What Employee Benefits do Canadians Actually Want the Most?
By: Benefits by Design | Tuesday August 9, 2022
Employee benefits keep working Canadians happy, healthy, and financially secure, but they’re also used as an attraction and retention tool. Employees want benefits coverage, and a comprehensive plan is one of the many ways employers can distinguish themselves amongst their competition.
But determining what benefits have the most value to Canadians can be tricky — that’s why we did the work for you.
Introducing the 2022 Benchmarking Report
The 2022 Canadian SME Employee Benefits Report is designed to evaluate group benefits plans to help organizations attract and retain a quality workforce. It combines group benefits data from more than 3,000 businesses in Canada and breaks down which benefits are taken most often.
Using this data, employers and their Advisors can establish a benchmark for their benefits plan. This ensures they’re offering the coverage Canadians most desire and building a plan that will stack up (and surpass!) their competition.
The 2022 Benchmarking Report represents 3000 small- to medium-sized employers and a portion of Benefits by Design (BBD) Inc.’s group benefits business. These small- to medium-sized employers reflect a cross-section of industries located across Canada, including construction, manufacturing, retail trade, finance, and more.
4 Employee Benefits Employees Want Most
When designing your ideal employee benefits plan, you’ll want to consider these common benefits:
#1. Life Insurance — 90% of Employers
Life Insurance offers financial assistance in the event of a covered employee’s death and is among the most common group insurance benefit we see in our block of business. 90% of groups represented in the 2022 Benchmarking Report have this type of coverage.
#2. Accidental Death & Dismemberment (AD&D) Insurance — 88% of Employers
Accidental Death & Dismemberment (AD&D) Insurance provides financial assistance in the event of accidental injury, bodily harm, or loss of life. It is very frequently paired with Life Insurnace due to the similar nature of coverage, with 88% of groups represented in the 2022 Benchmarking Report having this type of coverage.
#3. Health Insurance — 89% of Employers
Health Insurance is designed to supplement provincial health care plans through coverage like vision care, drug coverage, paramedicals like massage or a chiropractor, and travel insurance. This type of coverage is practically synonymous with group benefits and is a highly sought-after benefit among working Canadians. 89% of groups represented in the 2022 Benchmarking Report have this type of coverage.
#4. Dental Insurance — 83% of Employers
Dental Insurance covers employees for their dental expenses and typically provides coverage for basic services like cleaning and fillings, major restorative services like dentures and bridges, and orthodontics, such as braces. Like Health Insurance, this type of coverage is highly sought after, with 83% of groups in the 2022 Benchmarking Report having this type of coverage.