Daily News Alerts

To register for Benefits and Pensions Monitor's Daily News Alerts, click here

Senior Leaders Need Support

Organizations need to proactively support senior leaders as 82 per cent typically feel the mental and/or physical exhaustion indicative of burnout and 51 per cent were contemplating leaving, retiring, or downshifting from their current organization or position, says a report from Deloitte Canada and LifeWorks. To do so, organizations need to start by reducing stigma regarding mental health. In the survey, 55 per cent expressed concern about their career opportunities if their employer became aware they had a mental health issue. Reducing stigma, taking tangible steps toward a psychologically safe environment, and encouraging leaders to show up authentically all help create an inclusive and healthier workplace culture. As well, peer relationships need to be strengthened. While 59 per cent reported that work peers are helpful in supporting resilience, 65 per cent of peer relationships worsened throughout the pandemic. In addition, 59 per cent of those with improved peer relationships reported improved productivity. Strained peer-to-peer relationships increase tension by fueling a competitive environment focused solely on personal achievements, which may be at the expense of others and organizational performance. Other steps include enhancing mental health and wellbeing support and rethinking work as the top source of work-related stress (68 per cent) was sheer volume of work. Organizations should rethink their approach to work, addressing expanding workloads and work complexity, and implementing better prioritization.

Reward Programs Challenged

Under pressure from challenging labour market conditions and inflation, North America employers are making changes to their work and reward programs as they battle to attract, retain, and engage workers, says a survey by WTW. These changes include paying employees more, giving increases at more frequent intervals, enhancing workplace flexibility, and boosting training opportunities. Its ‘2022 Mid-year Compensation Survey’ found two in three respondents have increased hiring activity since the beginning of the year. Still, 71 per cent are having difficulty attracting and retaining employees with digital skills and 66 per cent can’t find professional employees. And 61 per cent are having difficulty hiring and keeping hourly employees. “Employers are leaving no stones unturned in their battle to find and keep talent,” says Lesli Jennings, North America leader, work, rewards and careers, at WTW. “While making enhancements to compensation programs can support employers’ immediate recruitment and retention efforts, employers recognize they will need to pull levers in addition to compensation and reinforce a connection to the overall employee experience.” To help attract and retain employees, the survey shows employers are hiring employees at the higher end of salary ranges; increasing flexibility in where employees work (e.g., home versus office) and how they work; offering sign-on bonuses to attract talent; and using retention bonuses to keep employees.

For details on these stories, visit www.bpmmagazine.com

• ETF Investors Head For Safety
• Follow-Up Done On BAI Commitment
• McNair Joins Canada Post
• Digital Assets In Inflationary Time Examined