What’s worth more, benefits or salary?

Many employers believe that salary is the most important factor when it comes to hiring and retaining employees. However, research has shown that employees actually value group benefits more than salary.

Group benefits can take many forms, from health insurance to RRSPs. They are becoming increasingly important to employees of all ages, as they provide economic security and peace of mind. In a survey by the Society for Human Resource Management, it was found that 73% of respondents said that group benefits are of higher importance than salary. In addition, 57% of respondents said that if they had to choose between group benefits and salary, they would choose the former.

The main reason why group benefits are so attractive to employees is that they offer financial protection in times of financial difficulty. A health insurance plan, for example, can provide essential coverage when an employee is unable to work due to illness or injury. Similarly, an RRSP can provide a source of income once a person reaches retirement age.

Group benefits also provide a sense of stability, which is especially valuable for employees with families or those with long-term financial goals. By having access to group benefits, employees are more likely to stay with an employer for a longer period of time, which can be beneficial for both the employer and employee.

Finally, group benefits can provide a sense of belonging and commitment to an organization. When employees have access to group benefits, they are more likely to feel connected to the organization and committed to helping it succeed.

Group benefits can be extremely beneficial for employers and employees alike. By offering their employees access to a range of benefits, employers are able to create a culture of loyalty and reward. Employees, meanwhile, are able to access a level of coverage that they would otherwise be unable to find, as well as a sense of financial security and peace of mind.