Plan sponsors frequently struggle with their members’ involvement and the choices they make. In times of economic downturn, engagement becomes even more important. But what can you do to ensure that members understand and value their plans and help them to make informed decisions?
Many of the questions raised at the recent 10th Annual Defined Contribution Plan Summit, held at the Fairmont Mont Tremblant in Quebec, related to just that. It was only fitting that the event’s theme was Plan Member Engagement, as the audience seemed to be searching for answers. Answers to when the markets would be stable again, how to engage plan members without receiving an indifferent response and how to keep them involved once the current crisis has passed.
Session topics included portfolio diversification, making a smooth transition to retirement, opportunities with the new tax-free savings account, selecting a target date or lifecycle fund, market bubbles and managing risk in today’s economic conditions. In keeping with the theme of engagement, results from the 3rd Annual Benefits Canada CAP Member Survey were shared with the audience.
Dr. Linda Duxbury, professor in the Sprott School of Business at Carleton University and one of Canada’s leading workplace health researchers and workplace demographic experts, gave the keynote speech on how employers can manage a changing workforce.
Dr. Duxbury spoke about the fundamental shift in the employer-employee relationship as organizations seek to attract and retain good employees in a declining labour market. This labour force shortage will arise as the massive baby-boomer generation retires and companies compete to hire the small pool of “baby-bust” employees.
She kept the audience laughing while educating them on the differences between the generations, what demographic trends mean to employers and how the DC plan can play an important role in engagement and overall employee compensation.
For more information about this event, please visit the DC Plan Summit 2009 website.
View the 2008 CAP Member Survey results here.
Jennifer Hughey is Assistant Editor, Conferences for the Rogers Business and Professional Publishing Group.