They are an integral part of a company’s total compensation package for talent, and can help improve staff’s quality of life, contribute to their financial well-being, increase job satisfaction and strengthen their commitment to the organization. In short, benefits are necessary to create a strong employer brand and an optimal employee experience.

Employee benefits consist of a wide range of elements.

Different types of benefits

Health insurance:

Covers all or part of the employee’s medical expenses.

Life and disability insurance:

Provides financial protection for employees and their families in the event of death or disability.

Dental insurance:

Covers dental care to prevent and treat oral problems.

Retirement savings plan:

Contributes to the employee’s financial security in retirement. This can take the form of defined-contribution or defined-benefit pension plans.

Paid leave:

Includes vacation time, sick leave, personal leave and family leave.

Employee Assistance Programs (EAP):

Provide support for mental health, stress management, personal finances, personal problems and career development.

Training and development:

Offers learning and development opportunities, physical activities, and more.

Voluntary company benefits:

Include items such as meals and work subsidies.

Health and wellness account:

Designed to help individuals save for health and wellness expenses. It can be used to pay for a variety of health and wellness-related expenses, including medical expenses, prescription fees, mental health expenses, gym membership fees, use of a company-owned car, tuition reimbursements, etc. Health and wellness accounts are an important trend in the world of employee benefits.