2022 Canadian Employer Pension Survey
2022 Canadian Employer Pension Survey
Executive Summary
In August of 2022, the Healthcare of Ontario Pension Plan (HOOPP) commissioned Angus Reid Group to conduct its Canadian Employer Pension Survey. This annual public opinion survey captures the perspectives of Canadian employers
on the current economic climate’s impact on business, the state of retirement security in Canada, and the positive impact of offering retirement benefits on employee retention, recruitment and overall well-being.
The results
show that employers are very worried about labour shortages, turnover and employee mental health; and they recognize the importance of providing retirement and other benefits to address these challenges. At the same time, immediate pressures stemming
from a high inflation environment are forcing many to favour shorter-term solutions to support and attract staff, such as pay raises.
Conclusion
While Canadian employers surveyed are mostly optimistic about the future of their business over the next year, they remain deeply concerned about workforce challenges. Overall, employers understand the benefits of offering retirement plans, particularly when it comes to employee retention and staying competitive in the labour market.
Employers that offer retirement savings plans also report higher levels of productivity and employee wellness. The link between these is further explored in previous research, The Value of a Good Pension: The business case for good workplace retirement plans.
There is continued momentum towards addressing employers’ business concerns by improving retirement security for their employees. In fact, one in six (17%) employers either introduced or enhanced retirement benefit offerings last year, or plan to in the year ahead.
While current inflationary pressures are naturally and understandably forcing many employers (and workers) to prioritize cash in hand now, there is also a strong recognition that a retirement crisis is coming. As such, it is more important than ever for all stakeholders – businesses, government, the retirement industry and workers – to stay focused on the long term and take measures that will help workers save for retirement.
These findings are based on a survey conducted online from August 3 to 10, 2022 with 778 Canadian business owners and senior leaders with 20+ employees and who have influence over HR decisions. The margin of error for a comparable probability-based random sample of the same size is +/- 3.4%, 19 times out of 20. Sample is achieved in a generally proportional manner from all ten provinces and targets are placed to ensure reasonable representation of businesses across employee count spectrums.
This document provides a simplified overview of HOOPP's benefits based on the terms of the HOOPP Plan Text at the time of publication. From time to time, HOOPP may amend the HOOPP Plan Text. In cases where the information provided in this document differs from that contained in the HOOPP Plan Text, the HOOPP Plan Text will govern. More details, including the full HOOPP Plan Text and a complete description of the Plan and its benefits, can be found on hoopp.com.
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