Daily News Alerts
Joe Hornyak
Former editor of Benefits and Pensions Monitor and founder of Joe Hornyak Communications
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Retirement Security Threatened
Economic factors like rising inflation and interest rates are threatening Canadians’ retirement security, says the ‘2022 Canadian Retirement Survey’ from Healthcare of Ontario Pension Plan (HOOPP) and Abacus Data. The outlook is particularly troubling for those under the age of 35, whose barriers to home ownership and savings capacity – both of which have a strong impact on retirement security – are increasingly challenged by these economic conditions. The survey found 55 per cent said they were concerned about having enough in retirement, which was up six points from last year. Other top concerns impacting retirement security were the day-to-day cost of living (66 per cent), which was up 11 points, income keeping up with inflation (62 per cent), and ‘housing affordability’ (56 per cent). Steven McCormick, senior vice-president, plan operations, at HOOPP, says, “Well over half of Canadians expect these factors to cause financial challenges and force them to retire later. At the same time, funding retirement through the sale of a home is becoming a less viable strategy for many individuals. It raises the question of whether Canada’s younger generations are headed for a perfect storm on retirement security.”
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Equity Policies Need Meaningful Action
In 2020, as employers were grappling with the pandemic and renewed calls for racial justice, many responded with new policies and pronouncements. However, a global survey by?Catalyst shows in white-majority countries, three-quarters of employees reported that their organization's racial equity policies were not genuine. ‘Words Aren't Enough: The Risks of Performative Policies’?shows that it's not enough to announce policies or issue statements. Organizations must follow through and take meaningful action. The data show that employees are savvy and recognize when company policies are merely performative and when that is the conclusion they reach, there are consequences for organizations, including less engagement and intent to stay among employees. Three-quarters of employees reported that their organization's racial equity policies were not genuine. Employees from marginalized racial and ethnic groups were less likely to view these policies as genuine (23 per cent) than white employees (29 per cent). Employees from marginalized racial and ethnic groups who felt their organization's racial equity policies were genuine experienced more inclusion, engagement, feelings of respect and value for their life circumstances, ability to balance life-work demands, and intent to stay. As well, greater empathy from senior leaders was associated with increased perceptions of their organization's racial equity policies as genuine, leading to increased experiences of inclusion among employees from marginalized race and ethnic groups and increased engagement among women.
For details on these stories, visit www.bpmmagazine.com