It’s important for employers to maintain employee group benefits during a challenging economic environment to provide stability for employees. “During challenging economic times, employees and their families are already facing a lot of uncertainty with the rising costs of bills, food, etc.…so having a solid benefits program and a solid pension plan in place is really a way of providing peace of mind for the employee.”
Plan Sponsors (Employers) say that employee benefits have supported attraction and retention strategies in a challenging labour market and realize attraction and retention are a key part of benefits. They recognize the value of a solid benefits program. They’ve especially seen the value going through the coronavirus pandemic because they managed to sustain benefits for employees throughout that period without having to make cutbacks.