Human Resources Issues for Senior Management
Issue link: https://digital.hrreporter.com/i/605961
CANADIAN HR STRATEGY/27 A ll that and a bag of chips." That's what bene ts might be considered these days, to borrow from 1990s slang. And they're de nitely important when it comes to attracting, engaging and retaining employees — about one-third of employees named ben- e ts as a factor in joining an organiza- tion, and one-half said bene ts weighed heavily on their deci- sion to stay, according to a survey by Towers Watson. Not only does a lucrative bene ts program play into luring and retaining talent, it also affects the overall health of an orga- nization, according to Ross Cristiano, who heads up the rm's health and group bene ts team in Toronto. "We have research that demonstrates those that are healthier are more engaged," he says. In order to separate from the pack, employers are getting creative with bene ts packages. That impact is felt mostly in highly competitive industries, says Cristiano, citing one em- ployer that was not able to attract the type of talent it wanted. "They were offering a lot of money, but the industry was oil and gas — all the other oil and gas companies are also offering a lot of money. So they made a conscious decision to gure out how they would be able to differentiate themselves in the mar- ketplace to attract new people, and retain them as well (using bene ts)," he says. Having innovative bene t options is also becoming the norm across nascent organizations, says Sarah Beech, president of Ac- compass, an HR consulting rm in Toronto. "There are some organizations that are technology-driven, fast- paced, engaging kinds of places, where they expect people to work hard, but they also want them to play hard," she says. Such plans often cover perks such as massage therapy, chiro- practors, psychologists and social workers, in order to recognize both physical and mental health. "Those kinds of companies may even bring in practitioners on-site. So they recognize people are going to use them, but they want them to use them — as opposed to viewing bene ts as a cost, they view it as an added value," says Beech. DEMOGRAPHICS The best way to know what employees want is to ask them. Figure out the makeup of the workforce and look at "what you can afford versus what people value," she says, adding that can best be achieved via an employee survey. Ask not only what your workforce looks like today, but how you want it to look down the road, says Marilee Mark, Sun Life Financial Canada's vice-president of market development for group bene ts. "Where do you see your organization going and what type of talent are you looking to attract and what are they likely going to be looking for?" says Mark, adding that increasingly means catering to younger generations, particularly millennials. Bene ts packages that appeal to millennials range widely, but most notably they include exibility, espe- cially around hours of work and vaca- tion days, she says. Also, it's important for employees to have bene ts they will actually use, so trade-off options are an attractive perk. Each age group will assign varying values to certain perks, and because employees tend not to use what they don't need, it's important to gure out what it is they want — so all parties get what they pay for. Catering to young parents and families could include a child care bene t or scholarship fund, or an elder care bene t FEATURE/Employee benefits "THE BEST WAY TO KNOW WHAT YOUR EMPLOYEES WANT IS TO ASK THEM." PHOTO: SHUTTERSTOCK "