Most Canadian firms offer financial wellness programs

And most are planning increased staff bonuses, incentives in 2020

Most Canadian firms offer financial wellness programs
Steve Randall

Canadian companies are offering more than traditional health benefits to their employees, with financial wellness programs prevalent.

A new survey from global recruitment firm Robert Half shows that 63% of employers offer physical wellness programs, with 65% offering financial wellness programs, and 77% mental health programs.

More than half of employers said that they are covering at least some of the cost of these programs.

"Companies must be responsive to evolving standards for work-life wellness if they hope to attract and retain talented teams," said David King, senior district president for Robert Half. "Employees are looking for benefits that go beyond conventional health plans to include more unique options, such as retirement planning and stress management courses, that support them both personally and professionally."

As 2020 approaches, 71% of companies plan to provide incentives, such as bonuses, profit-sharing and spot awards with 43% expecting to increase the dollar amount and 41% expecting greater of these rewards. A third anticipate adding new offerings in this area.

Advice for firms
King has some advice for employers.

"Seek feedback from your staff to ensure you're offering the perks and benefits that resonate with them," he said. "Remember to include performance-based incentives that recognize individual successes, which can go a long way to keep employees feeling valued and motivated."

Image credit: CNW Group/Robert Half Canada