Benefits survey reveals top four challenges for employers

Survey reveals the current focus of Canadian employers

Benefits survey reveals top four challenges for employers

WTW, a prominent global advisory, broking, and solutions company, has recently released the findings of the 2023 Canadian Benefit Trends Survey. This survey, which involved the participation of nearly 130 Canadian organizations between March and April 2023, sheds light on the top challenges faced by employers in the country.

The results highlight the following four factors as the most pressing challenges: competing for talent (84%), rising mental health issues (63%), working on inclusion and diversity (48%), and dealing with increasing costs (40%).

In today's competitive job market, attracting and retaining top talent is a constant struggle for Canadian employers. With 84% of respondents identifying it as a significant challenge, competing for talent emerges as the foremost concern. In an era where the demand for skilled professionals is high, businesses must adopt innovative strategies to stand out and appeal to prospective employees.

The survey further reveals that mental health issues have become increasingly prevalent in the workplace, with 63% of employers expressing concern. This statistic underscores the growing recognition of the importance of mental well-being in the workforce. Employers are becoming more proactive in addressing this issue by providing mental health support initiatives to their employees.

“We are increasingly seeing organizations apply employee listening and analytics around the employee experience to inform their benefits strategy as an employer of choice,” said Anne-Marie Nawar, Canadian Health and Benefits Insights & Solutions Leader at WTW.

Employers also find inflation (40%) to be a concern over the next two years, while they ae also aiming to improve their market position on financial wellbeing (31%) and increase community and social responsibility (29%). Retirement plans are also one of the things employers are looking into (30%).

“Financial and labour market pressures are putting employers in a position of needing to balance the competition for talent with the rising cost of services, while budgets remain tight,” said Justin Kreller, Health & Benefits Director at WTW.