Businesses looking to increase productivity should invest in their employees: HOOPP
VIDEO
Ivana Zanardo, head of plan services at Healthcare of Ontario Pension Plan, discusses their latest business survey that draws connections between inflation, employee benefits and company productivity.
Ivana Zanardo, head of plan services at Healthcare of Ontario Pension Plan, discusses their latest business survey that draws connections between inflation, emp
The head of plan services for the Healthcare of Ontario Pension Plan (HOOPP) says businesses that wish to improve their overall productivity should invest more in their employees, particularly in retirement security.
Ivana Zanardo told BNN Bloomberg that a recent survey commissioned by HOOPP and conducted by Angus Reid found that the majority of Canadian employers reported lower-than-usual employee productivity this year.
“They’ve also told us that they know that their business productivity is linked to their employee productivity,” she said in an interview on Friday.
Zanardo said that in order to improve the productivity of individual workers and the companies they work for in turn, employers need to ensure their employees are financially secure by investing in them.
“Investing in employees means providing them with the security that they need, which reduces their level of stress,” she said.
“We’ve seen in our research previously that a financially secure employee is a less stressed employee, which leads to better employee productivity, which of course is good for a business’ bottom line.”
One of the ways businesses can provide security to their employees is by offering them safe and secure retirement savings options, Zanardo said.
“We were pleased to see last year an increase in the number of employers that provided retirement security to their employees,” she explained.
“This year, it has leveled off a bit, where fewer employers have invested in their employees.”
Zanardo added that most employers recognize the need to invest further in their workers, but they often cite the increased costs associated with doing so as a major barrier.
“Although, the research has told us that two-thirds of the employers surveyed indicated that if an employer is willing to find a way to do it, they can do so,” she said.
While businesses are often encouraged to invest further in things like technology and new equipment, Zanardo said HOOPP is “hearing that it’s very important to invest in our people” as well.
Zanardo said that while HOOPP is a pension provider for Ontario’s healthcare workers, the organization feels “a strong responsibility to advocate for good pensions and good retirement security for all Canadians.”
Over time, many Canadians have seen their pensions shift away from defined benefit plans, managed largely by employers, toward defined contribution plans, which individual employees are typically responsible for managing.
Zanardo said that despite this shift, defined benefit remains the “gold standard” pension plan, noting that HOOPP provides such plans to Ontario’s healthcare workers.
“But I would say that to see a trend of employers providing retirement security to their employees – really any pension is better than no pension at all,” she said.
Methodology
The survey referenced was conducted online from Aug. 12 to 22 of this year and included 759 Canadian businesses. Due to the online nature of the polling, a margin of error could not be assigned, according to Angus Reid.
With files from The Canadian Press
Ivana Zanardo, head of plan services at Healthcare of Ontario Pension Plan, discusses their latest business survey that draws connections between inflation, emp
The head of plan services for the Healthcare of Ontario Pension Plan (HOOPP) says businesses that wish to improve their overall productivity should invest more in their employees, particularly in retirement security.
Ivana Zanardo told BNN Bloomberg that a recent survey commissioned by HOOPP and conducted by Angus Reid found that the majority of Canadian employers reported lower-than-usual employee productivity this year.
“They’ve also told us that they know that their business productivity is linked to their employee productivity,” she said in an interview on Friday.
Zanardo said that in order to improve the productivity of individual workers and the companies they work for in turn, employers need to ensure their employees are financially secure by investing in them.
“Investing in employees means providing them with the security that they need, which reduces their level of stress,” she said.
“We’ve seen in our research previously that a financially secure employee is a less stressed employee, which leads to better employee productivity, which of course is good for a business’ bottom line.”
One of the ways businesses can provide security to their employees is by offering them safe and secure retirement savings options, Zanardo said.
“We were pleased to see last year an increase in the number of employers that provided retirement security to their employees,” she explained.
“This year, it has leveled off a bit, where fewer employers have invested in their employees.”
Zanardo added that most employers recognize the need to invest further in their workers, but they often cite the increased costs associated with doing so as a major barrier.
“Although, the research has told us that two-thirds of the employers surveyed indicated that if an employer is willing to find a way to do it, they can do so,” she said.
While businesses are often encouraged to invest further in things like technology and new equipment, Zanardo said HOOPP is “hearing that it’s very important to invest in our people” as well.
Zanardo said that while HOOPP is a pension provider for Ontario’s healthcare workers, the organization feels “a strong responsibility to advocate for good pensions and good retirement security for all Canadians.”
Over time, many Canadians have seen their pensions shift away from defined benefit plans, managed largely by employers, toward defined contribution plans, which individual employees are typically responsible for managing.
Zanardo said that despite this shift, defined benefit remains the “gold standard” pension plan, noting that HOOPP provides such plans to Ontario’s healthcare workers.
“But I would say that to see a trend of employers providing retirement security to their employees – really any pension is better than no pension at all,” she said.
Methodology
The survey referenced was conducted online from Aug. 12 to 22 of this year and included 759 Canadian businesses. Due to the online nature of the polling, a margin of error could not be assigned, according to Angus Reid.
With files from The Canadian Press
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