The Search for Stability
A recent study concluded that the cost of benefits plans will rise over seven percent in 2022. Ask us if a pooled plan with a track record of rate stability may be best for your business.
Surveying the Market
In 2022, we expect businesses to continue to request market surveys. Last year, budgets were top of mind. Ensuring a plan is cost efficient has come to the forefront.
Continued Focus on Mental Health
Declining mental health was a growing problem prior to the pandemic. Employers will need to continue to offer support to their employees through a range of mental health resources, supports & care, expanding their mental health services, and prioritizing workplace mental health.
Win With Empathy
Those who show genuine concern for the well being of their employees will be rewarded with high rates of retention and recruitment. Given the transient nature of today’s workforce, and the fierce competition for new hires, the importance of this cannot be understated.
Inflation Will Impact Services
Canada experienced its highest inflation rate increase since 2003, and this will trickle down to services like dentists, chiropractors, and physicians. This will impact the cost of claims, and potentially affect renewals. This will affect all insurers and employers in the country.
Job Market to Remain Competitive
Many Canadian businesses are struggling to attract and retain talent, with small businesses being among those most impacted. Including attractive group benefits as part of a compensation strategy can help businesses rise above their competition.
Job Perks Prioritized
Employers will prioritize benefits and perks for employee retention and acquisition. Benefits are an important part of this equation, but popular employee perks such as flexible work hours, work from home considerations, childcare options, RRSP matching, and professional development opportunities cannot be overlooked.
Focus on Financial Wellness
Basic financial literacy sessions should be welcomed. As housing, food and gas costs increase, employees will have their finances top of mind in 2022. We expect to see greater demand for group RRSPs and a hunger for educational information.
Virtual Care Here to Stay
A recent industry study found that the majority of Canadians have not only grown comfortable logging onto a digital platform for care, 65% are more likely to choose virtual care over in-person visits for simple or routine health advice. Technology is also providing caregivers with more tools than ever to treat their patients, allowing them to deliver accurate and timely diagnosis, provide optimal treatment and enhance continuity of care.
Technology on the Rise
The world is changing and employers and working Canadians will need to change with it. As remote work takes off, we’ve already seen workplaces adapt — virtual meetings, updating manual processes, shifting to cloud-based services. The pandemic brought opportunities for insurers to introduce online tools for plan set up and administration. We’ll need them to continue to keep pace.
