For the past twenty-three years, Canada’s Top 100 Employers have been selected using the following eight criteria:
- Work Atmosphere & Social
- Health, Financial, & Family Benefits
- Vacation & Time Off
- Employee Communications
- Performance Management
- Training & Skills Development
- Community Involvement
The annual selection is published by The Globe and Mail. It serves as a unique tool to motivate companies to improve the standard of workplace relations and encourages them to innovate and refine their internal operations. Companies that have not been named look to the list for inspiration to improve their policies and reputation. In contrast, prospective employees look to the list in search of potential employers whose values are aligned with their own.
A treasure trove of insightful indicators.
The extensive criteria used to compile the list of Canada’s best places to work provides particular insight into companies’ working practices and reveals more nuanced trends about the overall work experience of their employees – including how supported they feel by and within the organization. One significant indicator of a company’s commitment to supporting its employees is its offering of health, financial, and family benefits.
These are the top five benefit coverages offered by Canada’s best tech employers:
Robust Healthcare Spending Accounts
Companies increasingly consider employee health benefits as an investment to help support healthier and more productive employees instead of an obligatory expense. Healthcare spending accounts provide a non-taxable supplement to traditional health and dental plans, allowing employees increased flexibility to choose where and how to spend their additional healthcare funding. This puts employees in a better position to make more suitable and well-informed decisions about their health and wellness.
Accessible Group Retirement Savings Plans
Since its inception in 1957, Canada’s Registered Retirement Savings Plan (RRSP) has been a widely trusted savings mechanism, with contributions reaching $56.1 billion in 2021. Employers in Canada have noted individuals’ strong desire to save for retirement by including Group Retirement Savings Plans (GRSP) as an employee benefit to help workers build financial security for their old age. GRSPs offer employees hassle-free, low-fee access to a valuable financial service. Some of Canada’s top employers go a step further and offer to match individual RRSP contributions to boost the overall amount of the employee’s contribution.
Providing meaningful care through Employee Assistance Plans
An Employee Assistance Plan (EAP) is a professional counseling and referral service sponsored by the employer as part of a larger plan to promote wellness throughout the company. EAPs help set employees and their family members up with services to help them manage or resolve personal challenges that have grown to impact their work. EAP services include crisis prevention, outpatient/inpatient services, and self-help groups to address profound personal difficulties. The best employers are well aware that improving the health and well-being of their employees with an EAP will net positive results in job performance and underlining company savings.
Peace of mind with Long & Short-term Disability Coverage
Long and short-term disability benefit schedules are usually taxable and based on a percentage of the employee’s pre-disability gross income. They provide a safety net for individuals and their families who depend on the employee’s income for living. Long and short-term disability coverages are considered the ‘unseen’ benefits offered by employers, and yet they have the potential to be the most significant. In the event that an employee suffers a loss of income due to disability, the effects on their livelihood could be devastating. In the wake of the COVID-19 pandemic, rates of mental health-related disabilities have significantly increased, signaling to employers the pressing need for substantial disability coverage.
Extending benefits to furry family members
Pet adoption significantly increased during the pandemic as people looked to animals for emotional support and gentle companionship. Pets are an integral part of people’s lives. A recent survey by LiveCareer revealed that pet-friendly benefits are a priority, with 77% of respondents reporting their desire for pet health insurance as an employment benefit. Companies who offer to contribute to vet bills and pet care are setting themselves apart as preferred pet-friendly employers for the growing number of animal lovers in the workforce.
The highly anticipated list of Canada’s top-performing insurance companies is an excellent tool for gauging the overall potency of the industry, as well as indicating potential shifts in industry trends and growth. Read the blog and discover the numbers from 2022.