. According to a recent survey by recruiting company Glassdoor, 60 % of respondents say they consider the benefits package before accepting a job offer, and 80% of respondents say they’d rather get more benefits than a pay raise.1 The bottom line? Workplace benefits are an important part of a competitive and thriving workplace.  

The benefits of benefits

As a business owner, it’s important to understand the impact of a well-designed benefits package. Taking a thoughtful and strategic approach to offering employee benefits can lead to benefits for your business, including:

  1. Better recruitment and retention rates.
  2. Increased productivity.
  3. Higher employee morale, motivation and engagement.
  4. Lower absenteeism.
  5. Improved work-life balance for your teams.

Let's look at the key components of a comprehensive benefits package and how they can contribute to these positive outcomes.

Health, dental, and eye care 

Offering comprehensive health coverage promotes employees' physical well-being and provides financial security. When employees don't have to worry about healthcare costs, they can focus on their work, which can lead to increased productivity.

Retirement savings 

Whether you provide a pension plan for your employees or match part of their contributions to a registered retirement savings plan (RRSP), helping employees save for retirement can pay dividends, as the saying goes. When you support employees in securing their financial futures, you show a long-term commitment to their financial and overall well-being. This can boost morale, foster loyalty and encourage employees to envision a longer tenure with your company to achieve their retirement goals.

Help with student loan repayment

Student debt is a growing issue for Canadians entering the workforce. In fact, 56% of post-secondary graduates start their first job with student loan debt – with an average of $26,000 in federal and provincial student loans.2 Providing repayment assistance could mean redirecting some of your retirement savings match towards an employee’s government loan provider. Or it could mean providing employees with an annual savings contribution when they’re repaying student loans. Either way, helping in this area can set you apart from other workplaces. It shows a commitment to employees' financial health beyond their immediate work responsibilities.

Paid leave 

Comprehensive paid leave policies, including vacation time, parental leave, personal days, and mental health days show you value work-life balance. This can help reduce burnout and absenteeism and increase employee satisfaction.

The costs of comprehensive benefits

Providing a comprehensive benefits package requires an initial investment. But the benefits of offering one often outweigh the costs. High turnover, frequent absenteeism and low productivity are expensive. According to Benefits Canada, absenteeism and low productivity alone cost Canadian employers almost $645 million each year.3 By investing in a solid benefits package, organizations can potentially realize cost savings over time through improved retention and productivity.

Moreover, when employees feel valued and supported, they're more likely to be engaged in their work and committed to the organization's success. In a job market where workers have lots of options, fostering this type of loyalty can be a significant competitive advantage.

Designing a desirable benefits plan

A good benefits package should meet the specific needs of your workforce and align with your business goals. What works for one organization may not be the best fit for another. Regularly reviewing and adjusting where needed can ensure the benefits you offer remain relevant and valuable to your employees.

Here are some steps to think about when implementing or optimizing your employee benefits strategy:

  1. Assess your current benefits package, if you have one. Look at how your benefits stack up against your competitors and industry standards.
  2. Ask, don’t assume. Survey employees to understand their needs and preferences. Identify areas for improvement or expansion based on their feedback.
  3. Develop a communication strategy to ensure employees understand and appreciate their benefits. Share what you’ve learned and what you’re doing with your teams.  A clear, transparent and consistent communication strategy is just as important as offering the plan in the first place.

By investing in a well-designed benefits plan, you can create a work environment that attracts top talent, fosters loyalty, and drives business success.

To ensure your benefits package meets your organization's needs, consider partnering with benefits experts who can provide insight and guidance. We offer comprehensive audits to identify areas of opportunity within your current benefits plan, regardless of provider. Our team can help you build a benefits strategy that sets both your business and your employees up for long-term success.