TORONTO, Nov. 03, 2022 (GLOBE NEWSWIRE) — Top concerns for Canadian employers in 2022 are burnout and loss of staff, according to the Canadian Employer Pension Survey Healthcare of Ontario Pension Plan (HOOPP) and Angus Reid Group. And while employers recognize the value of pension benefits in addressing these concerns, the current high inflation environment is pushing them to favor wage increases instead.
HOOPP commissioned the Angus Reid Group to conduct a survey of 778 Canadian business owners and senior executives with more than 20 employees. The results provide insight into how Canadian employers perceive the impact of the current economic climate on businesses, the state of retirement security in Canada, and the ability of retirement benefits to contribute to retention, recruitment and the general well-being of employees.
“Current inflationary pressures naturally lead many employers and workers to prioritize cash, even as they recognize the short- and long-term value of retirement benefits,” said Steven McCormick, senior vice president. , Plan Operations, HOOPP. “It’s arguably more important than ever for leaders – in business, government and the retirement industry – to take steps that will help workers save for retirement, even when it’s hard to do so. .”
On the positive side, there was evidence in the survey of some momentum towards improving retirement security outcomes. A large group of respondents (17%) said they had launched or enhanced retirement savings plans in the past year, or intended to do so in the coming year.
Research has shown that employers are optimistic about the success of their business over the coming year, with 80% being optimistic about their ability to maintain revenue and profitability. What worries them are employees, with the top concerns being: greater competition for hiring (82%), employee burnout (79%), labor shortages (79% ) and high turnover (77%). A strong majority are also worried about inflation (82%).
To address these issues, the majority of employers currently favor wage increases over improved benefits as the best way to mitigate the effects of inflation for employees (67%) and as a way to attract new employees (71%).
“But some employers may be underestimating the extent to which retirement benefits can meet both the needs of their business and those of their employees,” said Demetre Eliopoulos, Senior Vice President, Public Affairs, Group Angus Reid. “The survey found significant correlations between employee benefits and a happy, productive workforce.”
Employers reporting improved productivity are significantly more likely to prioritize benefits over cash to combat inflationary pressures and recruit new talent, compared to those with deteriorating productivity (45% vs. 31 %). Employers reporting improved productivity are also twice as likely to be optimistic about maintaining employee morale (81% vs. 40%), retaining current talent (80% vs. 43%) and recruiting new talent. new talent (76% versus 38%).
These results support the findings of 2021 research from HOOPP and Common Wealth – The Value of a Good Pension: The Business Case for Good Workplace Pensions – which showed how providing pensions can improve a company’s bottom line.
Of all respondents, 66% said retirement benefits helped retain talent and 62% said they helped recruit talent. Most also say retirement benefits are a cost-effective way to reduce financial stress for employees (85%) and are more of an investment in human capital than a cost to the business (78%).
Most employers (84%) are also concerned about the emergence of a retirement income crisis and believe they have a responsibility to provide a pension (75%). There is also agreement that governments have a role to play, with 87% saying governments can save money by supporting more affordable and efficient pensions.
McCormick said: “While it is understandable that raising wages is a faster solution to today’s immediate economic challenges, there is also widespread understanding of the power of pensions. And it’s encouraging to see that some employers are prioritizing retirement benefits as a way to support their staff. »
These are the findings of a study/survey conducted by HOOPP from August 3rd to August 10e,2022 among 778 Canadian business owners and executives with 20+ employees who are members of the Angus Reid Forum. The survey was conducted in English and French. For comparison purposes only, a probability sample of this size would yield a margin of error of +/- 3.4 percentage points, 19 times out of 20. See more detailed results here.
About the Healthcare of Ontario Pension Plan (HOOPP)
HOOPP serves Ontario’s hospital and community health care sector, with more than 620 participating employers. Its members include nurses, medical technicians, food service personnel, housekeeping staff and many others who provide valuable healthcare services. In total, HOOPP has more than 420,000 active, deferred and retired members.
HOOPP operates as an independent private trust and is governed by a Board of Directors whose sole fiduciary duty is to fulfill the pension promise. The Council is jointly governed by the Ontario Hospital Association (OHA) and four unions: the Ontario Nurses Association (ONA), the Canadian Union of Public Employees (CUPE), the of Ontario Public Service Employees (OPSEU) and the Service Employees International Union (SEIU). This governance model ensures representation of management and workers in support of the long-term interests of the Plan and its members.
About Angus Reid Group
Angus Reid is Canada’s best known and most respected name in opinion and market research. Offering a variety of research solutions to businesses, brands, governments, nonprofits and more, the Angus Reid team connects technology and people to get powerful insights that inform your decisions.
Data is collected through a suite of tools using the latest technologies. The first of these is the Angus Reid Forum, an opinion community made up of engaged residents across the country who respond to surveys on current issues that matter to all Canadians.
Director, Media and External Communications