The 5 Most Common Employment Benefits

Research for the 2021 Robert Half Salary Guides revealed the following benefits that businesses most frequently offer.

  1. Extended Health insurance — After salary, this benefit is of the utmost importance to many job candidates and typically includes medical coverage for employees and their families. In a Robert Half survey of more than 500 HR managers in North America, this benefit came in at No. 1, with 68% of employers offering it to their employees. And with the pandemic upending so many lives over the last two years, it is expected to become even more important to job candidates.
  2. Paid time off — Whether it’s for vacation, illness or bereavement, personal time off (PTO), it is highly valued by employees and a great way to combat burnout and attract new employees.
  3. Dental insurance — Dental insurance is the third most common benefit offered by employers.
  4. Retirement savings plans — An RRSP plan can be an excellent way to motivate employees to save for retirement. Matching contributions up to a certain amount can encourage employees to stay with your company.
  5. Life insurance — Also in the top five benefits offered to employees is life insurance. Life insurance and accidental death & dismemberment insurance (AD&D) are important to employees looking to plan ahead and feel some reassurance in protecting their families.

The pandemic has many employers looking to re-design their plans to ensure that the benefits being offered align with best practices. We can assist in all aspects of your group benefits plan re-design, whether adding a new benefit such as Critical Illness or adding flexibility through a Health Care Spending Account (HCSA) or transitioning to a full flex model.

Source: Robert Half Canada website