Feb 18, 2023 | 2:52 PM
Employees today are not just thinking about the money when choosing an employer. They’re prioritizing what they value in life and looking for workplaces that support work-life balance and a healthier lifestyle. That, from the President of Sutton Benefits & Pensions, who says there is a labour shortage and businesses need to find ways to entice workers and retain them.
To do that, Andrea Hansen suggests that employers think about a complete compensation strategy, which could include salary, benefits and a pension plan. She has seen an increase in the last 18 months for employers joining new group retirement programs.
For those businesses which already have benefits, she advises them to make sure their employees are aware of what is offered so if another job comes up elsewhere, the employee will take the compensation package into consideration. Hansen gives the example of an affordable benefit to implement. Health Spending Accounts are a non-taxable alternative or supplement to a traditional benefits plan.
A small percentage is taken off the employee’s salary and that is put toward this account, which tops up any health expenses that aren’t covered. For example, if someone making $75,000 annually had one per cent taken off annually, they would have $750 for their Health Spending Account.
On CJWW February 18 and 19, 2023