Employee benefits are the extra incentives offered by a company to its employees beyond their salary. These benefits play a significant role in the engagement and retention of the employees for any company.
Companies design these benefits to motivate their employees to keep working for them, which also helps them to boost their job satisfaction. Employee benefits help keep the employees happy, productive, and creative. These benefits also help increase employee dedication and loyalty to the company and decrease employee turnover and churn rate.
Employee Benefits Offered by Top Canadian Companies
Companies in Canada offer multiple employee benefits to keep their employees motivated through positive reinforcement. These benefits can be divided into the following categories.
- Financial benefits
- Education and career planning benefits
- Health & Wellness benefits
- Employee recognition benefits
Financial benefits include perks like company equity which creates ownership of the company for their employees and give them more reasons to work hard and make it succeed. Other financial benefits include paid time off, employee discounts, and matching 401k contributions for its employees.
Education and Career Planning Benefits
Companies in Canada also offer the benefits like student loan payments for their employees and tuition assistance and reimbursements. They also invest in future growth plans and career development programs for their employees to keep them motivated by taking part in their personal growth. Companies also offer on job personal development training for their employees to increase their productivity.
Health & Wellness Benefits
Healthy & wellness benefits for the employees work for both parties as healthy employees are more productive, with fewer absences and work-related injuries. These benefits include health, disability, and dental insurance, among other incentives like health saving accounts, wellness points, complimentary lunches, relaxation spaces, and mental health services.
Employee Recognition Benefits
Employee appreciation programs are really important to continue recognizing and rewarding the efforts of your employees for the growth of the company. These employees include the employee of the month programs, on-site and off-site relaxation services, discount coupons, and gift cards. You can also offer flexible timings to help your employees to maintain a work-life balance. Work from home option is another popular employee benefit, especially during the pandemic and post-pandemic periods in Canada.
Paternity leaves, family planning services, and childcare support also help your employees take care of their loved ones and is a great way to motivate them during these emotional times.
Companies with Exceptional Employees Benefit Programs in Canada
SAP Canada is a software company with their headquarters in Ontario. It has one of the best wellness programs for it employees that includes specific support for employees diagnosed with diabetes and cancer. They also provide exceptional benefits in the category of Family care with fertility treatment coverage – including two rounds of IVF. The company welcomes diversification and offers specific health benefits to transgender employees. Programs like tailored talent support and peer learning help with the career development goals of the employees at SAP.
The Bank of Canada
The Bank of Canada provides a pleasant work environment for its employees across Canada for its employees. Their employees are provided with support in career development: with the coverage of up to 100% of tuition for job-related courses and up to 75% for outside their job courses, and leadership development programs. The bank also responded to the Covid by allowing 90% of the employees to work from home.
The University of Toronto provides outstanding benefits like free tuition and on-site childcare. The University of Toronto is among the highest rate workplace for employees, with a full waiver in tuition fees for employees and their dependent family members. The university also provides childcare benefit plans with expense reimbursement and on-site early learning centers for the employees’ children.
CIBC provides many employee benefits, including discounts on insurance, low-interest home loans, and waived banking fees for its employees. In response to the covid, the CIBCs also provided extra payments for their employees, including extra holidays during the pandemic.
EY Canada offers flexible work environments to help its employees to balance their work-life more easily. They also offer lifetime learning programs for their employees to learn new skills for their personal and career development. One of the distinguishing features of EY employees’ benefits in Canada includes a $5000 fund to access digital cognitive behavioral therapy to improve mental health for employees struggling with anxiety and depression in Canada.
Imperial Oil provides premium healthcare and insurance services to its employees as they are working in the Oil and gas industry with its hazards. They also provide these benefits to employees’ families in addition to the generous tuition subsidies and childcare programs with flexible work hours. They also provide the relocation fund to cover the relocation and moving costs of their employees.
TripAdvisor in Canada offers free life and disability insurance to their employees and the discounted free learning and development classes, tuition reimbursement fund of over $5,000 per year, and gym membership of up to $600 per year.
Hilton Hospitality in Canada offers employees benefits like an employee stock purchase plan, employee and educational assistance, mental wellness programs, and flexible work hours with discounts to the Hilton hotels worldwide. Their Thrive Sabbatical program enables the qualifying employees with four weeks of paid sabbatical time and $5,000.
Working with AirCanada includes the benefits of discounted air travel, car rentals, hotel stays, and vacation packages, apart from the career development training and insurance for the family members.
Labatt Brewing is one of Canada’s best employers. It has a lovely head office in Toronto filled with amenities, snacks, a fitness center, and free beer. The company also provides generous scholarships for the employee’s children and training and development programs for employees. The company also contributes generously towards disaster relief activities by providing clean drinking water and responding to covid by producing hand sanitizers in its facility.
In case you want further consultancy on employee benefits in Canada, please reach out to Insurance Direct Canada – one of the most trusted insurance brokers in Canada. We have also reviewed top insurance companies in Canada for your reference while you’re here: CIBC review, CPP review, TD Insurance Canada review, Manulife review, and more available via the Insurance Company Reviews button.