Life insurance most popular employee benefits: CPA
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 to compete, according to a new survey.
The survey, by the Canadian Payroll Association (CPA), asked more than 2,100 payroll professionals across the country which of the 39 categories of taxable employee benefits do their organizations offer.
The most offered benefit is group-term life insurance, offered by 61 per cent of organizations. Car allowances, offered by 46 per cent of organizations, is the second most popular benefit, followed by disability benefits (42 per cent).
"Drivers are very aware of rising gas prices and insurance premiums, and a benefit that offsets some of this pain is very attractive," said Richard Rousseau, chairman of CPA.
"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."
Also at the top of the list are tuition fees (42 per cent) and professional membership dues (39 per cent).
"What this says is that Canadian workers appreciate professional development opportunities. They want to continue to learn and grow on the job," said Rousseau.
While child care is important to employees, it is a very expensive benefit to offer and only two per cent of organizations cover child-care expenses.
However, employers are concerned about employees' personal lives and one-in-five organizations (21 per cent) provide counselling for employees.a
"This probably reflects two positive trends," said Patrick Culhane, president and CEO of CPA.
"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 per cent), which have replaced pension plans in many workplaces, are a popular incentive. Stock options (eight per cent), 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.
The survey, by the Canadian Payroll Association (CPA), asked more than 2,100 payroll professionals across the country which of the 39 categories of taxable employee benefits do their organizations offer.
The most offered benefit is group-term life insurance, offered by 61 per cent of organizations. Car allowances, offered by 46 per cent of organizations, is the second most popular benefit, followed by disability benefits (42 per cent).
"Drivers are very aware of rising gas prices and insurance premiums, and a benefit that offsets some of this pain is very attractive," said Richard Rousseau, chairman of CPA.
"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."
Also at the top of the list are tuition fees (42 per cent) and professional membership dues (39 per cent).
"What this says is that Canadian workers appreciate professional development opportunities. They want to continue to learn and grow on the job," said Rousseau.
While child care is important to employees, it is a very expensive benefit to offer and only two per cent of organizations cover child-care expenses.
However, employers are concerned about employees' personal lives and one-in-five organizations (21 per cent) provide counselling for employees.a
"This probably reflects two positive trends," said Patrick Culhane, president and CEO of CPA.
"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 per cent), which have replaced pension plans in many workplaces, are a popular incentive. Stock options (eight per cent), 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.
