Help clients keep tabs on benefits and pension trends

Due to demographics trends and shifting cultures, workplaces are expected to look very different in the future–think increased longevity and employees possibly waiting longer to retire, as well as newer features like flexible hours and benefits plans that focus more on wellness.

If your clients enjoy workplace pensions and benefits, help them consider how things might change and whether that will impact their futures.

New Benefits Canada magazine research may help: to get a sense of today’s trends (and mark its 40th anniversary), the magazine followed up on research from five years ago into plan sponsors’ attitudes towards their pension and benefits plans.

Unsurprisingly, the new research shows plan sponsors find cost the biggest challenge when it comes to their benefits plans. But, on the upside, the percentage of plan sponsors that listed cost as their top concern dropped to 41%, down from 53% in 2012, says Benefits Canada. Nowadays, the magazine adds, employers say a rising concern is the ability to meet employee needs and expectations (19% reported this challenge this year versus 12% in 2012).

Still, one reason for employers worrying less about pension and benefits costs could be that they’re shifting money to their benefits plans from their retirement programs. Further, many companies have plans for how to deal with rising drug costs.

Read: Seeing the upside in downward drug pricing

Overall, says Benefits Canada, there’s a trend toward flexibility but also the desire to keep traditional options for those who need it.

For more on benefits trends, check out Benefits Canada’s full coverage.

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