New research from Healthcare of Ontario Pension Plan reveals what's keeping leaders up at night
Greater competition for hiring emerged as the biggest concern for Canadian employers, according to research from the Healthcare of Ontario Pension Plan (HOOPP), with 82% of employers fretting about the future. Employee burnout and labour shortages follow at 79%, then high turnover at 77%. The report so revealed that 82% of employers are concerned about inflation.
To attract new employees, 71% of employers are eyeing wage increases instead of benefit enhancements because of the current inflation environment, despite previous warnings from economic experts.
Retirement benefits as a solution
Demetre Eliopoulos, SVP of Public Affairs at Angus Reid Group, said employers could be overlooking the advantages of offering retirement benefits to employees.
"The survey found some significant correlations between benefits and a happy, productive work force," said Eliopoulos.
According to the report, 66% of employers acknowledged that retirement benefits help retain talent, while 62% said they help in recruiting new workers. Perks can also reduce financial stress for employees, according to 85% of employers, while 78% regarded it as an "investment" in human capital than a business cost.
"While it is understandable that raising wages is a quicker fix for immediate current economic challenges, there is also widespread understanding of the power of pensions. And it's encouraging to see there are some employers who are prioritizing retirement benefits as a way of supporting staff," said Steven McCormick, SVP, Plan Operations at HOOPP.
Overall, the report found that employers who reported improved productivity were more likely to favour benefits over cash in addressing recruitment and inflationary challenges reported improved productivity.