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Benefits benchmarking with BBD for Small Business Week

By: Benefits by Design | Tuesday October 22, 2024

Updated : Monday October 21, 2024

Your employee benefits package won’t always stay exactly the same. Indeed, between changing employee demographics, new technologies, and medical advancements, we encourage you to examine it thoroughly from time to time. Whether the plan is new, or you are doing a review, benefits benchmarking can help you make informed decisions about which benefits you want to include, and which benefits you can go without.  

Download the 2024 BBD Benchmarking Report (PDF: 377KB)

Small Business Week 

Canadian small businesses play a vital role in our communities. Indeed, 66 cents of every dollar spent at a local small business gets recirculated in that community. So, even if a person doesn’t shop at one, everyone is still connected to their local small business. At the same time, only 11 cents goes back into the local community from purchases at a multi-national retailer. 

The Small Business Week theme for 2024 is Defying the odds: the Power of Small. Amazingly, Canada’s economy thrives on small- and medium-sized businesses. They employee over 10 million Canadians and make up almost 98% of all businesses.  

Yet starting and maintaining one is no walk in the park.  More than a fifth fail within their first year, and only a third ever make it to ten years in business. But why is that? “Forty two percent fail because they have not researched the market and are selling a service or a product that customers are not interested in”, 29% close because they run out of money, and 23% fail because they don’t have good staff. The latter reason can be remedied by improving staff attraction and retention, which can be accomplished in part by having a comprehensive benefits package. 

Benefits benchmarking for 2024  

At Benefits by Design (BBD), we understand that importance of having the right people. Which is why we’re committed to helping small businesses build the most suitable benefits plan for your employees and your business. Using your company values and goals as a baseline for your benefits philosophy, you can leverage our benefits benchmarking tool to ensure you’re providing competitive benefits that employees will value. 

Download the 2024 BBD Benchmarking Report (PDF: 377KB)

Why benefits benchmarking is important 

Employees are already doing their own benefits benchmarking, even if they aren’t fully aware. When prospecting or reviewing their job satisfaction, compensation inevitably becomes a factor.  

Since employee benefits are a large part of a total compensation package, benefits benchmarking as part of your overall strategy can help with: 

Alarmingly, when benefits plans do not meet employee needs, only 8% agree the quality of their plan is excellent or good. This affords employers with an opportunity – offer an employee benefits plan that gives employees coverage for what they need. 

How to use the benefits benchmarking report 

Using the findings from the 2024 BBD Benefits Benchmarking Report, employers can confirm or craft a benefits plan that meets Canadian employees’ expectations. Compare key elements of your program, including: 

Download the Pay Raises Cost More than You Know Info Sheet (PDF: 107KB)

With these simple comparisons, you’ll be ahead of the game. Enjoy having the confidence that your benefits plan will be appreciated and valued by your employees. However, don’t forget to ask for their opinion. Employee feedback is also an important component of reviewing and implementing a highly regarded plan. 

Incorporating Employee Feedback in Your Benefits Plan

We know that small and medium-sized companies are the backbone of our communities and Canada’s economy. Additionally, “58% of small business owners believe a work-life balance is crucial for long-term survival.” Employee benefits benchmarking can ensure you give employees the support they need to achieve good overall health.

Communication is key to an effective employee benefits plan

[Free Download] How to Nail Your Benefits Communication Strategy