Current issue Newswire
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Canadian employers bracing for economic slump via layoffs and pay cuts |
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| Yet fewer than 20 per cent say such changes will be significant, says Watson Wyatt survey |
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Written by Administrator
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Thursday, 18 December 2008 |
As the global financial crisis takes a tighter grip on the economy, some Canadian employers are bracing themselves for the looming economic slump. More than four in ten companies either have made or are planning layoffs or reductions (44 per cent) and revising merit payments (42 per cent) over the next year. According to the survey conducted in November 2008 by Watson Wyatt, a leading global consulting firm, employers are also ramping up employee communications and halting new staffing. The survey also indicates that while many companies are considering changes, less than 20 per cent consider such changes to be significant.
The survey of 138 Canadian-based companies from various industry sectors found that 42 per cent are revisiting merit and other increase budgets for 2009. These organizations anticipate that merit budgets for 2009 will decrease by an average of 39 per cent (from 3.3 per cent to 2 per cent). From an overall perspective, the net effect of these anticipated reductions will result in a revised merit budget of 2.9 per cent which represents a significant decrease from previous projections of 3.5 per cent. The revisions to merit and other salary increases are more prevalent among companies within the financial, professional business services and manufacturing sectors. Additionally, 41 per cent of respondents have already stopped or will freeze new hires while nearly one-third (31 per cent) confirmed they have already made or will be going through organizational restructuring.
“Although there is a high level of uncertainty in the market, employers are cautiously moving forward to deal with the challenges of the economic downturn,” says Liz Wright, compensation practice leader, central Canada at Watson Wyatt Worldwide. “However, while measures such as workforce reduction and cost controls may be necessary in some instances, companies should maintain a balanced approach that includes actions such as enhanced employee communications to retain critical talent and boost employee morale and confidence.”
According to the survey, about half of respondents have already or are planning to increase employee communications in areas such as benefits (54 per cent) and pay (50 per cent).
For more information, visit www.watsonwyatt.com.
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72 per cent of Canadians will make charitable donations this holiday season |
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| Scotiabank poll finds Canadians are still reaching out |
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Written by Laurie Blake
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Thursday, 18 December 2008 |
This holiday season, Canadians are stuffing their stockings with more than gifts and indulgences – they're making a conscious effort to support charities that are important to them.
Scotiabank's 2008 Holiday Poll reveals that 72 per cent of Canadians are planning to make a personal donation to charity this holiday season. Despite uncertain economic times, this year's result is consistent with last year's finding of 73 per cent.
"At a time when some areas of charitable giving are declining, the continued generosity of individual Canadians is more important than ever before," said Malcolm Burrows, Scotia Trust head of Philanthropic Advisory Services. "It's heartening to see Canadians acknowledge and support the great work that charities do in our communities, especially around the holiday
season."
The holiday poll also found that women (52 per cent) are more likely than men (45 per cent) to say they will donate to charity this holiday season. Canadians who are 50 years or older are more likely to say they will give.
"Contributions to charitable organizations extend beyond writing a cheque and are important year-round. We applaud the countless volunteers who help empower community organizations throughout British Columbia, the Yukon and across the country," said David Poole, Scotiabank senior vice-president, B.C. and Yukon Region. "Supporting the organizations, the volunteers and the communities where we live and work is a commitment that Scotiabank shares and we encourage our employees to extend the spirit of community giving even further by volunteering their time and skills to support community causes important to them."
And the bank doesn’t just talk about giving. In British Columbia and the Yukon alone, Scotiabank supports over 15 of local community organizations and causes which reflect what is important to customers, employees and shareholders.
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FMC lawyers join TRIEC’s mentoring partnership |
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| More than 20 firm members are participating in the skilled immigrant mentoring program |
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Written by Laurie Blake
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Thursday, 18 December 2008 |
Fraser Milner Casgrain LLP (FMC), one of Canada’s leading business and litigation law firms, is proud to announce that it has become the first law firm to be recognized as a corporate partner of the Toronto Region Immigrant Employment Council (TRIEC)’s Mentoring Partnership program. More than 20 FMC members are currently participating in the program, which pairs skilled immigrants with established Canadian professionals in a mentoring relationship designed to break down the barriers immigrants face when trying to enter the Canadian labour market.
FMC’s participation in the Mentoring Partnership builds on the firm’s diversity initiatives, formalized in 2006 to ensure that FMC’s national workforce truly represents the rich diversity of the local communities in which FMC practices.
