Employee Benefits Program in Canada
Employee benefits, also referred to as fringe benefits or perks, are defined as cash, indirect, or non-cash compensation offered to employees beyond or above regular salaries and wages. Some benefit packages include retirement benefits, medical insurance, overtime, and profit-sharing. According to the Canadian Conference Board’s 2019 report on benefits benchmarking, the first trend on benefit programs is that most Canadian employers have resorted to providing Healthcare Spending Accounts (HCAs). Second, Canadian employers mostly focus on preventive medicine and health measures. Lastly, most organizations enhanced or introduced strategies to assist workers with their wellness or mental health (CBoC 10).
Based on what I have heard from friends, a great workplace benefit I would desire is health insurance. As the utmost important life component, better health, vision, and dental care top the list of my must-have employee perks. The opinion is based on a wide range of benefits that health coverage provides for life improvements, such as protection in serious illnesses, accidents, or injuries. Health coverage can also lower or protect one from high, unanticipated costs. With this coverage, one is accessible to preventive services, such as screening tests and shots, either at a free or reduced cost.
With the ongoing pandemic, many alterations to mental health provisions, pensions, and prescriptions popular with employees are experienced in Canada. For example, before the pandemic, only 47% of the Canadian companies provided virtual health or telemedicine for issues on mental health (Wilson). With this pandemic, another 23 percent of organizations in Canada are adopting and implementing mental health coverage to curb problems derived from mental health issues at these difficult moments of COVID-19 (Wilson). However, this trend will not last long. Approximately 35 percent of Canadian organizations have not added mental health, pensions, and prescriptions to their benefit plans lists, have no plans and are unwilling to do so (IFEBP 18).
“Benefits Benchmarking 2019 – The Conference Board of Canada.” CBoC, 11 Mar.2019, www.conferenceboard.ca/e-library/abstract.aspx?did=10171. Accessed 31 Oct. 2021.
“Impact of COVID-19 on Pensions and Benefits in Canada.” IFEB. 1 Jun. 2020, www.ifebp.org/store/Pages/covid-19-survey-canada.aspx\ Accessed 31 Oct. 2021.
Wilson, Jim. “How have benefits changed with a pandemic?” HRReporter, 5 May 2021, www.hrreporter.com/focus-areas/compensation-and-benefits/how-have-benefits-changed-with-pandemic/355682 Accessed 31 Oct. 2021.