Page 8 - Jan-Feb 2024 Reporter

INSURANCE UPDATE

EMPLOYEE BENEFITS AND

RETIREMENT

HUB INTERNATIONAL LIMITED

ersonalized benefits focused on employee wellbeing will Personalized benefits programs start with a close examination of
Ptranslate into higher employee engagement and retention. They the workforce’s needs. Tools like HUB’s Workforce Persona analysis
will remain a powerful tool for attracting and retaining employees, as can reveal gaps between the workforce’s needs and current benefit
well as improving vitality. offerings. Personalized benefits-based data and analytics will put
the right benefits into the hands of the right employees, delivering
The battle for talent will continue in 2024. quality employee experiences (QEX) that improve recruiting and
retention.
Wages are expected to rise at least 3.5% in 20241, reflecting how When you partner with HUB, you’re at the centre of a vast network
worker shortages have put upward pressure on competition. Low of experts who will help you improve your profitability, enhance the
unemployment will make it difficult to find and keep employees. vitality of your workforce and remain resilient into the future. For
In August 2023, more than four in 10 workers said they planned to more information on how to manage your benefit costs, reduce your
change jobs in 2024.2 Canada as a whole has looked to immigration risk and take care of your employees, contact Craig Griffith, craig.
to relieve the labour crisis, but that may not be a short-term solution griffith@hubinternational.com or 416 894 7525).
for many individual employers.
Benefits can help to open the door for improved recruiting and Source: Outlook. Employee Benefits and Retirement, HUB
retention. About 60% of Canadian workers are willing to change International
jobs for improved benefits, particularly those 30 years of age or 1. Payscale, 2023-2024 Salary Budget Survey, August 2023
younger.³ 2. Benefits Canada, “41% of Canadian employees plan to change jobs by the end
However, only 57% of Canadian respondents to HUB’s Outlook of 2023: survey.” August 11, 2023.
Executive Survey are using data and analytics to inform their benefits 3. BMP, “Majority of workers open to changing jobs for enhanced benefits.” June
strategy. In addition, many organizations that do employ analytics in 13, 2023
their benefits strategy are not fully leveraging the available data. 4. Dialogue, Canadian perspectives on health, wellness, and employee benefits.
At the same time, workers expect their employers to cover an May 3, 2023.
ever-wider range of benefits, whether that’s financial education and
debt reduction programs or mental health coverage, adoption leave
and surrogacy benefits. About one-third of Canadian employees feel
the mental health support in their benefits is insufficient.4

8 LBMAO Reporter - January-February 2024 www.lbmao.on.ca