“Diversity and inclusiveness are a central part of our overall strategy and business plan,” says Michael Schafler, partner, FMC Toronto. “Consequently, when we first introduced TRIEC’s mentoring program for skilled immigrants to our team members, they were quick to embrace the program and sign up as mentors. In fact, many people within our firm are immigrants themselves, so it was only natural that they responded so positively. We look forward to working with the Mentoring Partnership and its more than 50 high-profile corporate partners to promote diversity and advance the hiring of skilled immigrants.”
Under the auspices of the firm’s national Diversity Committee, FMC sponsors a wide range of programs and initiatives across Canada including the Black Business and Professional Association (BBPA) national scholarship for black law students; Pro Pride at Work Canada; Vault Women’s Initiative; a bi-monthly Diversity Roundtable comprised of representatives from financial institutions, major corporations, government and professional services firms; and participation in a variety of associations dedicated to the promotion of the legal profession in a range of ethnic communities.
“TRIEC is excited to have Fraser Milner Casgrain as the first law firm to join the Mentoring Partnership as a corporate partner,” said Elizabeth McIsaac, Executive Director of TRIEC. “Its commitment to the partnership shows leadership and an understanding of the benefits immigrants bring to the Toronto Region. By leveraging their skills, education and knowledge, we can create new opportunities for our local economy, businesses and community.”
TRIEC’s Mentoring Partnership provides new immigrants in the City of Toronto and the regions of Halton, Peel and York with occupation-specific mentoring. Participants entering the program possess the education, experience and language skills needed to excel in the workforce – all they need are the connections and knowledge that can only be gained from real-life experience. Since 2004, the program has recruited more than 2,000 mentors and matched more than 3,700 skilled immigrants in Mentoring Partnership relationships with established professionals who share the same occupation. Of those who completed the four-month program, nearly 80 per cent found full-time employment – 85 per cent of those in their field of expertise.
For more about either TRIEC or this program, visit www.triec.ca. To learn more about FMC, visit www.fmc-law.com.
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Employers reducing benefits offered to retirees, says survey |
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| More reductions to come, though poor economy may hold benefits steady |
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Written by Administrator
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Thursday, 18 December 2008 |
A new survey from Mercer reveals that employers continue to struggle with a desire to offer post-retirement benefits in an environment of escalating healthcare and financial costs. Organizations are being forced to balance the desire to provide employees with post-retirement benefits and the need to control escalating costs.
According to Mercer’s 2008 Post-Retirement Trends survey, in the last three years one-third of Canadian companies surveyed have made reductions to the benefits that they provide for retired employees. Moreover, 21 per cent of companies expect to make reductions in the next three years, compared to 5 per cent who expect to make improvements. Mercer anticipates that the number of companies making reductions may differ significantly from the expected 21 per cent as a result of current economic conditions. Ironically, the uncertainty about a recession and fear about a prolonged recovery may cause employers to come to different conclusions about their post retirement plans:
- Some organizations may defer planned changes because discount rates are currently higher than they were a year ago, which will reduce their accounting liabilities, producing a potentially false sense of comfort about the cost of the plan
- Other organizations, which were not planning to make changes, may be forced to because of the economic climate and the uncertainty about the future.
The top reasons cited by respondents for reducing benefits are the fact that accounting costs and liabilities are too high and increasing too quickly. Respondents also noted that the annual cash costs of maintaining current retiree benefits are too large.
“As the costs associated with the provision of retiree benefits increase, it follows that Canadian companies must address the corresponding increases in the accounting liabilities for their post-retirement benefits plans,” said Ellen Whelan, leader of Mercer’s Post-Retirement Benefits Group. “Given the financial impact of retiree benefits combined with continued growth in the number of retired employees, employers are weighing the benefits and costs, and as a result more aggressive reductions to post-retirement benefits are expected in the next few years.”
While most survey participants consider the provision of benefits to be important for the attraction and retention of employees, as costs escalate, a significant number of employers are changing their attitude toward the provision of retiree health care.
The survey shows a significant shift away from employer responsibility for these benefits to the role of the employer as a facilitator. A considerable number of employers, 86.5 per cent, believe governments should be lobbied to provide tax vehicles for the prefunding of retiree health benefits, and 74 per cent stated that governments should be prefunding a portion of health care for baby boomers for reasons of intergenerational equity.
