How your organization can restore employee confidence through better engagement supported by reliable data
This article was produced in partnership with Telus Health.
Canada’s journey toward a soft landing is largely complete, with inflation cooling from a peak of 8.1% in 2023 to 1.6% today. Yet, despite this progress, economic uncertainty lingers. Consumer and business confidence remains shaken, and financial pressures—rising debt, housing affordability, and concerns over sustaining retirement income —continue to weigh heavily, revealing persistent vulnerabilities beneath the surface.
The problems persist. One indicator in particular – salary growth – shows that annual salary raises are only expected to exceed inflation as of 2025 across Canada, after four years of being outpaced by price increases. While that will help employees regain some lost purchasing power, it does nothing to reduce the burden of cumulative price hikes of about 17.7% since 2020. As well, according to the September 2023 TELUS Mental Health Index, nearly one-third (30 per cent) of Canadian workers are concerned they won’t be able to retire with the same standard of living as they have now, and 11 per cent are concerned they will run out of money in retirement.
The combination of financial hardship and the mental health burden that comes with it has created enormous strain for Canadian employees and their families, and employers should be very concerned. Working with a strategic partner to implement new or enhanced EAP tools to foster better financial wellbeing will help relieve the pressure, and pay dividends. TELUS Health has been doing just that, helping employers empower their workforce to lead healthier, more productive lives, both personally and professionally, with proven solutions backed by robust data. The company’s customizable EAP solutions include everything from primary care to preventive health and has revolutionized total wellbeing to include social, financial and mental health.
In a recent discussion with Philip Mullen, Vice-president, Employer Solutions Consulting with TELUS Health, WP explored how a forward-thinking approach to financial security, paired with a strong foundation in data analytics, is shaping not just the future of employee wellbeing, but also the way organizations can effortlessly support their workforce.
When it comes to financial wellbeing, Mullen emphasizes that it is a deeply personal concept, but at its core, it boils down to one word: confidence.
“Financial wellbeing means having the confidence to know how much you can spend, save, and what the future holds,” Mullen explains. “It’s about feeling secure enough to navigate uncertainty, regardless of your income.”
This perspective is increasingly relevant in today's environment, where uncertainty is the norm. Mullen believes that, ultimately, financial wellbeing isn’t tied to income levels but to the assurance that individuals can weather financial ups and downs.
Empowering employees to understand their benefits
A key challenge facing many employers is that employees often don’t fully comprehend the value of the benefits available to them. This isn’t about complicated investment jargon or dense policy manuals—it’s about making sure that employees understand, at a basic level, what they’re entitled to, how it works, and how it can help them achieve their goals, whether that’s financial security, better mental health, or overall wellbeing.
Mullen highlights this disconnect: “Employers can offer a fantastic benefits package, but it doesn’t do much good if employees don’t understand or engage with it.”
It’s not just about the numbers. Employees need to feel confident that they have the right resources available to them—and that means simplifying communication. Too often, benefits packages can seem overwhelming, leaving employees unaware of how valuable the programs can be, particularly during times of financial stress or health crises.
According to Mullen, education is the missing link for many organizations when it comes to employee wellbeing. Many employees aren’t aware that their benefits and pension plans may already include inflation-linked investments, which can help cushion them against economic volatility. Others might not fully understand how to leverage mental health resources or financial planning tools provided through their benefits.
TELUS Health is focused on making this information accessible and actionable. “We’ve put a lot of effort into creating tools and platforms that simplify things for employees,” Mullen explains. Whether it’s AI-driven platforms that allow employees to easily calculate their future savings or wellness programs that provide a step-by-step guide to accessing mental health support, the emphasis is on breaking down complexity into something simple and understandable.
“It’s not just about providing benefits,” Mullen adds, “it’s about ensuring employees know how to use them.”
For many, the barrier to engaging with their benefits is simply not knowing where to start. “Employees should be able to ask simple questions like, ‘What do I have?’ or ‘How much will I have in 20 years?’ and get immediate, easy-to-understand answers,” Mullen explains. TELUS Health has prioritized using technology to bridge this gap, allowing employees to visualize their financial future, track their wellness goals, and access the support they need.
Through the use of AI, rather than being overwhelmed by information, employees can engage with the tools that are most relevant to them.
Seeing the full picture: Leveraging what’s already available
Inflationary pressures and economic uncertainty are undeniably stressful, but Mullen stresses that many employees already have tools at their disposal that can help ease these burdens. “We work very closely with our clients to understand the macro environment and the challenges their employees are facing around inflation,” Mullen explains. “Quite often, leveraging what’s already available—like pension plans that are inherently linked to inflation—can address those concerns.”
Mullen adds that for employees invested in a basket of assets, higher inflation often means better performance in their investments. “There’s a lot of things employees already have that counterbalance the inflationary pressures they see at the supermarket or when trying to buy a house,” he notes. “We work with them to try and see the full picture.”
Focusing on the hearts and minds: Mental health insights
Supporting financial health is only part of the solution; understanding the emotional and mental wellbeing of employees is just as critical, and TELUS Health is dedicated to monitoring and addressing these needs. Mullen emphasizes the importance of focusing on the “hearts and minds” of employees, highlighting reports like TELUS’ Mental Health Index,
“We run our Mental Health Index in many countries, but in Canada, we’ve been monitoring the progression month-on-month, capturing the impact that factors like inflationary environments have on the financial wellbeing of employees,” Mullen shares. The Mental Health Index tracks how employees react to economic volatility and uncertainty, providing insights into how well they’re equipped to handle various challenges.
This data is invaluable, not just for understanding the present state of employee wellbeing but also for helping organizations proactively address any potential issues. “We focus a lot on measuring how employees feel about their environment and how well set up they are to handle any volatility or outcomes that come down the road,” Mullen says.
As TELUS Health deepens its roots in the Canadian market, Mullen emphasizes how the company’s extensive experience in consulting is vital to serving diverse organizations across the country. “We’ve been doing what we do for over 50 years, and that deep knowledge is critical, especially given Canada’s complex regulatory landscape.”
Mullen elaborates, “You don’t have to be an expert in every line item, but you need to know when there are differences and when to look them up. This is where our expertise shines, allowing us to offer tailored solutions to a range of client types, from corporate organizations to public sector entities.”
For more information on how you can help improve the financial wellbeing of your employees and the organizational resilience of your company, please visit TELUS Health online at www.telus.com/en/health/employers/consulting.
