I’d say don’t judge a blog post by its title, but in this case, feel free to. We’re very fortunate to work with many companies that have demographically speaking ‘young’ labour forces and with that comes a new outlook on what Employee Benefits mean to them.
One of the more noticeable changes from more established plans or plan designs from 20-years ago is the introduction of ‘flex’ spending or ‘life-style’ benefits to plans. This change generally results in employee willingness to exchange something like, a prescription drug plan for $500 of massage therapy benefits or a gym membership for the year.
Some companies, when utilizing budget dollars for ‘employee programs’, bucket traditional Health and Dental benefits and RRSP plans in the same budget category as Holiday Parties and the Beer Fridge/Drink Cart budget. The latter benefits are empowering for companies as all employees can consume them, whereas protection for 1-2 employees with a severe illness do not necessarily benefit the entire group.
Regardless of the choices that are made, there’s enough strategy a business can employ to have their beer fridge and provide prescription drugs to all employees
For more perspective or benefits plan design reviews, contact firstname.lastname@example.org