As workplaces become more generationally diverse, the needs of employees have become more complex. More than ever, HR professionals are looking for ways to respond to these varied needs.
Employers have their work cut out for them when it comes to remaining cost-effective while providing today’s workforce with the most valuable health benefits.
Based on the 2019 Benefits Benchmarking report, here are the top four employee trends disrupting traditional benefits plans:
Cannabis in the Workplace
Medical cannabis has been legal in Canada since 2001, and the number of authorized users has grown dramatically. By mid-2018, 342,000 Canadians were registered to use legally.
Due to the recent legalization of recreational cannabis, medical cannabis is expected to be more common. Employees are increasingly turning to their employers with questions about coverage. Yet, only a handful of the Canadian organizations we surveyed offer coverage for medical cannabis.
Employers should consider creating strategies that are mindful of this new frontier.
The needs of Canadian employees have become increasingly complex as Canada’s largest generation continues to work past the typical retirement age. This has put pressure on the health care system. Employers find themselves challenged to address the needs of this generation head-on.
Organizations are aware of this trend, and they are looking for technology to better manage health care needs.
Increase Use of Biologic Drugs
There has been an increase in the use of biologic drugs and a greater focus on paramedical services. This has made it difficult for organizations to decide where to invest resources.
Given this growing trend, having a drug cost management strategy is becoming increasingly important for the long-term sustainability of benefits plans.
Virtual Health Care and Wellness
Organizations are seeking more cost-effective, creative, and proactive ways to maintain and improve employee health. Canadian organizations are increasingly turning to new technologies that focus on prevention, such as virtual wellness technologies to manage health and fitness and pharmacogenetic testing.
Different industries align their benefits strategies with virtual wellness technologies in varying ways. Their focuses may include physical wellness, improving financial wellness, reducing stress, absenteeism, or productivity.
Get ahead of these disruptors by leveraging data from 217 Canadian organizations in the 2019 Benefits Benchmarking report. Read on.