Health Is Wealth: Nearly Half Of Small Business Employees Would Rather Have Health Benefits Over A Raise

The Blue Cross® Small Business Benefits Study shows that 49% of workers would receive health benefits rather than a raise, indicating that Canadians value benefits highly.

TORONTO, Sept. 27, 2023 --( BUSINESS WIRE )-- As inflation continues to drive up the cost of living and strain Canadians' pockets, new research from Blue Cross suggests health benefits may be worth more than money. The 2023 Blue Cross Small Business Benefits Study found that nearly half (49%) of employees would choose these benefits if offered a raise or health insurance plan. Surprisingly, more than a third (36%) of small business workers surveyed said they would rather receive a health benefit than a $40,000 raise. The study defined a small business as having fewer than 100 employees and surveyed more than 2,000 decision makers and employees of small businesses in Canada.

"Despite the financial challenges Canadians face this year, health remains a top priority," said Tim Bishop, CEO of Blue Cross Canada. "These results were unexpected in a time of high inflation and confirm that Canadians place a high value on health benefits."

While many Canadian small businesses (39%) cite cost as the number one barrier to offering health insurance plans, research shows the average cost per employee per year is just $1,822 and provides a significant return on sales. Productivity retention from recruitment.

According to the survey, the preference for health insurance plans remains high even when employer premiums cost more than 10 times the plan: 41% of workers said they would rather have health insurance benefits than a $25,000 increase, and 50% prefer health insurance plans that cost more than $10,000. , this suggests that health insurance plans are worth more than they cost.

Health benefits are key to maintaining employment and competitiveness.

In a competitive job market, offering health insurance can help a small business attract and retain talent. According to the survey, 80% of workers consider using company health insurance benefits before taking a new job, and nearly three-quarters (73%) of workers with health insurance would stay at their current job even if they could get a higher salary. Offer

Not having a benefit plan can increase business risk and harm Canadian small businesses. According to the survey, 76% of workers without health insurance benefits would leave their current job for a job with a better health insurance plan, and in more than 160,000 Canadian small businesses (1 in 8), at least one employee quit. temporary period best health insurance Small businesses that do not have health benefits are also at risk of lower employee productivity (21%) and falling behind competitors (19%).

"To remain competitive in a changing employment environment, small businesses must value team member retention," Bishop said. "More than half of the workforce feels undervalued at work and nearly a quarter are actively looking for other job opportunities. Providing benefits can help ease layoffs and keep employees happy and engaged."

Benefit plan ensures safety and improves health of employees

It's heartening to see that almost three-quarters (72%) of Canadian small businesses offer benefits to their employees and recognize comprehensive health insurance plans as a valuable investment that has a significant impact on employers and employees.

According to the survey, the majority of employees (91%) value the impact a benefit plan has on their overall health and well-being, and 89% of employees say a benefit plan is important to their health and financial security. Interestingly, peace of mind (37%) was cited as the top reason employees value health benefits.

"As inflation and affordability issues remain top concerns, Canadians are looking for stability and security," Bishop said. "Providing health benefits can help create a healthier, more engaged workforce and gives employees peace of mind that their health and the health of their loved ones is covered. We're proud to offer a variety of plans to meet the unique needs of small businesses. The world. We break your budget." Rather than offering comprehensive coverage and services worldwide, nationwide.

To learn more, visit www.bluecross.ca/benefitsstudy.

About the exam

The 2023 Blue Cross Small Business Study, conducted by the independent research firm Research + Knowledge = Insight, surveyed a representative sample of 2,086 small business decision makers and employees, with a margin of error, to compare their views on security plans with and without social +/ - 2%, 19 to 20. For the purposes of this study, a small business is defined by Statistics Canada as a business with fewer than 100 employees.

About Blue Cross

The Canadian Association of Blue Cross Plans (Blue Cross Canada) represents independent Blue Cross member and licensee plans operating across the country. These include Alberta Blue Cross, Canadian Blue Cross (Quebec Blue Cross and Ontario Blue Cross), Manitoba Blue Cross, Medawi Blue Cross, Pacific Blue Cross and Saskatchewan Blue Cross. For more information, visit www.bluecross.ca.

See original version at businesswire.com: https://www.businesswire.com/news/home/20230927797399/eu/

contacts

Ask in English:
Maxine Ox
Maxine.Bullock@KaiserPartners.com
647.460.5990

French command:
Manal Belkadi
Manal.Belcadi@KaiserPartners.com
438.493.1197

Warren Buffett has left audiences speechless One of the most engaging speeches ever