2024 Employee Benefits Trends in Canada

2024 employee benefits trends in Canada were highlighted at  Cowan’s recent client conference and included strategies for group benefit design for the five-generational workforce, prescription drug coverage strategies to mitigate costs, and wellness and disability innovation. Trends include the following:

• Five-generational workforce – Do not rely on stereotypes when designing group benefits programs for a multi-generational workforce. Understand their diversity to be effective. Successful employers in a diverse workforce remain mindful of employees’ needs at all career stages to keep them engaged.
• Prescription drug coverage strategies – Switching to biosimilars has yielded significant savings in some areas of the country and presents a viable alternative to biologics. This is an important cost-saving trend since drug coverage can be 50% of benefit plan costs for employers in Canada.
• Wellness and disability innovation – Integrate data and empower your organization’s ‘dot connectors’ so these big-picture thinkers can use the data to see patterns and connections that others cannot. These insights help employers craft targeted well-being programs that boost employee engagement.

This information about 2024 employee benefits trends in Canada is provided by Cowan, Asinta’s employee benefits consulting Partner in Canada. If you need support with your benefits in Canada, please contact Asinta, and we will put you in touch with the experts at Cowan.