Creating a benefits package like a tech company

Crafting a comprehensive benefits package for employees can be complicated and expensive. With the prevalence of contract work in today’s market, benefits packages can be seen as a luxury since they are not as commonly offered by organizations as they used to be. But employees still want to have the security of strong benefits at work. So how are companies adapting? 

Technology is consistently changing how companies communicate, design their employee experience and structure themselves internally. Innovative companies have come to realize that a one-size-fits-all approach does not work when creating a benefits package for employees. According to companies like League, an organization that specializes in enabling employers to provide targeted health care benefits for employees, more targeted health care plans are more attractive to employees since different demographics have different health priorities. 

So what are some of the main challenges companies come across when creating a health and benefits package for employees? 

• Should they prioritize offering financial benefits for purchasing medication? 
• How many people should be covered in an individual’s benefits package? Should it include the families of employees as well? 
• Should there be any onsite benefits offered to employees?  

With the cost of living being as high as it is, particularly in metropolitan areas, industries that offer the most comfort and security through health benefits are more likely to attract great employees. The tech industry specifically has unique ways of distributing health benefits. 

How are tech companies implementing benefits? 

Looking through GPTW Canada’s Best People Practices Hub, which hosts a database of thousands of practices that organizations can leverage, there are many organizations that have effective health benefits initiatives in place. These can help spur the right questions to ask when thinking about how to implement an effective benefits package at your organization. 

• Hitachi Solutions Canada: As part of Hitachi Solutions Canada's benefits program made available to all employees on the first day of hire, employees may claim up to $1,500 of extended health expenses (RMT, Chiropractor, Naturopath, etc.) in every benefit year. Eligible expenses are reimbursed at 100%. Year-over-year, the total cost of extended health claims exceed the total cost of prescription drug claims – which is very rare. 
• Stars Technologies: At Stars Technologies, employees over 40 and their spouses get free yearly comprehensive medical checkup. This is a service normally reserved for executives only. 
• Gibraltar Solutions: Employees at Gibraltar Solutions Inc. enjoy an on-site nutritionist and massage therapist that come to the office monthly. Employees really appreciate the opportunity to use these professionals at the office when it’s convenient for them. Both these services are covered 100% through the employee benefits package. 

What other benefits have you seen companies provide for employees that are particularly effective in providing comprehensive coverage? I’d love to hear in the comments below. 

*See the full national Best Workplaces in Technology list from Great Place to Work Canada here on Oct. 3.