Employers’ Top Benefits in Canada: New Insights from the 2023 Better Work Award Winners

Indeed recently released the Better Work Award winners, celebrating top employers across Canada. As we studied what sets these employers apart, we identified several trends. In this article, we look at one factor that differentiates top employers: employee benefits.

What are the top benefits in Canada, and how are some of the nation's successful employers transforming their job benefits and other perks into a competitive advantage? We list the top benefits below.

Why the top benefits in Canada are crucial

Across industries, employees value great pay—but in today's competitive market, a strong benefits package is also an integral part of a successful talent attraction strategy. "Better benefits and perks" was one of the top reasons employees pursued a new job in 2023, second only to increased pay. In a recent survey, 73% of Canadian workers under 34 and 69% of workers aged 35-44 said they would leave their current employer for better benefits.

A top employee benefits and compensation package have a great impact on talent attraction and retention and deliver greater rewards than many employers expect. Research shows that companies who prioritize employee wellbeing consistently perform better across several metrics, including higher valuations, greater return on assets, and increased profitability. However, not all job benefits or perks are created equal. We found three top benefits in Canada that consistently provide value for employers and employees: generous health benefits, discounted perks or freebies, and flexible hours.

Top benefit #1: Generous health benefits

According to recent research, health and wellness benefits are essential in an individual's decision to join and stay with a company. Such benefits provide assistance with necessary medical costs, appointments and prescriptions, and they are also a tangible demonstration of an employer's care for their employees' health and wellbeing.

A third of Canadians surveyed said that extended health benefits should be a top priority for their employers, with specific requests for a generous healthcare plan (46%), health screenings and risk assessments to assist with health management (42%), and a generous dental plan (37%). Emotional and mental health benefits also rank high. More than a quarter of respondents (27%) indicated that "help with managing their emotional health" was the most desirable benefit.

Demand for inclusive health benefits is also on the rise. Forty percent of Canadian workers over 30 and sixty percent of those 30 and younger said they would consider leaving their job for "benefits that are more inclusive of their colleagues' diverse needs." Inclusive benefits include broader family planning support, caregiver benefits, gender-affirming healthcare options, or flexible benefits.

Top benefit #2: Discounts, freebies and perks

Well-considered discounts, freebies, and other job perks can boost workplace morale and contribute to a happier work environment. Creative perks such as a move toward a four-day work week have been gaining traction in Canada. Traditional job perks such as free lunches, a well-stocked kitchen, or a coffee bar remain popular for businesses with an in-office presence. For remote or hybrid workplaces, some employers have seen success with care packages and delivery service gift cards. Free company swag can also be well-received—when companies provide useful, comfortable items with inclusive sizing options.

Discount programs have also seen increased success as rising household costs add strain on many employees. A new survey of Canadian employers showed that more businesses are providing various job perks, with 59% of respondents investing in employee discount programs.

Top benefit #3: Flexible working hours

Since the pandemic, flexibility has been a critical employment issue. Whether in the office or at a remote location, some employers realized that their employees' work environment and structure are important to their wellbeing.

Flexible working hours can be an excellent motivator. While providing flexible hours doesn't work for all businesses or role types, flexible working hours is a job benefit shared among many of the Better Work Award winners and was a significant contributor to retention. From an employee's perspective, a flexible working arrangement can provide greater control over their lifestyle, schedule, and work-life balance. Individuals can complete their work during their most productive times and reduce commuting delays or interruptions due to other obligations. In turn, employers see decreased turnover, improved employee productivity and engagement, and access to a more diverse candidate pool.

Bonus benefit: Great work culture

While not a specific benefit or job perk, when it comes to creating an award-winning work environment, it's clear that workplace wellbeing must be a priority. Across industries, Canadian workers report increased stress, exhaustion, and burnout, which impact not only retention and workplace morale, but also business-critical metrics such as productivity, engagement, and financial performance.

Employees naturally gravitate toward employers that support employee happiness and wellbeing. Employers who focus on the core elements of a great workplace culture, such as engaged employees, clear job development options, an open, welcoming environment, and a robust DEI strategy, can quickly become an employer of choice.

Excellent job benefits are just part of the puzzle

Robust employee benefits provide multiple advantages to today's employers—but they're only a part of the greater whole. What else do award-winning Canadian employers have in common? To learn more about the trends that help give top employers a competitive advantage, check out our Work Wellbeing 2023 Report.