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Katelyn Sawyer
January 31, 2023
Newsletter ArticleWhether you are considering a new job or evaluating your current position, it is important to remember that while salary often comes up as the priority when considering a role, benefits are often vital to your overall job satisfaction. According to the 2022 Canadian Candidate and Employee Benefits Survey to be released soon, 63% of job candidates and employees considered benefits important or very important regarding their necessity for job satisfaction. Here are five key findings from the overall report.
1.Healthcare remains the priority. The majority of employers reported offering an extended health coverage plan to employees (81.69%). These extended health plans often provide coverage for employee’s various healthcare needs and include things such as dental, prescription drugs, out of country medical coverage, and hospital stays. In addition to offering extended health coverage, 64% of employers surveyed indicated that they also offered paramedical coverage to their employees, down about 23% from 2020.
2.Companies continue to offer education reimbursement. Over half (53.53%) of companies reported offering a tuition reimbursement program, with most requiring employees to be employed for a year or more before receiving the tuition reimbursement and requiring them to remain employed for a minimum of two years to avoid any reimbursement repayment. Most employers (76.46%) reported that they also provide a certification or training reimbursement.
3.Work allowances are enticing. The four main work allowances reported by companies included vehicle, mobile phone, internet, and relocation allowances. The companies that did offer relocation packages to staff notable reported that rather than having a set number, they evaluate this benefit on a case-by-case basis being influenced by factors such as distance, contractor estimates, etc.
4. Planning for the future with retirement. Overall, 69% of survey participants indicated they offer a retirement plan for eligible employees. While there are several plans employers offered, the most common was a Registered Retirement Savings Plan—offered by over 67% of companies. Most (97.96%) of participants noted that they offer a retirement savings match, although the match amount offered and vesting schedules varied.
5. Benefit trends are ever evolving. When survey participants were asked about any additions or improvements to be made to their current benefit program, most reported they were not looking to make any additions or improvements at this time. If surveyed employers responded that they were to make additions to their benefits programs, it would be to increase overall paid time off benefits, offering more affordable benefit options and increasing the selection of benefits to boost overall company health and/or satisfaction.
Benefits are an undeniably valuable and influential tool in satisfying employees and meeting the challenges of today’s marketplace. While the rising cost of maintaining these benefits programs continues to be a challenge for employers, they are crucial in both maintaining and attracting talent. To read more about the 2022 Benefits Survey Results and Analysis, visit AgCareers.com Reports
