Survey Pinpoints Total Rewards Programs Most Prevalent in Canada
May 19, 2020
May 19, 2020 — Scottsdale, AZ — In Canada, competitive Total Rewards programs are a critical component of human resources and corporate strategies, according to the Canadian Total Rewards Inventory Programs and Practices survey fielded in February 2020 by WorldatWork. The survey focused on the prevalence of Total Rewards offerings in today’s workplace. The survey revealed that health and welfare offerings above and beyond government-mandated programs are a leading influence on Total Rewards programs and practices. Journalists may contact firstname.lastname@example.org for a copy of the study.
Key Findings include:
Prescription (99%), dental (98%), life insurance/Accidental Death & Dismemberment (AD&D) (98%), Long Term Disability (LTD) (98%), and Employee Assistance Programs (EAP) (96%) are the most prevalent health and welfare benefits offered above and beyond mandated healthcare.
93% of companies offer vision benefits and 92% offer Short-Term Disability (STD).
The most popular wellness program offerings include discounted fitness memberships, smoking cessation, stress reduction, and nutritional counseling.
Sick and personal leave beyond what is required by law is the most popular paid time off policy with 87% of companies offering paid sick and personal leave pay.
75% of companies offer individual performance-based incentives (cash bonus). Only 10% offer cash profit sharing.
Only about half of companies offer long term incentives with 40% offering restricted stock and 22% offering stock options.
Formal annual performance reviews are the most often used performance management system (89%).
Workplace well-being initiatives such as corporate social responsibility/green initiatives, diversity and inclusion, and flexible work schedules are popular, with approximately 70% of companies offering them. 60% offer personal financial planning services.
35% of companies offer child-care, 33% offer elder-care resources; 26% offer fertility services, and 12% offer on- or near-site childcare services.