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Happy beginning of December. The holidays and most likely, some much needed vacation, are right around the corner. But so is the end of the year.
Here’s a friendly reminder to use up your workplace benefits. But if you aren’t using them, you’re not alone. And while most of the cause is on the employer side, not using benefits affects employee happiness, retention and overall business success.
As the year winds down, a new report by staffing agency Robert Walters highlights the fact that 77 per cent of Canadian professionals aren’t fully utilizing their workplace benefits. And while these perks are meant to enhance job satisfaction, 70 per cent of workers express dissatisfaction with their current plans.
“Annual bonuses, pension contributions and flexible work policies – to name a few – are considered essential elements alongside base pay,” Martin Fox, managing director of Robert Walters Canada, says in an e-mail.
“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,” he says.
The problem, according to the research, often boils down to communication.
Only half (51 per cent) of professionals feel their benefits are clearly communicated, leaving a significant gap in awareness about everything from financial perks to health and wellness options. At the same time, 72 per cent of employers admit they lack a solid understanding of which benefits employees value most.
“It’s not just the contents of the benefits package that matter, but also how effectively they are communicated,” says Mr. Fox.
This disconnect can have real consequences. More than half (54 per cent) of professionals say workplace benefits significantly influence their loyalty, and 35 per cent are willing to take a lower base salary in exchange for better financial benefits.
“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,” Mr. Fox says.
For example, companies could start conducting regular polls to gauge the success of their offerings so they can make changes to meet evolving expectations.
The report offers up three additional ways companies can improve their benefits packages:
- Clarify offerings: Complex perks like pensions and equity plans can be misunderstood or overlooked. Clear explanations are essential for employees to recognize the value of these benefits.
- Leverage employee feedback: Conduct focus groups or have one-on-one conversations to understand what employees find most valuable and where they see room for improvement.
- Customize benefits: Flexibility is a game-changer. Allowing employees to tailor their benefits to suit their life stages or priorities can significantly boost satisfaction.
With 49 per cent of professionals saying that effective benefits enhance job performance and productivity, the payoff for employers is clear.
“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 and retention rates, but overall business performance,” Mr. Fox says.
Fast fact
No boss, no pension, no problem
13.2 per cent
That’s how much of Canada’s working population is self-employed. This article looks at how freelancers can reset the way they think about money, build a foundation for the future and leverage their business to save money on taxes.
Career guidance
AI-proof
The workplace is changing faster than ever – especially with the rise of artificial intelligence. This uncertainty has left many students struggling to understand how to compete with the technology or “AI-proof” their careers.
In this Wall Street Journal article, career counsellors and employers agree that students need to master skills that machines can’t, like human-style communication and learning to work with diverse people who have different perspectives. Focusing on building emotional intelligence will be a key differentiator for this next group of workers.
Quoted
Richer retirement
“Theoretically, in your 40s, you might be at the point where you have some extra money to invest,” says Kelley Keehn, a Toronto-based personal-finance educator and best-selling author of 11 books. “Yes, there are trends that we see, but not even the professionals can time the market, so how is the average person going to do it?”
This article looks at five mistakes you want to avoid in your 40s – including trying to time the stock market – to ensure you can have the retirement of your dreams.
On our radar
Holiday hiring
Data from digital technology company Cisco shows that Canadian seasonal job postings in November 2024 were down 15 per cent compared to the previous year. At the same time, job seeker interest in seasonal jobs has increased, showcasing a challenging labour market with heightened competition for fewer opportunities.
