Close to half of Canadian companies (42%) say employees are asking for better benefits this year compared to last due to the increased cost of living. However, delivering on such requests is difficult according to companies.

 

A majority of companies (58%) say their company’s traditional benefits will remain the same. But more than a third of employers (36%) report plans to increase benefits compared to last year, a significant increase from 2022 (28%). 

 

Furthermore, the majority (59%) say their company has modified benefits specifically in hopes of retaining current employees or attracting new ones — another significant increase from last year (51%). The changes have included offering cost of living raises (25%), increased paid time off (17%), customizable benefit packages (14%), additional healthcare incentives such as gym memberships and mental health resources (14%), improved retirement plans (13%) and/or increased sick leave (13%). 

 

Employers are hoping these modifications will help alleviate turnover, which 1 in 3 Canadian companies expects to increase this year. As another recent Express Employment Professionals-Harris Poll survey found, better benefits being offered by another company was one of the top reason employees are leaving. 

 

Despite the easing of labour shortages, continuing to shape a healthy company culture should be top of mind for business owners to avoid affecting the bottom line.

 

“Turnover can cost as much as up to 150% of the departing employee’s salary, not to mention the strain on the remaining staff,” said Bill Stoller, Express Employment International CEO. “It’s not feasible to offer every desired benefit, choose the ones that resonate the most with your workforce. Investing in people is what makes them stay.”

 

 

The Job Insights survey was conducted online within Canada by The Harris Poll on behalf of Express Employment Professionals between Oct. 31 and Nov. 10, 2023, among 504 Canadian hiring decision-makers.

 

For full survey methodology, please contact Ana@MapleLeafStrategies.com.

 

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At Express Employment Professionals, we’re in the business of people. From job seekers to client companies, Express helps people thrive and businesses grow. Our international network of franchises offers localized staffing solutions to the communities they serve across the U.S., Canada, South Africa, Australia and New Zealand, employing 579,000 people globally in 2022

and more than 10 million since its inception. For more information, visit ExpressPros.com/CA.

 

The London Express office is located at 300 Dundas Street, Suite 200, and serves the London, Middlesex, St. Thomas, Strathroy, Stratford, Woodstock, Ingersoll, Tillsonburg, and Southwestern Ontario. Local businesses and applicants are encouraged to visit https://expresspros.com/london/ or call (519)672-7620.

  

William H. "Bill" Stoller is chairman and chief executive officer of Express Employment  

International. Founded in Oklahoma City, Oklahoma, the international staffing franchisor 

supports the Express Employment Professionals franchise and related brands. The Express franchise brand is an industry-leading, international staffing company with franchise locations in the U.S., Canada, South Africa, Australia and New Zealand.