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Demographics Suggest Labour Shortages To Last

The focus on attracting and retaining workers is likely a lasting change, says Derek Dobson, CEO and plan manager of the CAAT Pension Plan. Demographics show this will be persistent, he told the ‘Marathon for Talent: How to attract & retain talent through a long-term lens’ session that many industries have a bulge of people on the verge of retirement with no succession plan and no pipeline of replacements. Projections are that the workforce shortage could be as much as 20 per cent. Combined with this are reports that nine out of 10 companies plan to increase their workforces at a time when supply is shrinking. One of the challenges is employee expectations are changing. Those coming into the workforce don’t want to work 60 hours a week, he said. They only want to spend 30 to 40 on the job which means that the numbers don’t add up. The result is this “will be a persistent, long-term challenge,” said Dobson. Susan Black, president and chief executive officer of the Conference Board of Canada, said while leaders are doing what they have always done, they need to realize what employees are really valuing these days. They do understand that people want to be paid fairly and have good benefits. This explains why, with mental health in the workplace a growing concern, many are increasing their mental health benefits. It is a “small thing,” she said, that speaks to understanding what is going in their organization. Another major issue with the incoming workforce is they want to know what their opportunities are for career growth far more than what was seen 20 years ago. With the digital generation there is a need for great transparency around their own growth, she said.

Cybersecurity Guideline Too Prescriptive

The Association of Canadian Pension Management (ACPM) would like the Canadian Association of Pension Supervisory Authorities (CAPSA) to consider whether the current draft of its ‘Cybersecurity Guideline’ is too prescriptive in its content. It should consider whether it should evolve to more principles-based suggestions that will ensure plans of all sizes recognize cyber risk and are aware of the fiduciary duty to manage this risk, but not contain as many specific directions with respect to the ways in which plans will manage those risks. It says in its current form there is a high risk that this document will become out of date as soon as it is published, particularly with respect to the examples of risk, the content around resiliency plans, and incident response. “Cyber risk continues to evolve quickly and, as our understanding and technology evolves, so do the relevant descriptors. For example, we note that some will view ‘hacktivists’ as an aged term that should be replaced with, or supplemented by, the concept of ‘state-sponsored threat actors,” it says. “We suggest the goal is to find the right balance between being helpful and being too prescriptive,” it says.

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

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