Blog Article

27 Jun 2024 | Uncategorized

Why It’s Time to Rethink Your Employee Benefits: Attracting and Retaining Top Talent in a Competitive Market

Is your advisor just sending you your renewal, with ever-increasing costs, without any explanation? Are they even talking to you about these things?

The same old, same old just, doesn’t work anymore.

1 in 5 Canadian employers is missing out on top talent due to salary and benefits limitations, according to a recent survey. The study by global talent firm Morgan McKinley, based on insights from 650 businesses and 3,400 professionals, highlights that 20% of employers faced challenges in the past six months in attracting new talent because they couldn’t compete in terms of compensation and benefits.

Despite the competitive hiring landscape, with 60% of companies experiencing stiff competition, 40% of Canadian businesses still plan to hire in the next six months. However, the survey reveals a significant hurdle for 40% of employers– the lack of approval for new headcount.

Ian Kinsella, Managing Director of Morgan McKinley Canada, emphasizes the importance of formal retention strategies in the face of reduced budgets.

He notes that offering meaningful benefits, especially with a focus on flexibility, will be crucial for companies looking to retain and attract top talent.

The survey sheds light on Canadian employees’ dissatisfaction with their benefits packages, with 65% expressing neutrality, dissatisfaction, or high dissatisfaction. Health insurance, work-from-home options, pensions, health and well-being support, and life insurance are identified as the top five desired benefits.

Despite the less-than-ideal perception of benefits, only 45% of Canadian professionals plan to change roles in the next six months. For those considering a move, a higher salary and meaningful, impactful work are cited as the primary motivations, each at 23%.

The survey also reveals a rise in contract work among Canadian professionals, with 79% of permanently employed individuals expressing a willingness to become independent contractors. Better pay rates, increased skill development opportunities, and greater flexibility are cited as enticing factors for considering contract roles.

Kinsella notes that leaner talent acquisition teams and a surge in applicants have led to lengthened hiring processes, impacting the efficient qualification and assessment of incoming talent. He emphasizes the need for organizations to act swiftly in identifying and securing top talent, particularly as fewer high-caliber candidates actively seek new opportunities.

It’s time to review your benefits! The same old, same old, just doesn’t work anymore!

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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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