Kenneth MacDonald is associate vice-president, national accounts, for HUB International Ltd.
These are the views of the author and not necessarily those of Benefits Canada.
Kenneth MacDonald is associate vice-president, national accounts, for HUB International Ltd.
These are the views of the author and not necessarily those of Benefits Canada.
It’s 11:00 p.m. and you’ve survived another day of back-to-back meetings, endless emails, gridlock traffic, making dinner and getting the kids off to bed. Your head hits the pillow as you turn out the light, but your mind is still at the office, assessing the day’s events and speculating what tomorrow might hold in store. This is an all-too-familiar scenario that many of us encounter routinely.
Albertans live and die by the price of crude oil. Whether you work for a company in the energy industry or not, oil prices impact the daily life of Albertans more so than in any other province in Canada. While most Canadians have been filling up their vehicles lately with smiles on their faces, we Albertans squeeze the gasoline nozzle with a little more trepidation. Low oil prices are a double-edged sword here—one edge may be cutting prices at the pumps but the other is slashing jobs and corporate expenditures.
Which country has the better healthcare system, Canada or the U.S.? While both systems offer many benefits and challenges, I believe the U.S. model is better in one fundamental area: U.S. plan sponsors tend to take a more holistic approach to the health of their plan members.
Canadians have never been unhealthier. The incidence of diabetes, cardiovascular disease and cancer, to name a few, continue to rise. Statistics Canada found that, in the 10-year period from 1999 to 2009, the prevalence of diagnosed diabetes among Canadians increased by 70%, which was largely attributable to expanding waistlines.
Canadian companies are extending their reach globally more than ever. Whether they are exploring for oil and gas in a remote corner of the planet or looking for more economical manufacturing capabilities in Asia, they’ll need employees to help run their business.
There’s been no shortage of recent studies indicating that for the past few years, prescription drug inflation in Canada has been relatively flat. Drug patent expiration and pressure from provincial governments to reduce generic drug prices are two of the biggest contributing factors to this recent phenomenon. So, if prescription drug inflation is flat and drugs are the largest component of most employer-sponsored health plans, why are insurers still using annualized health trend rates in excess of 11% to determine premium rates?
One size no longer fits all and employees are demanding benefits that cater to their unique needs. Twenty years ago most organizations provided traditional benefits programs. Aside from the ability to purchase some optional life and accidental death and dismemberment insurance, these programs provided virtually no choice for employees to tailor their coverage needs.
While Canadian plan sponsors are more likely to be subsidiaries of American companies, there are many Canadian companies with subsidiaries in the United States. For those that manage U.S. benefits programs from their Canadian head office, U.S. medical benefits can be a more than a bit intimidating.
In a world where just about everything is becoming customizable, it’s no surprise that many plan sponsors want to offer flexible benefits that can be to tailored to meet their employees’ unique personal needs. Flexible benefits can mean different things to different people, so for the purpose of this discussion, let’s define flexible benefits as a program which at a minimum includes the ability to choose from two or more health and dental options.
Not long ago, drug cost management typically entailed reductions in coverage for plan members in the form of lower coinsurance, increased deductibles, dispensing fee caps, etc. It wasn't so much cost management as simply cost shifting from employers to employees.
