The vast majority of Canadians believe that they are in very good or excellent health, according to a study comparing Canada to other OECD countries. In reality, however, rising incidence of chronic diseases, high levels of non-adherence to treatments and a health illiteracy rate of 60% paint a discouraging picture of the state of wellness in this country.
Sponsors of DC pension plans may well wonder if they are doing enough to avoid potential risks if the plan doesn’t provide the expected retirement outcome for individual members. How do sponsors protect themselves from future litigation?
While growth in drug plan spending is forecast to remain in low single digits over the next few years, plan sponsors could do more to ensure value for the dollars they spend.
By now, most employers are well aware that mental health problems present serious issues for the workplace. But even with greater awareness, employers are still challenged by what to do about it. Speakers at the 2013 Mental Health Summit held recently in Vancouver presented a host of ideas for improving how employers deal with mental health in the workplace.
A series of business divestments that resulted in staff reductions exceeding 75% of the upstream workforce created a challenging time at BP Canada Energy Group ULC.
Whether powerfully good or virally bad, social media is here and it is time for plan sponsors to figure out how to use it to enthuse, educate and encourage members to boost their financial prowess.
In our fast-paced world where humans are bombarded every single day with thousands of messages, it’s no wonder that conventional communication strategies are quickly becoming obsolete. How can employers cut through the babble to encourage employees to fully leverage their benefits and retirement offerings, to maximize participation and to launch and sustain health and wellness programs?
Some employers are opting to automatically enroll employees in workplace retirement plans and to increase contribution rates in the same way. If only strong member engagement in these plans was so automatic.
Chronic illnesses such as depression, cancer, heart disease, stroke and diabetes cost organizations big dollars in declining productivity, as well as soaring drug costs and claims for short- and long-term disability. It’s a problem many employers are addressing with an “ounce of prevention” approach, seeking to manage the impact of chronic diseases by improving employee health and wellness.
Chronic illnesses cost employers big dollars in declining productivity and soaring drug costs. One-third of Canadians are diagnosed with one of seven chronic diseases, many of which co-occur, according to Chris Bonnett, president of H3 Consulting.