The Best Companies to Work for in the Benefits, Pension, and
Institutional Investment Space | Top Employers
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Benefit boosters
Employees are increasingly placing a higher value on benefits that enhance their overall well-being, work-life balance, and financial security, according to Benefits and Pensions Monitor’s 2024 data, reflecting a significant shift in their preferences.
Underlining this development, 42 percent of employees confirmed they would change jobs if offered one that better suited their preferences, despite only 11 percent considering or actively looking for a position with a different employer.
The best companies to work for in the benefits, pension, and institutional investment space are responding by prioritizing offerings that boost engagement, retention, organizational success, and sustainability.
A comparison of the top five employer benefits most valued by employees in 2024 compared to 2023 highlights their growing importance:
- vacation leave +3.62 percent
- dental care +3.85 percent
- medical coverage +3.85 percent
- flexible work options +3.95 percent
- retirement plan +3.96 percent
Industry experts underscore that the Top Employers excel in delivering benefits in several areas:
- exceptional customer service
- smooth implementation process
- diverse offering of services that support financial, mental, and physical health
- innovative benefits to enhance employee well-being and engagement
- benefits education
“The smartest businesses are catering to those who want more than just money, those who value their RRSPs, pensions, and benefits,” says Taylor Housdon, senior director at Hays, Hiring HR Professionals. “They are getting creative in what they can offer as a package to make themselves stand out against other employers. It’s coming down to how the business invests in your future as an individual and with your family, not just in terms of compensation.”
Travis O’Rourke, president of Hays Canada and CCO of Hays Americas, emphasizes innovative benefits, such as health spending accounts that permit the purchase of items such as golf clubs, are critical to staying competitive.
“If you don’t have the best of the best fully employer-funded plans, flexible benefits are the leading way to go,” he says. “Budgets are tight everywhere, and companies are looking to cut costs. It doesn’t make sense to pay the same for a 20-something single person with great vision and no medical issues as a 60-year-old with a heart condition because everyone’s needs are different.”
Kassen Recruitment president Nathalie Kassen points out the growing demand for flexible benefits as a hallmark of the Top Employers.
“Currently, we are seeing candidates ask about flexible offerings that can be personalized in their benefit and pension plan,” she says. “Each person will be targeting different offerings depending on their stage of life and where they are in their career, so it is great when they can pick what makes the most sense for them.”
There is also a new benefit having an impact in the Canadian market.
"Inflation compensation is making waves in Canada. With a significant portion of the workforce (43%) not receiving any compensation for inflation, this has become a pivotal concern," explains Marie-Pier Bedard of Randstad Canada. "In addition to inflation adjustments, customizing benefits to meet the diverse needs of employees is also gaining popularity. Canadian employers that address these issues by offering tailored benefits packages and salary adjustments to counteract the rising cost of living are setting themselves apart as industry leaders."
BPM invited organizations to submit details of their offerings and practices to identify the best Canadian companies to work for in the benefits, pension, and institutional investment space.
Companies that met the employee survey participation threshold and achieved a 75 percent or greater employee satisfaction rating across 21 time-tested satisfaction metrics were named Top Employers for 2024.
Among the 10 winning employers, three stand out for their innovative and comprehensive benefits, achieving high job satisfaction and loyalty. Their success underscores a commitment to fostering a positive workplace culture.
Purpose-driven culture and exceptional benefits drive high satisfaction
Overall satisfaction: 90 percent
Top satisfaction factor: retirement plan
A strong sense of purpose and staff-driven values distinguish Alberta’s pension administration organization as an expert pension manager serving active and retired teachers.
“Our people truly appreciate and value serving the teachers of Alberta with their pension needs, delivering members financial peace of mind as they work through their careers and into retirement,” CEO Rod Matheson says.
Employees rated these top three benefits highly:
- defined-benefit pension plan
- extended healthcare benefits
- employee team building and social activities
The dedication of Alberta Teachers’ Retirement Fund (ATRF) employees is evident in their professionalism and efforts to make a difference in their members’ lives, aligning closely with the organization’s values:
- “We live by our values, care deeply for our people, and are passionate about our purpose.”
- “I think our organization is continuing to refine what we offer and who we are, and we are becoming more sophisticated in our methods and delivery.”
- “They think about the organization as a whole: to perform well, and recognize and treat employees well by having their best interests at heart.”
ATRF has a comprehensive total rewards package that is part of what makes it an employer of choice. This package includes:
- competitive compensation
- variable pay program linked to performance
- defined-benefit pension plan
Rod MathesonAlberta Teachers’ Retirement Fund
“It is truly a total rewards package that is the right blend of benefits, and it starts with the right tone at the top, from the ATRF board all the way down to ensure we’re putting an effective total package in place,” says Matheson.