As 2021 winds down, I have a few predictions of the human resources trends for employers to keep top of mind in 2022. Employers finding…
Words and imagery have the power to connect, evoke emotion and elicit a reaction. They also have the power to be inclusive, or exclusive, and…
It’s often said perception is reality and that’s definitely true when it comes to benefits plans. If employees can’t easily perceive the value in their…
How long is your attention span? Be honest and think back to the last time you received an email about your employee benefits and didn’t…
In a recent case, the Ontario Superior Court found an employee failed to mitigate damages when he refused a return-to-work offer from his employer, with whom he…
Many of the changes that were introduced to Ontario’s Employment Standards Act in January 2018 were short-lived, as the province’s new government elected in June…
With the legalization of recreational cannabis on Oct. 17, 2018, employers have been preparing to answer questions about whether their current benefits plans should provide…
In a recent decision, the Ontario Superior Court of Justice found an employer didn’t constructively dismiss a long-service employee when it provided her with 18 months…
On Oct. 17, 2018, it will be legal to purchase and consume recreational cannabis in Canada. In a recent survey of Mercer’s employer clients and Canadian employees, we found…
Some organizations are unique. Their employees are genuinely excited to be at work and an undercurrent of energy and vitality permeates the air. They’ve transformed the…
While many Canadian organizations continue to search for solutions to rising health-care costs, most are falling short. That’s why they must investigate any opportunity to find…
Macroeconomic trends such as longer lives, a lack of access to pensions and retirement supports, a low-growth environment, and persistent lack of financial literacy and…
The last decade has seen seismic shifts in geopolitical, macroeconomic, capital market and technological trends. Today, uncertainty abounds: U.S. policy has become increasingly erratic, and…
With global trade wars, environmental, social, and governance pushback and artificial intelligence advances, 2025 was a roller-coaster year for institutional investors. Unfortunately, 2026 is shaping…
According to Statistics Canada, 80 per cent of Canadian public sector workers benefit from a respectable, life-long pension. However, for many private sector employees the…
The total portfolio approach is gaining interest as a new investing strategy for pension funds and other asset owners, but its novel status may be…
Driven by the net-zero pledge towards green investments, institutional investors are finding themselves uncomfortably wedged between a rock and a hard place. If they invest…
With the new year may come new resolutions — or at least topics to keep in mind — for capital accumulation plan sponsors. Ongoing compliance…
What’s a plan administrator to do when an individual makes a claim to a pension entitlement that goes back many years after their employment —…
Administering a pension plan involves the accumulation of large amounts of data in the form of documents, filings, reports, emails and letters. At some point,…
After an eventful 2025, there are several developments and trends affecting Canadian defined benefit pension plan sponsors in 2026. Focus on investment strategy Major equity…
Risk management continues to be one of the hottest topics in the pension industry for a number of reasons, including the uncertainty caused by the…
With the start of a new year, there are several developments and trends that will likely impact Canadian pension plan sponsors in 2025. Implementation of…
The Canadian Association of Pension Supervisory Authorities’ guideline for risk management provides that plan administrators should create a framework to identify, evaluate, manage and monitor…
In 2025, many organizations took steps to address an uncertain economy while responding to changing pressures. Looking ahead to 2026, there are some trends and…
The previous year was an interesting one in the world of employee benefits plans. Over the previous 12 months, employers have navigated the explosion of…
Most employers look to get feedback from their employees on a variety of topics that touch on the worker experience. Valuable information can be found…
Canadian employers have taken important steps forward on a range of diversity, equity and inclusion matters. That work continues, particularly in the context of neurodiversity,…
The world of work is shifting at an unprecedented pace. Advancements in technology, evolving regulatory requirements, and rising employee expectations are transforming the way organizations…
Economic headwinds, cost pressures and shifting employee expectations are forcing organizations to rethink performance compensation. Traditional pay-for-performance models, built for more predictable business cycles, are…
The workplace has evolved considerably in the last decade and compensation alone no longer defines how employees measure their experience. While salary remains important, it’s…
Sometimes things aren’t what they seem. A couple of years ago I started experiencing classic burnout symptoms, like exhaustion, brain fog and lack of concentration.…
Economic uncertainty, including the potential for new U.S. tariffs, is prompting businesses to review their workforce strategies and benefits policies to remain resilient. While employers…
