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Talent Competition Requires Strategy Evaluation

Competition to keep qualified talent is already tight and will continue to tighten over the coming years, with about?12 per cent of Canadians planning to leave their jobs?within the next 12 months, almost double the rate at the beginning of 2022, says Derek Dobson, CEO and plan manager of the CAAT Pension Plan. However, in a tight talent market, employers who proactively evaluate retention strategies to factor in flexibility and financial benefits can outpace their competitors. Still, as employee demands increase, keeping pace can be challenging especially where on-site work is the norm, as is the case in manufacturing, packaging, and engineering. One solution is a workplace pension that offers inflation-protected lifetime retirement income. This is an emerging differentiator for financially stressed employees. In fact,?seven out of 10 workers would prefer a better pension over a higher pay and 86 per cent of employers who offer a pension say they are extremely or very important to recruitment, retention, and reducing stress. As employers continue to think differently about workplace wellness and total rewards, organizations should explore a variety of benefits beyond the paycheque that address financial stressors. With every effort underway to transform how work is performed – improving safety, cleanliness, and productivity – stepping up investments in holistic and financial wellness would demonstrate a continued commitment to nurturing talent throughout a fulfilling tenure.

Banks Put On Notice

Europe’s largest pension fund is putting banks on notice and may start exiting the sector unless it sees proof that claims of portfolio decarbonization are matched by action. ABP, the pension fund for people working in the government and education sectors in the Netherlands, says the financial sector has “lagged” in committing to a climate course. It says banks are making net-zero pledges, but continue to?provide substantial support?to oil, gas, and coal firms that are expanding their business. The plan is setting “transparent” key performance indicators that financial firms must meet in order to avoid being sold off in the next three years. Since 2021, ABP has been divesting its $16.3 billion portfolio of fossil-fuel assets. The majority of these investments are already sold and whatever hasn’t been offloaded will be out of the portfolio by the end of this quarter.?

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

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