The Top Employer also embeds professional development into its benefits, including:
- financial support for industry-specific training on pension administration, and professional designations
- annual leadership training for all leaders to enhance capability; 100 percent of leaders surveyed said the training applies to their day-to-day roles, and attendance is over 85 percent
ATRF supports work-life balance through a hybrid work model, allowing remote work two days a week based on operational needs. The program is flexible and accommodating for personal needs or inclement weather.
“There are times when people need flexibility, and we respect that in our policy; employees can work with their supervisor to establish flexibility around hours worked,” Matheson explains.
The organization is proud of its place in the community, and that is reflected in the two paid volunteering days provided to all staff annually. Additional benefits include:
- 100 percent employer-paid benefit premiums for top-tier health benefits for employees and eligible dependents
- annual $1,500 credit that can be allocated between a health spending or wellness account, to offset costs that may not be covered under the base plan
Overall satisfaction: 75 percent
Top satisfaction factor: retirement plan
The Saskatchewan Teachers’ Federation (STF) is unique in Canada as the only one that administers pension, health, long-term disability benefits, and life insurance, under the scope of a union.
This structure helps the Top Employer better align its benefits package with members’ needs and promotes a more cohesive and collaborative approach to employee benefits and pensions.
Employees gave high marks to the following three benefits:
- defined-contribution pension plan
- healthcare benefits
- safe work environment
The STF has evolved from a small, grassroots organization built by teachers for teachers to advocate for better pay and working conditions to one staffed by over 160 people working on behalf of the province’s 13,500 teachers.
STF staff oversee the teachers’ pension plan, health plan, and other benefits, along with collective bargaining, professional development, and communications.
The Saskatchewan Teachers’ Retirement Plan, administered by the STF, is a pension plan now worth $8 billion, while the Members’ Health Plan paid out claims worth $26.9 million last year.
To manage these benefits, the STF hired specialists with a variety of professional backgrounds, including investment, pension administration and benefits administration, roles which were once outsourced, and created opportunities for meaningful employment.
“What I’ve learned to appreciate after eight years at this organization, after working in the private sector, is that it’s more a family feel,” senior managing director of corporate fund services, Troy Milnthorp, says. “Day-to-day, you see people taking care of each other, stepping up to help colleagues for various reasons.”
Employees praised the organization for its “above normal” benefits, which include:
- “Great salary and benefits, including paid time off, sick leave, vacation, and family care.”
- “Positive, friendly attitude. Good benefits, with Christmas week off.”
- “Employee engagement is very high. Work-life balance and professional development are strongly encouraged and part of the culture.”
Troy MilnthorpSaskatchewan Teachers’ Federation
“Incentive pay is uncommon in a unionized environment. However, we knew the only way to bring in the best investment people was to have a compensation structure comparable to other similar-like organizations,” Milnthorp says.
“Therefore, incentive pay was a must and a huge reason for the successes the teachers are experiencing today. We continue to perform amongst the top quartile managers in our space, which is a huge kudos to the team.”
Professional development is championed, with career plans established through annual performance reviews. The organization prioritizes an honour system, where employees are given professional autonomy in a high-trust environment to control their workloads.
One of its measures of employee satisfaction is its low staff turnover rate of 6.60 percent. Some STF staff have been employed for over 40 years, a testament to why it is such a good place to work. A full review of compensation is conducted every three years, and its health plan is currently under review.
STF employees, which includes 85 percent of its workforce in non-teacher positions, also enjoy these benefits:
- comprehensive health plan, with a $1,000 health spending account
- generous paid time off, including up to seven weeks’ vacation, 10 family care days, and three household emergency days
- optional deferred salary leaves, where employees can defer 10 percent to 33 percent of their salary to fund a six-month or longer leave
- after seven years of service, employees are eligible for education leave of up to one year, where they will be paid 80 percent of their salary
“We’ve been ahead of the curve for a long time with our benefit package. I’ve been in this business for 25 years, and I can tell you it is top notch when compared to other similar organizations. This gives us a leg up on keeping people at the STF and recruiting new people to the jobs,” says Milnthorp. “This is topped off with our 35-hour work week (32.5 hours in the summer), which provides for a great work-life balance across the building.”
Overall satisfaction: 82 percent
Top satisfaction factor: safe work environment
The Top Employer leads by example in the benefits space, offering top-tier benefit administration advice so organizations can develop competitive total rewards packages.
As one of the best companies to work for, The Benefits Trust provides its employees with competitive compensation and a comprehensive benefits suite.
“We built this business from the ground up and from the client’s perspective,” says founder and president Rob Crowder. “We want to be super easy to deal with for our clients, their employees and families, suppliers, and partners. One of the key things that separates us: we answer the phone.”
The organization believes that benefits are emotional, as employees usually access them in case of illness or other challenging circumstances.
“Our philosophy is how can we do it better tomorrow than today,” he adds.
These top three elements stood out in employee ratings:
- safe work environment
- culture
- job security
Work-life balance is a crucial component of the company’s culture. What started as Friday afternoons off on long weekends a few years ago has evolved to half-day Fridays during the summer and now includes two half-day Fridays each month throughout the year.
