In today’s hiring market, a well-rounded benefits and compensation package is critical for attracting and keeping talent. In fact, 70% of younger Canadians (aged 18 – 34) say they would leave their job for better benefits elsewhere.1 Clearly, what you offer beyond salary can help increase employee job satisfaction.
Below, learn about a few new trends that have emerged this year in employee compensation and benefits that HR and companies can implement in their efforts towards improved retention, recruitment, and engagement.
1. Flexible Work Schedules
Did you know that, as of 2023, only 47% of industrial workers and 49% of office workers are currently satisfied with the amount of flexibility they are given? Did you also know that more than one out of four workers admit that this lack of flexibility may lead them to change jobs, according to study conducted by Randstad and Ipsos?
For these reasons and more many employers are supporting flexible work arrangements for employees – so long as they can get their work done.
Workplace flexibility can encompass any of the following:
- Four-day work week with full-time pay
- Offering remote and hybrid work
- Varied arrival and departure times (or if remote, “log-on” and “log-off” times)
- Ability to choose work shifts
- Opportunities for career breaks without losing seniority
- Unlimited vacation time
Under the theme of flexibility, flexible or employee chosen compensation and benefits packages will continue to be a trend in 2023 and beyond to help employees meet their own individual needs.
2. Increased Caregiver Benefits
Unpaid caregiving remains a reality for many workers in Canada. According to Statistics Canada, caregiving hours are on the rise, with 31% of Canadian caregivers or the sandwich generation providing more than 10 hours of care per week, compared to 26% who were doing so before the pandemic. 2 that most unpaid caregivers are women – and unpaid caregivers often experience high levels of stress and burnout, along with a host of other dire health and wellness implications.
Employees can alleviate the pressure of caregiving by making sure the right benefits are in place. These benefits may include good medical insurance, a generous amount of paid time off, employee assistance program (EAP), legal benefits, compassionate care leave and care concierge benefits including crisis intervention services, family and/or personal counseling that connects caregivers with the appropriate providers and resources.
3. Mental Health and Wellness Support
Even post-pandemic, mental health supports remain as important as ever. And many employers are planning to make these programs even more holistic to better meet employee mental, physical and financial wellbeing needs. Here are some supports employers are introducing in the workplace:
- No meeting days where all employees can focus on work without needing to attend a meeting.
- Flexible health and wellness stipends where employees can choose what matters to them whether that’s therapy sessions, gym membership, meditation app etc.
- Employee assistance program expansion to address wellbeing challenges.
4. Employee Shares Ownership
Employee shares ownership is where a company’s employees own shares in the company. Sharing ownership with employees has many benefits. Studies show that employee ownership can double customer loyalty and can result in greater job tenure and higher workplace productivity, innovation and creativity. 3
True, setting up employee ownership requires a significant amount of time and investment upfront. Everything from feasibility, design, implementation, education, tax and legal considerations must be examined before a successful ownership culture can be established.
But with the right support and strategy, an employee shares ownership plan can encourage employees to start to think and act like owners. Unlike investing in the public market, each employee has some influence over how successful their investment is, and their efforts are rewarded. This can be a win-win for employers and employees.
5. Creative Benefits
There’s no doubt that employees value a salary increase but there are also some “unique” and impressive benefits and perks that can boost morale and help employees feel more aligned with the business to produce better work.
Some examples of this include:
- Paid time off on birthdays
- Student loan paydowns
- Professional development funding
- Providing lunch or snacks on-site
- Employee discounts and rewards
By offering the right mix of compensation and benefits (alongside a psychologically safe workplace), HR and employers can help keep their best people around and attract more new top talent to their teams.
A Benefit for You
While good employee benefits can help you retain top talent, HireAuthority.ca is the best place to find and recruit the right HR candidates. This an exclusive job board for HRPA members that gives you the chance to put your job posting in front of over 22,000 HR professionals! Visit hireauthority.ca to learn how can take advantage of this benefit today.
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