The Importance of Employee Benefits in Edmonton
The beautiful capital city of Edmonton holds a great deal of appeal for those who live and work there. With a monthly per-person cost of living of approximately $1,928, the city is ranked the fourth most affordable in the world. While it may not cost much to live comfortably in Edmonton, there is much more to work compensation than just salary. Employee benefits in Edmonton are highly regarded by current employees.
Competitive salaries are important to offer if you want to attract high-quality employees, but company culture, social responsibility and corporate values also rank high on the list of must-haves for job-hunters in Edmonton, as does the benefits package. The top five perks and benefits (after salary) as rated by workers in Edmonton are:
- Paid Time Off: Having paid time off is critical for addressing both mental and physical health and for preventing burnout. Corporate policies that allow for vacation, illness, bereavement and wellness or volunteer days are great ways to entice and reward employees in the Edmonton area.
- Insurance Benefits: Competitive benefit plans include dental, disability, health and vision care for Edmonton-area employees and their families. A strong support network including concise communication is critical to ensure employees know their benefits.
- Financial Support Structures: The most popular employer-sponsored financial support programmes for employees in Edmonton include financial education, retirement savings plans, student loan repayment programmes and tuition assistance.
- Flexible and Remote Work Schedules: Modern employers have gotten more creative with their scheduling, and employees have shown more interest in companies that are doing so. Choices of work environments, including work-from-home or a hybrid schedule of home and office time, are very popular. Flexible scheduling, such as four 10-hour days or a patchwork of four-hour work blocks, enable employees in the Edmonton area to better schedule family time, leading to less stress and more productivity.
- Wellness Perks: A 2021 survey showed that 82% of Canadians plan to take better care of themselves, and almost half of that number planned to use employee perks to accomplish that. Perks like gym memberships, stress counselling or subsidised healthy meals help to build a healthy and loyal workforce in Edmonton.
Offering Employee Benefits in Edmonton
Employee benefits are a critical consideration for every business, and they constitute a significant investment as well. On average, 29.6 per cent of an employee's overall compensation package is devoted to benefits. Given their importance, businesses must consider the most effective and efficient way to manage and coordinate their benefits packages. Well-managed benefits administration can make a big impact on corporate culture and can improve your success in recruiting and retaining employees.
Advantages of Employee Benefits Brokers
An employee benefits broker in Edmonton can assist with supporting your employees while developing long-term strategies to deal with current and upcoming corporate challenges within your budget constraints. At HUB International, we have the tools and expertise to provide you with a number of important advantages.
Manage Costs
An attractive benefits package is important, but it has to make financial sense. We can assist with cost management in the following ways:
- Strategic benefits planning
- Healthcare cost and pharmacy benefits management
- HR technology and benefits administration
- Benefits compliance
- Workforce absence management
Personalise Benefits
A benefits package is much more valuable when it is personalised for your employees. We can help with:
- Strategic benefits planning
- Voluntary benefits
- Employee retirement plans
- Global benefits
- Employee benefits analytics
Engage Employees
Create high levels of engagement for your people with:
- Benefits communication
- Employee health and performance
- Employee value proposition
- Total compensation statements