Retirement income adequacy is a growing concern as more companies shift from defined benefit to defined contribution pension plans, average lifespans increase and coverage in the private sector declines. As a result, financial literacy has become a key area of focus for employers in recent years. And for good reason. A recent survey by the Canadian Imperial Bank […]
Ernst & Young has introduced an online retirement modelling tool to help employees prepare for life after work. Since its launch at the end of January, 25 per cent of the firm’s employees have logged in to register and use the tool, with about 55 per cent of that group under the age of 40. “I was pleasantly surprised. It’s […]
Organizations that involve organizational leadership in their wellness programs and offer stress management within the program are more likely to notice a positive effect on health-care costs and higher employee participation rates, according to a new report by the International Foundation of Employee Benefit Plans. Looking at specific actions, the report compared successful wellness programs with those that are less successful. Among the […]
While many employers are including wearable devices in their wellness programs to encourage employees to track their health outcomes, one technology giant was granted two patents at the end of January for wearable tracking systems that monitor employee performance. The devices aren’t yet in use by the technology giant, but if they’re implemented, warehouse employees would wear wristbands that communicate […]
Any job applicant knows that in an interview, it’s important to sit up straight, lean in and make eye contact. But body language isn’t crucial only for potential employees — it also counts for current staff members. Body language is very important in the workplace, according to Kristin Coulombe, director of human resources at Jones […]
Before making changes to a benefits plan or building one from scratch, plan sponsors should first determine what problems they’re trying to solve, according to a human resources consultant. The reasons for implementing changes can vary, but moving forward without a clear motivation can cause problems, said Phyllis Retty, owner and human resources consultant at Lift HR Consulting, during […]
The Co-operators Group Ltd. is expanding its mental-health support for employees by increasing its annual coverage of mental-health services to $5,000 a year per family member. It’s also expanding the number of eligible practitioners covered by its plan, beyond psychologists and social workers to include family therapists, clinical counsellors and psychotherapists. The company is also introducing a new […]
The pan-Canadian Pharmaceutical Alliance and the Canadian Generic Pharmaceutical Association have reached a deal aimed at reducing the prices for some generic drugs by as much as 40 per cent. While the parties are touting significant savings for Canada’s public drug plans, they also say employers and patients will benefit from price reductions of 25 to 40 per cent, as of […]
A proposed guideline setting out standards for the disclosure of intermediary compensation in group benefits and retirement services could have a big effect on the market. Dave Patriarche, president of Mainstay Insurance Brokerage Inc. and founder of Canadian Group Insurance Brokers Inc., is supportive of compensation disclosure and says the Canadian Life and Health Insurance Association’s new guideline makes […]
Mentoring isn’t on the radar for most chief financial officers in Canada, according to a recent survey by Robert Half Management Resources. The survey, which polled 270 chief financial officers, found that 61 per cent of respondents have never served as a mentor, formally or informally, at any point in their career. On the other hand, a third (33 […]