Oscar Wilde, one of my favourite writers, once said, “Most modern calendars mar the sweet simplicity of our lives by reminding us that each day that passes is the anniversary of some perfectly uninteresting event.” This year, nothing could have been further from the truth. We had more “interesting events” than we wanted.
As we clawed our way out from the greatest financial crisis since the Depression, we saw pension plan sponsors making headlines as they struggled to keep their plans—and even their organizations—afloat. Research by Benefits Canada found declines across the board, with the top 100 pension funds down 16.8%, the top 50 DC plans down 17.1% and the top 40 money managers down 15.3%. And we saw funding relief measures and pension reforms proposed by various governments and industry stakeholders, along with concerns that they won’t be enough to solve the coverage problem and keep the Canadian pension system viable.
Nor was there much good news from a benefits perspective, as we faced—and continue to face—a global pandemic with the rapid spread of the H1N1 virus. Through a successful communications campaign, the government managed to convince Canadians of the necessity and urgency of vaccination. Yet the actual rollout was a debacle, with widespread confusion over access to and availability of the vaccine, and difficulties in meeting the demand. In addition to preparing for a possible pandemic, employers also faced the broader HR challenges of balancing staffing needs with strict budgets, dealing with increased workplace stress, and keeping employees engaged and productive through layoffs and wage freezes.
Putting aside the tarot cards and the crystal ball, it’s hard to gauge what 2010 might bring. Some are taking the optimistic view that things can’t get much worse. Others say we have a long way to go before we’ll see any lasting improvement.
But as media serving the pension and benefits community, it’s not our job to scare you. Our role is to keep current on changes as they occur and help you to understand them. And while we can’t guarantee a serene and prosperous new year, we can pledge to keep you informed—however “interesting” 2010 may be.
Alyssa Hodder is Editor of Benefits Canada.
alyssa.hodder@rci.rogers.com
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© Copyright 2009 Rogers Publishing Ltd. This article first appeared in the December 2009 edition of BENEFITS CANADA magazine.