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Employee Benefits - New Study Reveals What's Hot and Not in Workforce Perks
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As companies scramble to attract and retain skilled workers in a market characterized by an aging workforce and increasing labour shortages, they are becoming very creative in designing new employee perks in order to compete.
What are the most popular benefits? A new study, released today in advance of National Payroll Week next week (September 8 - 12) and the first of its kind in Canada, ranks all 39 categories of taxable employee benefits in terms of the percentage of organizations offering them.
Conducted by the Canadian Payroll Association (CPA), the study contains some startling surprises. Yes, Canadians continue to place a high value on financial protection, with group term life insurance (offered by 61% of
organizations) and disability benefits (42%) among the most popular perks.
But also at the top of the list are tuition fees (42%) and professional membership dues (39%). "What this says is that Canadian workers appreciate professional development opportunities. They want to continue to learn and grow on the job," says Richard Rousseau, Chairman of CPA.
Car allowances (46%) are the second most popular benefit. "Drivers are very aware of rising gas prices and insurance premiums, and a benefit that offsets some of this pain is very attractive," Rousseau explains. "In the future, we'll probably see transit passes being offered more and more as gas prices continue upward and employees want to work for 'green'
companies."
Another interesting fact unearthed in the study is the relatively high importance placed on counseling for employees (21%). "This probably reflects two positive trends," says Patrick Culhane, CPA's President and CEO.
"Employers are recognizing the detrimental effects of a stressful work environment and are taking steps to counter it. As well, people are more open now to using these services because there seems to be less stigma associated with mental health issues today."
Employer-paid RRSP premiums (28%), which have replaced pension plans in many workplaces, are a popular incentive. Stock options (8%), while still down the list, are growing in popularity as publicly traded companies offer them more broadly across the workforce as a way to reward employee performance and gain buy-in to the business objectives.
At the very bottom of the list are child care expenses (2% of companies
reporting that they offer the benefit). Culhane says "this probably does not mean that employees are uninterested in the benefit, but rather that it is a high-cost item for employers."
Over 2,100 payroll professionals across the country participated in the research by completing an extensive online survey.
Payroll professionals in 1.5 million organizations across Canada are responsible for ensuring the timely and accurate payment of $700 billion in wages, $220 billion in government remittances and $77 billion in health and retirement premiums. They must also comply with more than 185 pieces of tax and related legislation across Canada. The Canadian Payroll Association is the national association that has been representing employer payroll interests in Canada since 1978. National Payroll Week (September 8-12) recognizes the accomplishments of payroll professionals, the payroll community and the CPA by building greater awareness of the size and scope of payroll and its impact on business, government and employees across Canada.
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