Blog Article

18 Apr 2024 | Uncategorized

Elevate Your Employee Benefits Game with Benchmarking!

When people are on the lookout for a job, it’s not just about the paycheck anymore. Canadians are scrutinizing benefits plans as closely as they do salary, vacation time, and career prospects. So, if you’re an employer or HR professional, here are 4 reasons why benchmarking is your secret weapon for staying competitive and making your benefits plan shine.

1. Building a Competitive Benefits Plan:

Want to stand out in the job market? Industry benchmarking is your compass! It helps you understand what other businesses in your field are offering. This insight lets you craft a benefits plan that’s on par with the best in your industry.

2. Setting the Benefits Standard:

Our benchmarking journey uncovered some eye-opening facts. For instance, the majority of small- to medium-sized employers offer Life Insurance (90%), Extended Health Care (89%), Accidental Death and Dismemberment Insurance (89%), and Dental Insurance (83%). To keep up and meet expectations, you’ll likely want these coverages in your plan. It’s all about giving job seekers what they’re looking for.

3. Staying Ahead of Trends:

Benchmarking isn’t just a one-time deal; it’s your crystal ball into historical trends. For example, we’ve all been affected by the pandemic and the mental health crisis in Canada. From 2019 to 2022, we witnessed a consistent year-over-year rise in Employee Assistance Programs (EAPs) adoption among small- to medium-sized employers. Being proactive and responsive to these trends can make your company a top choice for talent.

4. Tailoring Benefits to Your Industry:

Different industries have their unique ways of approaching employee benefits. That’s why industry-specific benchmarking is a goldmine of insights. Here’s a nugget: Some industries, like construction, are more likely to offer Long Term Disability (LTD) Insurance than others. For instance, 66% of construction companies with over 25 employees include LTD, compared to only 47% in our standard benchmarking report. Knowing your industry’s trends can help you stay ahead of the game.

So, whether you’re starting from scratch or fine-tuning an existing plan, benchmarking is your compass, your standard-setter, and your crystal ball all rolled into one. It’s your ticket to attracting top talent and staying ahead in the competitive world of attracting great employees.

 

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The views expressed in this article are for informational purposes only and do not constitute insurance advice. Readers are encouraged to contact a representative from Benchmark Insurance Ltd. directly for personalized insurance solutions tailored to their individual needs. Benchmark Insurance Ltd. is a niche insurance agency offering Life, Critical Illness, Long-Term Disability, and Group benefits to individuals and businesses across Ontario. To learn more about our services and how we can assist you, please reach out to us at info@benchmarkinsurance.ca or call 647-955-1242.
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By: admin

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