In-Demand Employee Health Benefits in Canada
The pandemic forced significant changes to the workplace, necessitating many employees work from home. Some of these changes have proven permanent. This highlights the changing workplace dynamics, as employers are evolving to remain attractive to potential employees.
Another way to attract and retain top talent is through health benefits, which needs to evolve according to new research from The Conference Board of Canada and TELUS Health.
My guest this time is Lauren Florko, Ph.D., Senior Research Associate at The Conference Board of Canada. Lauren joins me to share some of the key findings from the research.
Questions For Lauren Include:
- Can you explain the reason for and methodology used in the recent survey by The Conference Board of Canada and TELUS Health?
- Up to 83 percent of respondents reported a gap between the health benefits employees have and what they want. Why is this response so big and what are the consequences of not providing employees with the benefits they desire?
- The top five health benefits reported as most important according to those surveyed are basic dental services 81.9 percent, eye exams 81.8 percent, glasses/contacts 80.4 percent, and both pension and retirement savings plans at 73 percent. These seem like pretty traditional benefits? Were you surprised not to see more ‘new benefits’ like extra time off for childcare, options to donate to causes etc?
- Of the employees surveyed who have a personal health spending account, 42 percent do, or would, spend funds to top up on basic dental and vision care, and prescription drugs expenses rather than paramedical services like mental health-related consults. Given the tsunami of mental health issues brought on by the pandemic, was this surprising or does it represent a collective mindset of returning to normality?
- You also found that employees are more open to seeking out new job opportunities in pursuit of improved or more holistic health and wellness support plans. Why is offering such plans so important for employers looking to attract top talent during The Great Resignation?