In a market where talent is increasingly in control, offering just a competitive salary won’t guarantee loyalty. Today’s employees expect well-rounded group benefits that address their personal, health, and financial needs. At PACE Consulting, we know that when you invest in group benefits, you invest in your people — and that leads to stronger business outcomes.
Why Group Benefits Drive Retention
Comprehensive benefits communicate that your organization cares about employees as whole individuals. This matters: according to the 2023 ADP Canada Workforce Insights Survey, 65% of employees said that a robust, well-communicated benefits package would make them more likely to stay with their current employer. By going beyond the basics — health insurance, dental, vision — and incorporating mental health support, financial wellness tools, and flexible spending options, companies reduce turnover and maintain a stable, engaged workforce.
Meeting the Needs of a Multi-Generational Workforce
A truly effective benefits program recognizes that no two employees have the same needs. Tailoring your offerings to a workforce that may include Gen Z, Millennials, Gen X, and Baby Boomers pays dividends in satisfaction and loyalty. The 2023 MetLife Canada Employee Benefit Trends Study found that 78% of employers who customized benefits by age group saw a measurable improvement in retention, often in the range of 10-15%.
Younger Employees (Gen Z and Younger Millennials):
These early-career professionals appreciate flexible, digital-first options.
Beyond basic health coverage, virtual mental health support, online financial coaching, and lifestyle perks like gym allowances resonate deeply.
In fact, according to the Deloitte Global 2022 Gen Z and Millennial Survey, over 60% of Gen Z and Millennial respondents stated that mental health and wellness benefits significantly influence their decision to remain with their current employer. Showing that you understand their holistic well-being— physical, emotional, and financial—signals respect for their priorities and can cement their loyalty.
Mid-Career Employees (Gen X and Older Millennials):
Mid-career professionals often juggle demanding jobs with family obligations, financial commitments, and caregiving duties. They appreciate stable, reliable coverage — like enhanced dental and vision care, critical illness insurance, life insurance, and robust family support programs (e.g., eldercare referral services or childcare subsidies). According to the 2023 Cigna Well-Being Solutions Report, 82% of mid-career professionals said enhanced caregiver support and dependent benefits increased their likelihood of staying put. Providing reliable health coverage, mental health resources, and flexible work policies helps them manage the complex demands of their personal and professional lives.
Later-Career Employees (Baby Boomers):
For professionals in the later stages of their careers, health, financial security, and peace of mind top the priority list. Benefits such as expanded prescription drug coverage, chronic disease management programs, and guidance on navigating the transition into retirement send a powerful message. Offering phased retirement plans or education on pension optimization shows respect for their experience and a commitment to supporting their future well-being. In fact, according to the 2022 RBC Retirement Myths & Realities Poll, 74% of Canadians aged 55 and older said having comprehensive health coverage and retirement planning resources strongly influences their decision to remain with an employer. When they believe their long-term health and financial security are a priority, their loyalty deepens.
Common Ground Across All Age Groups:
While generational preferences vary, there are universal themes. Straightforward communication, user-friendly enrollment platforms, and clear guidance on accessing benefits help everyone feel more confident and supported. Preventive care options, virtual care / telehealth services, and mental wellness counseling often appeal across demographics when presented in accessible, inclusive formats.
Ultimately, a multi-generational benefits strategy recognizes that every employee’s definition of “value” evolves over time. By proactively aligning your benefits with shifting life stages, you demonstrate empathy, relevance, and a genuine investment in your people—qualities that directly strengthen retention in an increasingly competitive talent landscape.
Data-Backed Recommendations for Retention-Focused Benefits
Offer Personalized Choices: According to a 2023 Aon Global Wellbeing Survey, employers providing a range of customizable benefits see higher employee satisfaction scores. Consider adding health spending accounts or flexible benefits that let individuals pick what matters most to them. Ask us about Perigon, an all-in-one platform that gives your employees access to a suite of voluntary benefits at zero cost to your business.
Double Down on Mental Health: Mental wellness is no longer a “nice-to-have.” The 2023 Sanofi Canada Healthcare Survey revealed that 68% of employees credit comprehensive mental health benefits with increased productivity and long-term commitment.
Emphasize Preventive and Virtual Health: Encouraging preventive measures — such as nutrition counselling, wellness coaching, and early screenings — can foster a healthier, more engaged workforce. Integrating virtual care or telehealth services further streamlines access, allowing employees to consult health professionals remotely for guidance and follow-ups. By simplifying preventive care through digital tools, you reinforce a culture of well-being, help control long-term healthcare costs, and empower employees to proactively manage their health.
Enhance Financial Well-Being: Tools like financial counselling, budgeting workshops, and education on debt management reassure employees that you’re invested in their long-term financial success — not just their productivity today.
Communicate Clearly and Often: Even the best benefits fall short if employees don’t understand them. Regular communication and seminars, easy-to-navigate platforms, and responsive HR support ensure your offerings are known, valued, and fully utilized.
Integrating Benefits Into Your Employer Brand
Employees talk — and candidates listen. Showcasing your benefits strategy on careers pages, in interviews, and across social media highlights your people-first approach. Satisfied team members who’ve found real value in their coverage become powerful advocates, helping attract others who share similar values.
Ready to Invest in Your People—and Your Results?
Disclaimer: The information provided in this article is for general informational purposes and should not be considered financial or legal advice. Please consult with a professional advisor for guidance specific to your situation. While we make reasonable efforts to include accurate and up to date information, we make no warranties as to the accuracy of the content and assume no liability or responsibility for an error or omission in the content.
Sources:
1. ADP Canada, Workforce Insights Survey (2023)
2. MetLife Canada, Employee Benefit Trends Study (2023)
3. Deloitte, Global 2022 Gen Z and Millennial Survey (2022)
4. Cigna, Well-Being Solutions Report (2023)
5. RBC, Retirement Myths & Realities Poll (2022)
6. Sanofi Canada, Healthcare Survey (2023)