The 2023 Canadian Benefits Trends Survey examines the future direction of benefits strategy. With employers facing a range of challenges including difficulties in engaging, attracting, and retaining key talent, a mental health crisis and rising costs and inflation, steering the right course on benefit strategy is more challenging than ever.
Our survey findings show that employers are focused on benefits that meet employees’ needs around their physical and mental health, as well as long-term financial security and social responsibility. There is greater emphasis on adopting inclusive benefits designs and programs that enhance employees’ careers and provide flexible work arrangements. Looking to improve their benefits programs, employers identify the greatest opportunities around mental health support, employee experience, analytics and reporting.
2023 Canadian Benefits Trends Survey – Key Findings
Competition for talent is the top factor influencing benefits strategy
- Competition for talent - 84%
- Rising mental health issues - 63%
- Focus on inclusion and diversity - 48%
Employers anticipate cost to be a top challenge
- 59% managing plan costs is a key area of focus
- 40% persistence of higher inflation will impact benefit budget over the next 2 years
Focus for benefits strategy going forward
- 50% meeting needs of all employees
- 45% wellbeing
As they look to meet employee needs, employers plan to prioritize
- 77% mental health support
- 59% health benefits
- 44% inclusion and diversity
Canadian employers are also looking to improve their market positions on
- 31% financial wellbeing:
- 30% retirement plans:
- 29% community and social responsibility/ESG:
Source: WTW 2023 Benefits Trends Survey
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