Various forms of digital health care have been available in Canada for several years, but I’d argue nothing has accelerated the awareness, need and adoption…
Anyone who’s ever run a marathon or completed an endurance race or trek knows the last few miles are the hardest, both physically and mentally.…
The theme of this year’s Mental Health Week — Unmasking Mental Health — is a reminder that many people in the workplace feel pressured to…
Heading into 2025, the workplace mental-health landscape in Canada continues to transform and grow. Employers continue to recognize that prioritizing mental health is a critical…
Most employees have experienced the powerful impact, whether positive or negative, that a manager can have on their work experience and overall well-being. As conversations…
Taking a break is always a good idea for employees, whether it’s a mid-morning stretch, a walk around the block, a lunch break in the…
According to an old adage, the fish rots from the head down. With the chief executive officer being the head of a corporation, are there…
Renowned American businessman and investor Charlie Munger once said, “You have to keep learning if you want to become a great investor. When the world…
What’s the right definition of risk in financial markets? Finding the answer to this question has become even more important because the number of retail…
What’s the value of Bitcoin? Or better, what makes it valuable? Is it because many people think it’s valuable? Is it valuable because it’s cool…
An altering macroeconomic environment means that cost management requires continual attention by pension plans and other institutional investors. Today, as inflation and higher-for-longer rates exert…
Even though it has been two years since the U.S. Federal Reserve started rapidly hiking interest rates, hedge fund managers aren’t more likely to have…
It should come as no surprise that asset owner sentiment is currently dominated by late-cycle tensions. Among pension plans and other institutional investors, this has…
The recent pressure put on Canadian pensions plans from private managers and governments to re-discover an investment home bias has been met with little enthusiasm,…
Severe inflation is on the horizon and plan sponsors should be prepared.
The decision by the Canada Pension Plan Investment Board this month to reduce 10 per cent of its China equity team based in Hong Kong…
Reports that a leading asset manager is delaying the launch of a Chinese bond fund indefinitely are a clear sign that the facade around Chinese…
With the repatriation of Canadians Michael Kovrig and Michael Spavor following their three-year incarceration in China, relations between Ottawa and Beijing are to be reset.…
It’s a welcome development that so many pension fund managers are increasingly preoccupied with the ethical implications of their investments and incorporating data to ensure…
With 2024 well underway, it’s important for employers to adapt their strategies in the ever-evolving landscape of employee benefits. Employee expectations continue to evolve and…
While it’s impossible to predict exactly how pension case law will evolve in future, one can offer an educated guess at some legislative developments and…
A recent court decision in Ontario illustrates the potential danger for employers that attempt to rely on pension plan terms to refute claims for pension-related…
In January, the Canadian Association of Pension Supervisory Authorities established a new committee with a mandate to develop a risk management guidance. In the CAPSA’s…
The importance of risk management isn’t new for the majority of defined benefit pension plan sponsors and administrators. The impact of long-term interest rates, market…
Canada’s most recent census found there are 59,460 Canadians aged 15 or older who identify as transgender and 41,355 who identified as non-binary. However, these individuals…
The concept of employee benefits was established on a foundation built decades ago, when employees worked full time and long term with one employer. Those…
Amid an ongoing labour shortage, employers of all sizes and sectors are increasingly embracing diversity, equity and inclusion. A recent Statistics Canada report found, as…
Microaggressions — everyone has heard them or may have even used them. Defined as everyday verbal and behavioural slights against a person or group that…
Diversity, equity, and inclusion are esteemed values held by many employers and are table stakes in the value proposition for employees and customers. However, in…
In Canada, the coronavirus pandemic is entering a new phase — vaccines are widely available, travel restrictions are gradually lifting and people are returning to…
For most Canadians, it’s been well over a year since most of the country went into its first lockdown due to the coronavirus pandemic. I…
In December 2022, the Supreme Court of Justice of Colombia released an unexpected decision: two men, who had been in a polyamorous relationship with a…
While pension plan administrators know about their plan members’ employment history and salaries, they may not expect to learn much about their personal lives, including how…
Whether they’re delivering takeout, chauffeuring passengers, or fixing leaky sinks, most gig workers in Canada don’t get benefits. Classified as independent contractors rather than employees,…