“We discourage people from working nights and weekends,” Crowder says. “We don’t put unruly deadlines on people or projects. It’s just saying, ‘Hey, this is what you do; it’s not who you are.’”
Rob CrowderThe Benefits Trust
Other benefits that positively impact employees include:
- hybrid work options
- annual salary increases
- results-based bonuses
- comprehensive benefit plan with a healthcare spending account
The organization prioritizes hiring talent with a positive attitude, along with experience. Internal promotions are the norm, along with professional development, to assist employees in advancing their careers. Several of the team have been with the firm for over 25 years.
Employees recognized The Benefits Trust for fostering a culture of continuous improvement and providing superior benefits, saying:
- “I am a 100 percent remote worker, and my employer ensures I have all the tools and equipment I need to work from home easily.”
- “We have an incredible culture. We put customers at the top of our podium, and the team here contributes to that. We are passionate and believe in the vision of The Benefits Trust.”
- “We offer competitive salaries that consistently increase above inflation, demonstrating a commitment to ensuring our employees’ financial well-being. Additionally, performance-based bonuses further incentivize and reward excellence.”
Top Employers boost employee mental health benefits
“Many of the best companies to work for increasingly recognize the need to address employees’ mental health and wellness. They have expanded their offerings in the post-pandemic work culture that has given rise to work-related stress,” asserts Kassen Recruitment’s Kassen.
“I believe this trend will continue,” she says. “We should see more companies adopt and expand their offerings to include counselling services and stress management programs.”
Hays O’Rourke adds, “Mental health offerings are continually expanding. For a while, you might have gotten an hour or a few hours of consultation with a specialist over the phone, depending on your needs. Now, I’m seeing more ongoing options where you can call whenever you want or use shared services like some online programs powered by AI that provide fast help without needing an appointment.”
Housdon points out that benefits are a motivator for employees switching jobs, often driven by a lack of comprehensive programs at their current organization.
“HR leaders frequently express that their ability to provide solutions is limited without a strong benefits package. Access to resources is crucial, and knowledge sharing, such as offering enrollment meetings, enhances the overall value of these benefits.”
Below is a snapshot of how 2024’sTop Employers go above and beyond for their employees’ mental health and wellness needs.
The Alberta Teachers’ Retirement Fund
With a firm belief that the well-being of its staff is crucial to maintaining a productive and engaged workplace, ATRF provides a comprehensive wellness strategy structured around four key pillars of wellness: physical, social, financial, and mental health.
This approach ensures that all aspects of employee health are supported. Each quarter, the organization focuses on activities and initiatives emphasizing a specific pillar of wellness, creating a balanced program catering to employees’ diverse needs.
“We have a dedicated health spending account and a wellness account, and you can customize how you use that and choose which of the things you want to have covered under the wellness account,” says Matheson.
Saskatchewan Teachers’ Federation
The organization ensures employees who are struggling with mental health are provided adequate coverage in its health plan to support them. Its paramedical benefit was boosted to $2,500 from a $500 maximum about four years ago.
“This is an area where we made a conscious decision to improve a few years ago to address the increased challenges people were having with their mental health,” says Milnthorp. “We heard that some staff were stopping their psychologist visits because they were running out of benefit coverage mid-year. For those who need this benefit, we did not want this to be a cost issue. It is too important for people not to get the help they need.”
Other specific ways the organization assists with mental health include:
- mental health services through the employee and family assistance plan
- activities to boost staff engagement such as annual bowling tournaments, Friday treats, barbecues, and other events
- a paid week off between Christmas and New Year’s to reduce stress
The Benefits Trust
The organization will remove mental health benefits from the traditional paramedical silo beginning in 2025 and doubled the paramedical maximum. It launched its EAP two years ago.
“We’ve broadened the definition of mental health practitioners to anybody qualified to help the employee,” explains Crowder. “And we increased the amount of money eligible for that silo, which was quite leading edge. We were an early adopter of this because we quite frankly recommended it to many of our clients.”
The Best Companies to Work for in the Benefits, Pension, and
Institutional Investment Space | Top Employers
- Equiton
- Oliver Benefits Software
Insights
-
Natalie Kassen
President
Kassen Recruitment -
Marie-Pier Bedard
Executive Vice President Randstad Canada -
Travis O’Rourke
President of Hays CA and
CCO of Hays Americas -
Taylor Housdon
Senior Director
Hays, Hiring HR Professionals
Methodology
To find and recognize the best employers in the benefits and pensions industry, Benefits and Pensions Monitor first invited organizations to participate by filling out an employer form, which asked companies to explain their various offerings and practices. Next, employees from nominated companies were asked to fill out an anonymous form evaluating their workplace on a number of metrics, including benefits, compensation, culture, employee development, and commitment to diversity and inclusion.
To be considered, each organization had to reach a minimum number of employee responses based on its overall size. Organizations that achieved a 75 percent or greater average satisfaction rating from employees were named Top Employers for 2024.