Report also looks at challenges around chronic conditions, financial wellness, generational preferences
Many workers continue to encounter significant gaps in the benefits offered by their employers, according to a recent report from RBC Insurance.
Despite comprising nearly half of the Canadian workforce, women are disproportionately affected by shortcomings in benefits, the report notes.
Specifically, 75% say they want or need benefits that specifically support women’s health, including services related to fertility and menopause.
The gap between men and women is evidence with certain healthcare issues:
|
|
Women |
Men |
|
Insufficient coverage prevents them from accessing care |
31% |
22% |
|
Difficulties securing appointments |
25% |
17% |
|
Rising costs and affordability are barriers to improving wellbeing |
68% |
49% |
|
Mental health issues like anxiety, depression are barriers to improving wellbeing |
33% |
17% |
There’s a growing interest among women in the workplace in Canada when it comes to accessing fertility and menopausal benefits, according to a previous Manulife report.
More than half (54%) of employees or their spouses are living with a chronic condition, making access to care a critical component of overall well-being, reports RBC Insurance. However, 58% of Canadians identify affordability as a key factor affecting their well-being. Those with chronic conditions are more likely than others to cite rising costs and affordability issues.
Those managing physical (31%), developmental (31%), or mental health-related disabilities (28%) report that coverage amounts are often insufficient, resulting in out-of-pocket costs higher than they can justify.
And many in the Gen Z and Millennial generations feel that the coverage amounts offered by group benefits are “insufficient and do not adequately meet their needs,” reports RBC Insurance.
Here are 6 ways to improve your company's compensation and benefits.
While they are the most interested in making lifestyle changes to enhance their financial health, manage stress, and achieve work-life balance, many report barriers such as affordability (59%), lack of motivation (44%), and busy schedules (40%).
Also, 20% of 18- to 34-year-olds are unsure of their benefits, compared to just 13% of those aged 35-54 and 12% of those aged 55+.
"These findings are a call to action for employers and benefits providers alike, as there's a real opportunity to close the gap between what employees need and what they receive. The more an employer tailors and prioritizes more inclusive and relevant benefit solutions, the more they can truly support their employees,” says Tony Bruin, head of group benefits at RBC Insurance.
“As the workforce becomes more diverse across age, gender, and health needs, employers and group benefits providers have an opportunity to reimagine what modern support looks like. When employers focus on investing in more inclusive, tailored benefits, they can boost employee satisfaction while building healthier, more engaged teams."
Most workers want the ability to include voluntary add-ons in the benefits plans they receive from their employers, according to a recent report.
