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The survey, now in its second year, includes data from 468 employers across
"Because we are in a tight labour market, organizations understand the importance of offering competitive benefit packages," says
Overlooking Tools to Keep Rising Healthcare Costs in Check
Employers Not Quite There Yet on Holistic Employee Wellbeing Strategies
A common misunderstanding about employee wellbeing and its role in the workplace helps to explain why only 46 percent of Canadian employers have an employee wellbeing strategy. Many employers may not recognize that employees bring their entire selves to work, including their personal challenges, which can impact job performance. As a result, employee wellbeing should ideally take a holistic approach, addressing physical and emotional health, career growth and financial security, among other areas.
With many employees under financial stress, more organizations are offering access to financial advisors or financial literacy education to help employees make smarter saving and spending decisions. The research also finds many organizations actually already have the resources they need to strengthen employee wellbeing or could add voluntary benefits to do so.
Relying on Data to Develop and Measure Benefit and Compensation Strategies
Most Canadian employers believe their benefits are competitive, but base that conclusion on perception rather than data. For example, 60 percent of employers feel their workforce is highly engaged, but only 42 percent have conducted an engagement survey since 2016. In addition, 32 percent say they lack any communication strategy, making benefits education or feedback difficult.
"Employers cannot afford to offer the same healthcare and retirement packages year after year," Lemenager says. "Employee demographics are diverse and their needs are changing constantly. Organizations that recognize this, and continue to adjust accordingly, will do a better job of recruiting and retaining top talent."
For more information about the 2018
ABOUT THE BENEFITS STRATEGY & BENCHMARKING SURVEY
Gallagher (NYSE: AJG) is a global insurance brokerage, risk management and consulting services firm headquartered in Rolling Meadows,
Anna Rozenich, Gallagher
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