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Joe Hornyak
Former editor of Benefits and Pensions Monitor and founder of Joe Hornyak Communications
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Attraction And Retention Top Issues For CEOs
Four of the top 10 issues for CEOs and their boardrooms are digital transformation, recession, innovation, and competition, says Derek Dobson, chief executive officer and plan manager for the CAAT Pension. Speaking at the CIBC Mellon ‘2023 Outlook: long-term risk management strategies for pension industry stakeholders’ with Benjamin Tal, deputy chief economist at CIBC World Markets, he said the number one issue is attracting and retaining top talent and it is way ahead of the others. The next biggest issue is developing the next generation of leaders, another workforce management issue. And talking with leaders across Canada, he said they're already losing money and productivity because of labour shortages and it is going to get worse. In Canada, 20 per cent of the workforce is already retirement eligible and three million more Canadians are going to retire from the workforce in the next five years. And immigration is not a full solution, he said. Government statistics show Canada attracted 600,000 immigrants since COVID. However, only 100,000 to 150,000 of these will actually join the labour force, far short of replacing the 400,000 retiring every year. Tal said that labour markets have changed since the beginning of COVID. With hybrid and remote work arrangements, it opened up the labour market because if someone can’t find a job in Toronto, they can get one in New York. He also identified another COVID impact. Medically speaking, it was an event. But it was also a moment which accelerated many trends by 10 years. It created a different economic environment. In fact, he believes that the Bank of Canada’s two per cent inflation target is no longer realistic and perhaps it needs to focus on a higher target.
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Canadians Embrace Digital Health
Canadians are embracing digital health services like never before and they are highly satisfied with the services they are accessing, says a survey conducted for?Canada Health Infoway. Its ‘2022 Canadian Digital Health Survey: Interest in and Access to Digital Health Services’ shows that 94 per cent of Canadians are interested in accessing digital health services. Canadians are also increasingly able to access their personal health information online, including lab tests and diagnostic results; immunization history/records; a list of current medications and medication history; and specialist consultation notes/records. Thirty-six per cent have done so as of 2022, double the number (18 per cent) who had done so in 2016. Those who accessed their health information online said it made a huge difference to their health with 89 per cent saying they felt more informed about their health; 84 per cent saying they could better manage their health; and 73 per cent saying they could set and make progress toward health goals. The steady progress in enabling access to digital health services has stimulated Canadians' desire to access a greater range of services such as: sending a prescription renewal request electronically; having a physician send a prescription directly to a pharmacy without needing a paper prescription; accessing clinical notes from a medical encounter with a primary care provider or specialist; and consulting with healthcare providers virtually.
For details on these stories, visit www.bpmmagazine.com