Designing and investing in an effective benefits program takes significant administrative and financial resources. The success of any chosen path will depend on the clarity of its objectives and the precision of its strategy.
LIMRA surveyed 1,200 Canadian employers to determine the latest trends in penetration rates for employee benefits and retirement and savings plans and trends in employee benefits strategy. Findings show that:
- Employee benefits continue to play a pivotal role as an attraction and retention tool, but core insurance benefits have limited growth potential.
- Employers are expanding employee access to retirement savings solutions to address the population’s increased need to save for retirement.
- To contain benefits costs and address the needs of the multigenerational workforce, employers add voluntary benefits and various non-insurance benefits to their portfolios.
- Benefits program components (insurance, retirement, and non-insurance plans) are largely managed independently from each other, despite the fact that these elements have one common goal — to attract and retain employee talent.