In its second annual employee survey, Insurance Business Canada asked thousands of insurance professionals to rate their employers’ performance in regard to compensation and benefits, diversity and inclusion, employee development, and culture.
The Commonwell received an employee satisfaction score of 92.4%, which was the highest in the 100-499 employees category. Trillium Mutual were ranked highly in the fewer than 99 employees category, scoring 91.1%.
Commenting on the results of the survey, Insurance Business Canada stated “As ever, the fundamentals of a good workplace – a competitive salary, good health benefits, solid retirement programs and the opportunity for growth – hold weight. However, the top-rated workplaces are delivering offerings that go beyond the basics, including on-site yoga, lunch-and-learn sessions, paid time off to volunteer and mentoring programs, to name a few.”
In addition to asking employees to rank their companies on a scale of 1 (poor) to 5 (excellent) in each category, Insurance Business Canada also asked respondents to share which of their employers’ initiatives have been particularly effective. “Employees highlighted everything from flexible work schedules and unlimited vacation time to compensation for continuing education, approachable managers and a welcoming culture.”
The Commonwell was also announced as one of Canada’s Best Workplaces in Financial Services & Insurance in 2020 by Great Place to Work®, recognising companies that have a high-trust, high-performing workplace culture.
Great Place to Work® noted the following programmes and initiatives at The Commonwell:
- Flexibility – The Commonwell’s agile work style provides employees the flexibility to work from home to deliver their most meaningful contribution. Its flexible work policy includes a category for flexible location (the opportunity to work at any one of its offices across Ontario or remotely, up to 5 days per week) and flexible time (allowing employees to choose what hours they will work within a 35-hour work week).
- Common Wellness – A comprehensive medical and dental insurance plan is available with flexible coverage options. Employees have an opportunity to utilise coverage options to support the monetary growth of either a health spending account or a personal spending account. Employees can earn over CAD 800 annually in both accounts to utilise for purchasing health expenses not covered under the benefit plan. The Commonwell also offers fitness health and health cost reimbursements up to CAD 750 per person annually.
- Defined Contribution Pension Plan – Employees who decide to partake in the pension plan contribute between 5.0% and 7.5% of their salary, and The Commonwell is committed to contributing 7.5% of an individuals’ salary annually, regardless of the percentage level employees choose to contribute.