Source: Benefits Canada
While Canadian employers recognize the value of retirement benefits, the current high inflation environment is driving them to favour wage hikes instead, according to a new survey by the Healthcare of Ontario Pension Plan and Angus Reid Group.
The survey, which polled nearly 800 business owners and senior leaders, found employers’ leading concerns are greater competition for hiring (82 per cent), employee burnout (79 per cent), labour shortages (79 per cent) and high turnover (77 per cent). A strong majority (82 per cent) are also worried about inflation.
In addressing these issues, the majority of employers are currently favouring wage increases over benefits enhancements as the best way to mitigate the effects of inflation for employees (67 per cent) and as a means to attract new employees (71 per cent).