...Through Strategic Benefits Planning
In today’s competitive business landscape, benefits planning must be a strategic cornerstone of long-term success.
Employers need to move beyond assumptions and embrace data-driven decisions that close gaps and better support their workforce.
Employees face increasingly complex challenges: rising mental health concerns, widespread financial stress, and declining retirement readiness. These issues directly impact organizational performance, workplace culture, and employee retention.
Recognizing Barriers to Success
Even with strong tools and intentions, barriers often prevent employees from achieving meaningful outcomes. Identifying and removing these obstacles is key to building a resilient, high-performing workforce.
Updated CAPSA Guidelines: Driving Better Outcomes
The updated CAPSA guidelines for Capital Accumulation Plans (CAPs) address concerns about suboptimal member outcomes and emphasize the need for advice and services to improve results.
Plan Member Outcomes:
Sponsors must evaluate CAP objectives and document intended outcomes. The guidelines expand plan types and stress selecting options that improve financial results.
Sponsors should consider providing employee access to:
- Regular education sessions
- Financial calculators and planning tools
- Qualified financial advisors
Mental Health: A Tiered Approach to Support
When it comes to mental health programs, two essential elements must work together for real progress: engagement and execution. Without both, even the best intentions will fall short.
Employees need clear, credible, and relevant information to understand the challenges they’re facing and the resources available to them. Just as importantly, they need the ability to take purposeful action. Awareness without follow-through is as limiting as effort without understanding.
Meaningful progress doesn’t come from one-time initiatives or short-term awareness campaigns. It requires removing barriers, building trust, and providing consistent, thoughtful support that helps individuals navigate complexity, invest in themselves, and continue showing up, even when the path forward feels uncertain.
Resiliency Through Everyday Habits and Engagement
We help employers design programs that are easy to implement and support employees at varying levels of need. For mild challenges, this includes lifestyle reminders like walking at lunch, limiting screen time, and fostering social connections, all proven to support emotional wellbeing.
For moderate challenges, we consult with employers and help them to navigate the assessment tools and connect them with professional services when needed. From virtual therapy to inpatient care, we help build benefits offerings that meet people where they are.
Severe cases are referred to medical professionals. Our role is to ensure pathways are available, not to diagnose or treat.
This tiered approach ensures benefits plans support wellbeing, improve engagement, and help employees thrive.
Financial Wellbeing: Supporting Employees at Every Life Stage
Financial stress is another critical concern. Retirement confidence has declined since 2022, and many employees report they are not saving enough or are off track. A growing number of employees aged 50+ expect to work until age 70 or beyond.
Among Canadians earning under $100,000, RRSP participation is just 1.7%, compared to 66.2% among those earning $200,000–$499,999. In 2022, only 22.4% of eligible Canadians contributed to an RRSP, continuing a 12-year downward trend. While RRSPs may not always be optimal for modest-income households, this low uptake reflects affordability challenges and missed opportunities for wealth accumulation.
Barriers to Advice and Financial Inclusion
Retail banks and credit unions play a vital role in financial guidance, yet J.D. Power (2024) shows gaps remain, especially in financial planning, where demand exceeds supply by 16 percentage points.
Mass-market households face a mismatch between preferences and affordability of advice, creating barriers to financial inclusion. Behavioural economics shows inertia, the tendency to delay decisions, is a major obstacle, especially among modest-income Canadians with lower financial literacy and confidence.
Protection and Planning Gaps
Despite increases in life insurance ownership, 31% of Canadians acknowledge a need for coverage. Alarmingly, 40% believe their families would face financial hardship within six months if the primary wage earner died unexpectedly. Without access to advisors, many fail to act, leaving families vulnerable.
Practical and Personalized Financial Support
Our platform offers centralized access to:
- Plan details
- Financial calculators
- Webinars
- Personalized support
This empowers employees to manage financial stress, plan for retirement, and make informed decisions with confidence.
Effective benefits strategies align with what employees value, flexibility, health, and financial support and evolve with changing needs. Taking the long view fosters a culture of wellbeing that drives engagement, strengthens retention, and supports sustainable growth.
Four Ways to Get Started Today
- Audit Your Current Benefits Strategy
Identify gaps in mental health support, financial tools, and wellness programs. - Introduce Simple Wellness Nudges
Encourage exercise, outdoor breaks, and screen-time reduction. - Make Financial Tools Accessible
Provide calculators, webinars, and one-on-one support. - Offer a Scalable Solution
Centralize engagement and advice through a secure portal.
Not sure how to get started? We can lead the way.
Explore the benefits landscape from an Elevated ViewPoint.
With the right strategy, your organization can build a healthier, more resilient workforce prepared for the long run and positioned to thrive.
