At DENT, we know the most valuable resource to a business is its human assets. It might sound cold to refer to an employee as another line item on the balance sheet, however, consider that many businesses still treat their depreciating assets (vehicles, equipment, etc.) better than the workers who operate them. Machines receive regular maintenance, scheduled breaks and much needed pampering to keep them in top operating condition. Employees are no different, except those assets can appreciate over time, becoming more productive and valuable. In this article we discuss the best employee benefits and perks to offer Canadian employees increase moral, retention and productivity in your business.
Before we list the best employee benefits and perks to offer Canadian employees, first we would like to discuss the impact on engagement and retention. In 2008, the job market was vastly different than it is today. People were desperate for work and just having a steady pay cheque was the only incentive required to hire and retain employees. In 2019, benefits and perks are a huge part of employee engagement as it is much easier for people to find new work, especially for the most productive and talented employees. The cost of hiring and training new employees every year is much higher than implementing a group benefits package, a simple cost-benefit analysis will make it an easy decision.
What are the best employee benefits and perks to offer Canadian Employees? The ones that give you the highest return on investment for the lowest cost of course! Here are some recommended by a recent survey of HR experts:
Flexible Work Schedule
It can’t be stated often enough; today’s work force treats a flexible work schedule like the holy grail of employee benefits. This is largely due to the work-life balance desired by most employees. Telecommuting and work-from-home options are great for office workers, or anyone who does most of their work on a computer. Even if the nature of your business requires employees to physically be present at a certain time of day, consider other ways of shifting schedules around the employees’ private life. Putting more of an emphasis on performance and productivity rather than attendance has had major positive impacts on the bottom line of many businesses. This is one of the most effective perks and doesn’t cost the business money!
Some businesses are exploring a radical new idea; unlimited vacation time. While this may cause eye-rolls from the older generation, consider that the 8-hour work day and eliminating child labour were once considered radical ideas.
Burnout has been a major problem for decades, but only seriously being addressed now. The most common result of employee burnout is the worker leaving the company for more favourable employment. While unlimited vacation may not be feasible in your business, consider shifting the focus on results rather than the number of hours worked. Many employees (and management) are guilty of running out the clock on their day simply because they get paid to be there, not necessarily paid to accomplish something.
Health insurance is by far the most expensive benefits for a business owner, but it is also one of the most sought after. Job applicants are heavily influenced by insurance benefits and often make career decisions based on health benefits. Studies show that health and wellness benefits are the most important perks for millennials which are fast becoming the dominant generation in the workforce. Employer-paid health and dental benefits can be the difference between hiring a difference-maker or settling for employees who can’t get a job elsewhere.
The best employee benefits and perks to offer Canadian employees are the ones that make people feel valued and appreciated. Whether it is one of the above or a combination, anything that shows people they are not just a number on a page is the difference between a successful company and one plagued by turnover.
If you are interested in taking your business to the next level and want to learn about the best employee benefits and perks to offer Canadian employees, contact the experts at DENT Benefits!
The information in this material is derived from various sources. Material is provided for general information and is subject to change without notice. Every effort has been made to compile this material from reliable sources; however, no warranty can be made as to its accuracy or completeness. Before acting on any of the above, please contact us for benefit, pension and insurance advice based on your corporate or personal circumstances.