The survey also found that companies are being forced to realign their total rewards spending, with the most significant cost savings being achieved by the elimination of retiree benefits for new hires and current actives. As well, organizations considering future reductions will be relying less on traditional cost containment measures and turning to non-traditional alternatives such as fixed employer contributions and catastrophic medical plans with spending accounts.
Mercer’s 2008 Post-Retirement Trends survey is based on data submitted by 94 Canadian organizations, covering a total of 132 benefit plans. The 2008 poll provides an update to Mercer’s 2004 and 2005 Post-Retirement Trends polls which sought to determine what actions companies from across Canada were taking to address issues arising from escalating accounting costs and liabilities in light of the adoption of accounting standards CICA 3461 and FAS 106. These standards require employers to recognize an annual expense and accrue a liability for non-pension post-retirement benefits during the working lifetime of active employees.
For more information, visit www.mercer.ca.
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Canada one of easiest countries to settle in, says survey |
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| Canada is the most welcoming country |
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Written by Laurie Blake
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Thursday, 18 December 2008 |
HSBC Bank International today revealed that Germany, Canada, and Spain are perceived to be the easiest countries to settle in, according to the findings of the third and final report in its Expat Explorer survey, Expat Experience.
The HSBC Bank International Expat Explorer survey is the largest ever independent survey of expatriates, questioning 2,155 expats across four continents. The Expat Experience report examines the integration challenges faced by expats relocating to a new country by looking at the cultural and social differences experienced. Expats were asked to rate their host country in four areas:
- Whether they made friends with people from the local population;
- If they joined a local community group, such as a religious or sports group;
- Whether or not they learned the local language; and
- If they bought property in their host country.
Among the most difficult countries in which to integrate were Australia, the United Arab Emirates, and China. Australia ranked poorly on the number of expats who joined community groups; expats in the UAE found it difficult to make friends; and China scored relatively low for the number of expats who bought property.
Martin Spurling, CEO for HSBC Bank International and head of HSBC Offshore Islands, says, “We commissioned this independent survey to take a look into the lives and experiences of our customers who live across the globe and the transitional challenges they encounter from country to country.
“This final report in our Expat Explorer series focuses on something that is incredibly important to all expats – their ability to fit into their new home. This is often the aspect that is most daunting, with many concerned about whether or not they will be able to make friends or feel like they belong in their adopted country. Through this survey we have been provided with a fascinating insight into our customers’ lives which will help us also to best adapt to their offshore finance needs.”
Other results include:
- The survey found that Canada is the most welcoming country to expats, with almost all (95 per cent) of respondents claiming that they found it easy to make friends with the locals. This was followed by Germany (92 per cent) and Australia (91 per cent).
- The United Arab Emirates was revealed to be the hardest country in which to make friends with the local population, with only half of expats living there (54 per cent - the lowest score in the survey) advising that they found it easy to make local friends. Singapore also ranked lower, with 68 per cent of respondents indicating that they found it possible to make local friends.
- Almost half (45 per cent) of all respondents said that they had joined a local community group as expatriates. Expats living in Germany were most likely to join a community group (65 per cent of respondents), followed by around half of expats living in Hong Kong (53 per cent), Singapore (50 per cent), Canada (50 per cent) and the US (50 per cent).
- Australia, despite scoring highly for making friends with local people, came last in the category, with just 38 per cent of expats saying that they had joined one of these groups.
- Expats living in Europe were most likely to learn the local language. Germany came top in this category with three-quarters of expats learning the German language, followed by expats in Spain (70 per cent) and Belgium (70 per cent) who were also likely to adopt the language of their country of residence. Conversely, only one-fifth of expats in Singapore and Hong Kong (20 per cent) learned the language of their new homeland.
- France came out as a property hotspot, ranking highest in the category of expats buying property, with almost two-thirds (64 per cent) of respondents stating that they had purchased a property in the country. Expats in Asia are the least likely to buy a home with India (6 per cent), China (12 per cent) and Singapore (24 per cent) ranking lowest for purchasing a property.
The Expat Experience report also examined other aspects relevant to expat integration, including whether or not expats had children in their adopted country, if they had married someone from the local population, if they had set up a new business or changed their citizenship.
To see these results along with more of the findings and the full league table of the third and final report in the Expat Explorer series, visit www.offshore.hsbc.com/expatsurvey.
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