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Joe Hornyak
Former editor of Benefits and Pensions Monitor and founder of Joe Hornyak Communications
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U.S. Employees Re-Think Benefits
U.S. employers have responded to workers changed workplace benefits needs by rethinking benefits policies, plan design, and offerings, says a report from NFP. Its ‘2022 Benefits Trend Report’ finds 45 per cent of employers say their primary strategic obstacle in human resources is being challenged by rapid growth and/or higher turnover within their organizations. “In the wake of the pandemic, a tight labour market and shifting employee priorities, the workforce has changed dramatically and so have their needs,” says Kim Bell, executive vice-president and head of health and benefits at NFP. This makes it “more important than ever for employers to get benefits right. Those who respond with policies and offerings that promote mental health, access to quality healthcare, and life-work integration will be the talent leaders of tomorrow.” Top options to increase employee satisfaction focus on additional benefit choices and customization and improved communication. These are prompting employers to incorporating benefits re-sets to assist employees’ mental well-being and flexibility. For example, in the last 18 months to one year, 65 per cent of employers surveyed have incorporated alternative work schedules and three in four plan to make the change permanent. The report also finds that two-thirds of employers have adjusted their paid time off and leave policies to assist with workers mental health, 51 per cent provide online mental health resources, 35 per cent provide health coaching, 29 per cent offer in-office mental health resources, and 22 per cent invest in peer support groups.
Recession Unlikely In Near Term
Canada does not face the prospect of a recession in the near term, says an HSBC Asset Management ‘Canada Outlook.’ Fears around inflation and higher interest rates have spiked market volatility, it says, as investors are worried that higher commodity prices and the U.S. Fed’s actions may drive a recession. Concurrently, shocks from COVID-19 and the Russia-Ukraine war are creating structural changes that are bringing more complexities to the table. While investment markets have been battered by these adverse shocks, and there is significant uncertainty about what happens next, on balance, it sees Canadian investors are weathering the current volatility better than most, based on four positive factors: a strong job market, high consumer savings levels, solid corporate earnings, and robust commodity prices. As well, the Canadian employment picture is particularly encouraging. There are now more than one?million job openings, equivalent to around 0.8 jobs per unemployed person, a level never seen in recent history. However, longer term, it does see the economic landscape shifting over the next decade to one where stubborn inflation, higher interest rates, and extended bouts of volatility define how the Canadian and global economies and financial markets will perform.
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