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Evolving Your Employee Benefits Strategy to Attract Top Talent and Help with Employee Retention 

By: Benefits by Design | Tuesday August 15, 2023

Updated : Monday October 23, 2023

An employee benefits plan is designed to keep employees happy, healthy, and financially secure. It is also an incredibly useful tool for employee retention and attracting top talent for an organization. But benefits strategies must evolve alongside workplace and industry trends in order to remain effective.  

Let’s take a look at recent trends to see how your strategy measures up. 

Industries with the Best Employee Benefits Plans

Competition for talent is main concern 

A new survey finds that a majority of employers (84%) say that competition for talent (including employee retention) is the number one issue influencing their benefits strategies. The survey also found other notable influences on their strategy, including: 

With so much on the go, it’s important to ensure your benefits strategy rises to meet these challenges.  

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Updating your plan to address trends 

With the above noted examples, it’s clear that the benefits trends on the minds of Canadian employers include employee retention, attracting new talent, mental health, diversity and inclusion, and rising costs. So the question becomes, “Is your benefits plan keeping up with these trends?” 

By addressing the rising trends above, you’ll be addressing the core concern Canadian employers are struggling with: employee retention and attraction. Working Canadians are looking for businesses that provide help and support, keep them happy, healthy, and well, and who look out for their best interests. 

The Tight Labour Market in Canada & How Employers Can Stay Competitive

Managing the cost of plans 

Another significant consideration for employers’ benefits strategies is centered around cost. Inflation is high, and two-fifths of employers (40%) indicated that inflation is their number one financial challenge over the next two years. 

That will make creating and maintaining a competitive benefits plan more difficult and may have employers wondering if removing benefits or reducing coverage will help. However, rather than reducing coverage (hurting attraction and retention efforts) or losing coverage entirely (which will really hurt them), employers can consider making amendments to increase efficiency without losing as much. 

Evolving Your Employee Benefits Strategy to Attract Top Talent and Help with Employee Retention

Looking to recruit top talent? 

Attracting and retaining your best people has always been a challenge, but now it’s something that Canadian employers are more concerned about than ever before.  

Check out these 6 creative tips for recruiting top talent to your organization!

Learn more