Canadians set high expectations for employee benefits in a dynamic job market: RBC Insurance survey


  • The majority of Canadians (68 percent) would accept a job with a good benefit plan rather than another job that pays more but does not have a benefit plan
  • Almost half of young Canadian workers say their employer’s benefit plans have not adequately met their health and wellness needs in the past year
  • Almost 50 percent of new claims for long-term disability benefits at RBC Insurance for young employees are mental health related

TORONTO, October 5, 2021 / CNW / – As Canadian businesses emerge from the challenges of extended shutdowns linked to the pandemic, they now face the hurdle of attracting and retaining workers amid record labor shortages. In this increasingly competitive job market, many employees prioritize workplace benefit plans. A recent Ipsos survey conducted by RBC Insurance indicated that a majority of Canadians (68%) would rather accept a job with a good benefits plan, rather than another job that pays more but does not have a plan. benefits.

“It has been such a difficult and unpredictable year for so many working Canadians, so it’s no surprise to see more employees prioritizing their health and wellness needs alongside other professional considerations,” said declared Julie gaudry, Head of Group Benefits, RBC Insurance. “And with the recent broader trend of people leaving their jobs because of job dissatisfaction, companies need to consider the value of benefits to better support the mental and financial health of employees.”

Young workers show willingness to meet mental health needs
The pandemic has apparently opened the door to a better understanding of individual mental health needs. Among RBC Insurance group plan members, for example, almost half (49%) of new claims for group long-term disability benefits for young employees (18-35 years) are related to mental health. 2021, an upward trend since 2019. In addition, almost half of young Canadian employees surveyed indicated that their benefit plan had not sufficiently met their needs in terms of health and well-being in the workplace. over the past year.

The good news for businesses is that the majority (68 percent) of Canadian workers still have positive feelings towards their employer – an increase of 8 percentage points since 2019. Canadian businesses can no doubt continue to attract and retain the next generation of young talent in the country, especially with a good benefits plan that meets the physical and mental health needs of their employees.

“Young workers in particular are reassessing their personal needs and taking more proactive steps to address their mental health issues,” Gaudry said. “Keeping up with the changing needs of a younger workforce will be critical for benefit providers and employers.

How wellness supports can promote physical and mental health
In response to the continued demand for additional wellness support, RBC Insurance is now offering an optional Wellness Account for plan administrators to help employees offset the costs associated with a healthy lifestyle.

Although the amounts and expenses covered vary by policy, companies can take advantage of these expense accounts by encouraging employees to prioritize and personalize their health expenses in the following ways:

  • Health products or services: Health-related products or services, including fitness trackers, running shoes, or yoga sessions, can help improve the physical well-being of those affected by the COVID-19 pandemic.
  • Hobby: From cooking to art lessons to guitar lessons, hobbies can have a particularly positive impact on mental health, in addition to creating lasting and positive habits.
  • Fitness and team sports subscriptions: Group activities, such as fitness classes or recreational sports, not only make exercising more fun, but can also reduce social anxiety, especially when family or friends can participate. Wellness expense accounts can be used to reduce a club or team’s registration fee and promote positive social and wellness habits.

To learn more, visit rbcassurance.com/group-benefits.

About the RBC Insurance survey
Here are some of the findings of an Ipsos survey conducted on behalf of RBC Insurance. For this survey, a sample of 1,001 Canadian workers aged 18 and over was interviewed between April 10 to 13, 2021. The accuracy of online surveys is measured using a credibility interval. In this case, the results are accurate to ± 3.5 percentage points, 19 times out of 20, of what they would have been if all working Canadians aged 18 and over had been surveyed. Credibility intervals are wider among subsets of the population.

About RBC Insurance
RBC Insurance® offers a wide range of advice and solutions in the areas of life, health, home, automotive, travel, wealth and reinsurance, as well as creditor and business insurance services to individuals, businesses and to groups. RBC Insurance is the brand name of Royal Bank’s insurance business units Canada, one of North America leading diversified financial services companies. RBC Insurance is one of the largest bank-owned insurance companies in Canada, with approximately 2,500 employees who serve more than four million clients around the world. For more information, please visit rbcassurance.com.

SOURCE RBC Insurance

For more information: please contact: Joël Dembe, [email protected], RBC Corporate Communications, 647-518-4981


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