For organizations competing for leadership talent, benefits and pension plans have become a meaningful part of the retention equation and, for many, remain one of the most underutilized tools available.
In this article, Bruce Frick, Partner, Step Benefits Group at Pender & Howe shares what a competitive package looks like for C-suite leaders and why retirement and pension plans are an increasingly important part of a complete rewards strategy.
Why Employee Benefits Have Become a Key Driver of Leadership Retention
Most senior leaders aren't scanning job boards. They're being approached directly, often by a recruiter working on behalf of a competitor. When that conversation happens, they're making a quick assessment of where they stand relative to what's being offered. Compensation is part of that picture, but leaders are also evaluating the broader experience of working for an organization and the long-term value it provides. Benefits are often where that assessment gets complicated.
"Most organizations don't realize their benefits package is a retention risk until someone leaves," Frick says. "The gap between what they offer and what senior talent expects tends to be widest at the leadership level, and a competitor opportunity is usually what exposes it."
The data reflects this shift. According to a Hub International survey, 46% of employers now identify new benefits or perks as their most effective tool for attracting and retaining talent in 2026. A separate survey found that 75% of Canadian employees say more personalized or comprehensive benefits would make them more likely to stay in their current role.
What Does a Competitive Benefits Package Look Like at the Senior Level?
Extended health and dental, disability insurance, and life insurance are table stakes that senior leaders expect as a baseline. A competitive benefits package at the VP and C-suite level has to go well beyond standard coverage.
"What distinguishes an executive-level package is the degree to which it can be tailored to individual needs," says Frick. "As leaders advance in their careers, a one-size-fits-all approach rarely reflects the value the organization is trying to signal."
That tailoring shows up in a few key areas:
- Enhanced mental health coverage has moved from a nice-to-have to an expectation, particularly at the leadership level where the demands on individuals are highest.
- Executive health assessments provide access to comprehensive preventive care and demonstrate a deeper level of organizational investment.
- Health spending accounts allow leaders to direct benefits dollars toward the services and support that matter most to them.
Beyond specific coverage, how an organization structures flexibility at the senior level carries its own signal. Hybrid work policies, schedule autonomy, and sabbatical options are no longer viewed as perks. For experienced leaders considering whether to entertain an external opportunity, the degree of flexibility an organization provides often reflects its culture and its understanding of what leadership requires.
Retirement and pension programs address a different set of priorities, and for senior leaders, they are increasingly carrying the most weight of all.
How Do Retirement and Pension Plans Affect Executive Retention?
According to a Benefits Canada report, 43% of Canadian employees say they would switch jobs for better retirement benefits, making it one of the strongest drivers of job mobility across all levels. At the senior level, that number carries particular weight. The retirement package an organization offers is one of the clearest signals of its long-term commitment to its leaders.
“Retirement planning looks very different at the executive level than it does for the broader workforce," says Frick. “Leaders at this stage are asking specific questions about contribution limits, long-term value, and what happens to their plan if they move on. Organizations that can answer those questions with a well-structured plan tend to hold onto their people. Those that can't often don't know what they're missing until it's too late.”
Frick points to several plan types that tend to matter most at the senior level:
- Individual Pension Plans (IPPs) that are designed for high-income earners, offering higher contribution limits than a standard RRSP and making them a more powerful retirement savings vehicle for executives.
- Personal Pension Plans (PPPs) that build on the IPP structure with greater contribution flexibility and tax-deferral potential, giving senior leaders more control over how they accumulate retirement wealth over time.
- Group RRSPs with employer matching that provide immediate, tangible value and signal that the organization is invested in a leader's financial future.
- Defined contribution plans that give leaders flexibility and ownership over their retirement savings, including the ability to take those savings with them if they move to another organization.
- Deferred Profit Sharing Plans that tie a leader's retirement outcomes directly to company performance, creating a stronger connection between individual success and business success.
How Pender & Howe Helps Organizations Attract and Retain Top Leadership Talent
In April 2026, Pender & Howe announced a merger with Step Benefits Group, an advisory firm specializing in employee benefits and pension plans. The merger was built on a straightforward premise: finding the right leader is only part of the work. Through the addition of tailored benefits and pension advisory, Pender & Howe can now support clients across both sides of the talent equation.
„Placing the right leader is only the beginning. Our clients increasingly look to us for guidance beyond the hire. With this merger, we can now provide strategic support that ensures long-term success by aligning compensation, benefits, and pension structures with leadership goals and organizational growth.“
Travis Hann