Strategies for Employers to Enhance Employee Benefits

Strategies for Employers to Enhance Employee Benefits

In today’s competitive job market, employers looking to gain an edge in hiring can do so by looking for ways to increase what they offer to their employees beyond just the paycheque.

When negotiating employment contracts, in can be easy to get stuck on the bottom line, but employees are looking for much more than just renumeration. Compensation does not need to be a zero-sum game. By prioritizing the well-being and satisfaction of their employees by incorporating comprehensive benefits and a positive work environment into the employment contracts, employers can gain that edge in hiring.

Given the well-established links between financial stress and mental health, employees expect a work environment that is supportive in helping them meet financial needs, but also in allowing their concerns to be heard and fostering a healthy work-life balance.

What kind of Employee Benefits can Entice Employees?

Employers should focus on offering overall compensation that meets employees’ financial goals, lowers financial and workplace stress, and thereby enhances retention, engagement, and productivity.

Employers can benefit greatly from offering employees participation in group benefits. These include the basic health and dental benefits, but also programs such as wellness allowances, continuing professional education, group RRSP and pension contribution plans, career enhancement services, and access to financial advice.

Additionally, employers can entice employees with a positive and engaging work environment. Wellness programs, policies with an emphasis on work-life, and procedures that do not just promote, but encourage and incorporate employee feedback, can go a long way towards reducing workplace stress by allowing employees a voice in shaping a healthy and supportive workplace.

How can Whitten and Lublin help?

If you are an employer looking to learn more about what benefits and workplace policies you can employ to entice and retain employees or just need your employment contracts reviewed, Whitten & Lublin is here to assist you. Contact us online or by phone at (416) 640-2667.

Author – Aaron Zaltzman