Briefly:

Previous Brieflies this week: | MON | TUE | WED | THU |

How well do you know your staff? Are they happy in their current positions, or are they secretly planning their exodus?

A recent survey of the financial services sector, conducted by Deloitte, found that 49% of respondents globally are considering leaving their jobs. That will likely increase as the recession ends.

Recessions have a tendency to breed discontent among those who survive rounds of layoffs, leaving employers vulnerable to a mass exodus of talent once the industry starts hiring again.

The survey also found that executives may be in the dark about which employees are most likely to leave. Most said they suspected generation Y will walk, when in fact both generation X and Y employees are considering leaving their jobs.

Sixty five percent of employers are concerned that they will lose their top talent.

Replacing those that do leave might prove more difficult than employers expect. Even with unemployment probing new highs in this recession, there is a 29% increase in the number of employers having difficulty filling jobs in the Americas.

• • •

Laurentian Bank senior exec retires

Laurentian Bank has announced changes in the executive suites, stemming from the retirement of Bernard Piché from the post of senior executive vice-president, treasury, capital markets and brokerage.

“I wish to extend a heartfelt thanks to Bernard for his many years of dedication to Laurentian Bank,” said Réjean Robitaille, President and CEO of Laurentian Bank. “His vast knowledge in the fields of banking, finance and economics has been extremely valuable for the organization. His contribution to Laurentian Bank’s growth and development has been immense.”

As a result of Piché’s departure, the corporate treasury department will now be led by Michel Lauzon, executive vice-president and CFO.

Capital markets activities will be taken over by Michel Trudeau, president and CEO of Laurentian Bank Securities.

Lorraine Pilon, executive vice-president, corporate affairs and secretary will oversee the chief risk officer and his staff.

Paul Hurtubise, senior vice-president, will take over direction of commercial and real estate financing.

Piché joined Laurentian 16 years ago, and has served as president and CEO of Laurentian Bank Securities. His retirement will be effective in December, upon completion of the transition

• • •

PlanPlus appoints regional V.P.

PlanPlus Inc. has announced the appointment of Tang Wee Hen as vice-president, South East Asia, a newly created position focusing on growth in Malaysia and Singapore.

This is a new role designed to focus on building on PlanPlus’ established presence in Malaysia and Singapore with a senior resource dedicated to sales, as well as providing additional depth to operations and training in the region.

Prior to joining PlanPlus, Wee Hen was vice-president in charge of the financial care centre of CIMB Wealth Advisors, the wealth management arm of one of Malaysia’s largest banks. Heading a team of more than 100 planners, she was instrumental in pioneering financial planning in Malaysia.

“Wee Hen is a perfect addition to the PlanPlus management team,” said Shawn Brayman, president of PlanPlus. “Her unique background combined with her ability to speak English, Chinese and Bahasa Malaysia, makes her the ideal candidate to help expand our South East Asian sales effort. Not only is she knowledgeable about our tools, she is a CFP herself, has managed and coached financial planners and is well acquainted with the planning industry in the region.”

• • •

Bankruptcies spiked ahead of new rules

The recession may be technically over, but for many Canadians, that’s cold comfort. Most of the benefits associated with economic growth — rising employment, higher wages — tend to lag the theoretical recovery.

The number of Canadians filing for bankruptcy soared over the past year, according to the Office of the Superintendent of Bankruptcy, to 148,378 for the 12 months ending September 30, 2009. That’s an increase of 36.4% from the same period last year.

“For the last few years the insolvency rate has hovered around 100,000 per year, so to approach 150,000 is a massive increase,” says Ted Michalos, co-founder of Hoyes, Michalos & Associates Inc., an Ontario personal bankruptcy trustees firm.

New bankruptcy rules — which Michalos calls “punitive” — came into force on September 18, 2009. This actually drove a spike in the number of bankruptcy filings.

“Many Canadians rushed to file bankruptcy in the weeks prior to September 18 to take advantage of the old rules,” Michalos explains. “In fact, our filing volume on September 17 was three times our normal level, so the spike in September is not unexpected.”

The new rules not only increased the payments required from some bankrupts, but also increased the length of bankruptcy by 12 months in many cases. That increased the actual cost of remaining in bankruptcy.

• • •

Loonie heading for 98 cents: RBC

Cross-border travelers and snowbirds are probably keeping a keen eye on the U.S. exchange rate these days, as the Canadian dollar appears destined to reach parity once more.

The loonie should remain strong over the near-term, according to RBC Economics, which predicts the Canadian dollar will finish the year around 96 cents U.S., rising to 98 cents in early 2010.

(11/23/09)