There's no 'ideal' benefits plan – because there's no universal mold to build on off of.
Fifty-three percent of HR leaders say that building a solid benefits plan is the key to addressing diversity in their organizational strategy, according to research from Gallagher. And the importance of DEI in perks really can’t be overstated – especially in the ongoing Canadian talent crisis.
As part of HRD’s recent 5-Star Benefit Programs 2022 Awards, we conducted research into the perk sector at large – looking at what stand-out employers are doing differently to the norm.
Speaking to HRD, Kirk Merrett, director of HR at 5-Star Benefit Programs winner Hyundai, says that, for them, inclusivity is a core component in building the perfect package.
“Most benefits are based on traditional family structures and that leaves a lot of people out — especially those from the queer community,” he says. “Instead, employers have to look at their future perks through a diverse lens. At Hyundai, the benefits offered include surrogacy and fertility plans, gender affirmation coverage, and parental leave top-up (not just maternity leave) for the birthing individual or their partner.”
There’s no “ideal” benefits plan – because there’s no universal mold to build on off of. A perfect plan is one that takes into consideration the individual needs of your personal staff body – something that can be achieved through internal research and surveys.
“Perfection is in the eye of the beholder. Each associate may find value in different offerings,” adds Kate Interisano, compensation and benefits manager at 5-Star Benefit Programs winner Niagara Casinos.
“The ‘perfect plan’ provides variety, flexibility and [cost effectiveness] to the employee and employer.”
And the data’s there to back these assumptions up. Research from LifeWorks found that 55% of Canadians cite flexible working and hybrid arrangements as more important to them than career progression, with 34% adding that wellness perks are the sole reason they choose to stay with their current employer.
Take a look at HRD’s recent report here – and glean insights from the best of the best in benefits.