The study, which surveyed over 2,000 small business decision-makers in Canada, revealed 49 per cent of Canadian employees would rather have health benefits over a raise. Surprisingly, 36 per cent of small business employees said they would rather have health benefits over a $40,000 raise.
According to the 2023 Blue Cross Small Business Benefits Study, 80 per cent of employees consider a company’s health benefits before accepting a new role, and 76 per cent of employees stated that they would leave their current job in favour of one with a better health benefits plan.
Key findings from the survey include:
- Over 160,000 small businesses in Canada (1 in 8) have seen at least one employee resign for a better health benefits plan elsewhere.
- Top benefits of a health benefits plan, according to employees:
o Improves overall health and wellbeing (91%)
o Financial health and security (89%)
o Peace of mind (37%)
- · 72 per cent of small businesses offer benefits to their employees. Evidently, comprehensive health benefits plans are a sound investment that creates meaningful impacts for both employees and employers
There are many more findings outlined in the full press release, which can be found here and is copied below my signature.
If you’re interested in discussing the findings further, I would be happy to coordinate an interview with Tim Bishop, Managing Director at Blue Cross of Canada.
More information about the study can be found here: www.bluecross.ca/benefitsstudy/
