RBC Survey Reveals Canadians’ High Expectations Regarding Benefits

As the job market is increasingly competitive, many employees are making benefit plans a priority. According to a recent Ipsos survey conducted by RBC Insurance, the insurance entity of Royal Bank of Canada (RBC), the majority of Canadians (68%) would rather take a job with a good benefits package than a job that pays better, but does not offer a benefits plan.

Almost half of young Canadian workers say their employer-sponsored benefits have failed to adequately meet their health and wellness needs over the past year. Almost half of new long-term disability claims made to RBC Insurance by young employees are related to mental health issues.

“It’s been such a challenging and unpredictable year for so many working Canadians, so it’s no surprise to see more employees prioritizing their health and wellness needs alongside other job considerations,” said Julie Gaudry, Head of Group Benefits, RBC Insurance. “And with the broader recent trend of people leaving their roles as a result of job dissatisfaction, businesses must consider the value of benefits to better support employee mental and financial health.”

As the demand for additional wellness support continues to grow, RBC Insurance now offers plan administrators, on a voluntary basis, a Wellness Spending Account to help employees adopting a healthy lifestyle with the associated costs. (See Royal Bank of Canada stock charts on TipRanks)

On September 1, Credit Suisse analyst Mike Rizvanovic kept a Buy rating on RY with a C$144 price target. This implies 13.5% upside potential.

The rest of the Street is bullish on RY, with a Strong Buy consensus rating based on seven Buys and two Holds. The average Royal Bank of Canada price target of C$144.00 implies 13.5% upside potential to current levels.

TipRanks’ Smart Score

RY scores a 7 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock returns should be in line with the overall market.