This is The Friday GAB – a weekly round up of the happenings in and around the Canadian employee benefits industry.
It's been another light week. I suspect as we get deeper into the nice weather these updates will continue to be short and sweet.
In product news, Equitable Life shared that their mental health resources in Homeweb (available to all plan members) and the Employee Assistance Program is getting a lift. EAP partner Homewood, has launched innovative new features in a new platform to help plan members and their families get the support their need. All clients will transaction to the new platform in June.
TELUSHealth successfully completed part two of their conference. Both were excellent. I'm a huge fan of this conference. I'll eventually write my recap but in the meantime I live tweeted part of it.
The Benefits Canada Healthcare Survey advisory board met last week to begin the discussions and interpretation of the 2022 survey results. Meetings resume next week. I sit on the advisory board in my day job. A tiny sneak peek into the results and my own interpretation is that employee's expectations of their employer is changing. After decades of increasing expectations of work load and productivity from employers, employees are expecting more in exchange. In return they want their pound of flesh, or rather to have their employer help them lose their pound of flesh. Over and over again the survey shows that employees want benefits not offered in the traditional plan, those that are taxable - those that will help with physical health, and healthy diet. The full triangle is still there - physical, mental and financial health. But there was a strong focus on physical activity and diet.
The one take away - Now more than ever, companies must redefine their attraction and retention strategies and build a value proposition that takes employees whole lives into account.
And that's the Friday GAB.