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Health benefits might be worth more than money

We surveyed over 2,000 Canadian small business decision-makers and employees to compare views between those with and without health benefit plans.

Since ‘health is wealth,’ nearly half (49%) of small business employees would rather have health benefits over a raise.


Two women chatting around a table



Canadian small businesses who offer health benefits to their employees



Employees who value a benefits plan’s impact on their health and wellbeing



Employees who consider health benefits before accepting a new role

Despite cost of living pressures, health benefits remain key

When offered a raise or health benefits, Canadian small business employees shared that they would rather have health benefits:
  • 50% would rather have health benefits over a $10,000 raise
  • 41% would rather have health benefits over a $25,000 raise
  • 36% would rather have health benefits over a $40,000 raise
Team meeting with laptops around a desk

Health benefits create comfort

For employees who say a health benefits plan is worth more than greater sums of money, it is because:

Knowing they have health benefits provides peace of mind

Prescriptions and other medical requirements are covered

Their child or family needs additional coverage

Both employers and employees win with health benefits

  • 39% of Canadian small business owners cited cost as a key barrier to offering health benefits
  • $1,822 is the average coverage cost per employee (at typical 50% co-pay) for employers
  • This delivers a notable ROI for employers when it comes to recruitment, retention and productivity as many employees prefer health benefits over a higher-valued raise
Machinist using welding equipment

We asked: What’s important to you about workplace health benefits?

Black man leaning on elbow
Before I’d consider changing jobs, I’d want to know that the health benefits coverage at a new employer was better than the coverage I have now.
Gen X from Ontario
Young woman from Quebec on a boat
Often everything can cost more without insurance… I wouldn’t want to take a chance and find myself paying a fortune unexpectedly.
Millennial from Québec
Pregnant woman in a field
With global inflation going on all around us, health benefits provided by employers are crucial, now more than ever.
Millennial from the Prairies

Not having a benefits plan can increase business risk

According to the study:
  • 76% of employees without health benefits would leave their current job in favour of one with a better health benefits plan
  • Over 160,000 small businesses in Canada (1 in 8) have seen at least one employee resign for a better health benefits plan
  • Small businesses without health benefits are at risk of lower employee productivity (21%) and falling behind the competition (19%)
Concerned professional at a table with others

We’re here to help

More than half of employees feel underappreciated in the workplace and nearly one-quarter are actively searching for other job opportunities.

Providing health benefits can help mitigate quiet quitting and keep employees satisfied and engaged.

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