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(February 26, 2008) When asked to name their most important career concern, one-third (33%) of Generation Y workers cited compensation and benefits issues, according to a survey conducted by Robert Half International and Yahoo! Hot Jobs.

The second most common response given by the 1,000 21- to 28-year-olds polled was finding and keeping a job, at 26%. Career satisfaction ranked third, cited by 23% of respondents.

“The Gen Y professionals we surveyed were focused on practical concerns, such as saving enough money for retirement and being able to balance work and family obligations,” says Reesa Staten, senior vice-president and director of workplace research for Robert Half International. “These basic quality-of-life needs are common among all demographics in the workplace.”

Staten also noted that survey respondents placed the most emphasis on money, benefits and professional growth.

“Gen Y workers want the best health-care and retirement benefits employers can provide, as well as defined career paths. To recruit these professionals, firms should make these programs easy to understand, promote them in detail on the company website and highlight them during the interview process,” she says.

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IFIC offers tips on dealing with volatility

(February 26, 2008) The Investment Funds Institute of Canada says well-diversified mutual funds are more likely to ride out the current market turbulence, but there are other ways to make volatility more tolerable.

“Mutual fund investors are usually in good shape during market fluctuations because of diversification, the advantage of dollar-cost averaging and professional portfolio management,” says Joanne De Laurentiis, president and CEO of the Investment Funds Institute of Canada.

IFIC offers four tips for investors to stay focused during market volatility.

First, they say short-term market fluctuations should not be a concern for investors with an appropriate time horizon and a diversified portfolio matched to financial objectives.

Second, IFIC touts having a diversified investment portfolio made up of equities, fixed-income assets and interest-bearing investments, which should cushion investors in a market correction.

IFIC also suggests investors consider dollar-cost averaging. This strategy allows a person to spread out the average cost per unit of buying mutual funds and reduces the risk of buying at the wrong time.

Finally, IFIC stresses that investors should understand their risk tolerance. Once they have established tolerance for risk, they should then periodically review their portfolio to confirm it matches that tolerance. IFIC says if investors are having difficulty with this, they should look at obtaining an investment advisor.

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Housing market will cool, but only a little

(February 26, 2008) The hot Canadian real estate markets remain resilient to the deepening housing downturn in the United States and worries of global recession, but it should nevertheless return to normal, according to experts who presented today at Scotiabank’s Canadian Real Estate Outlook and Trends Forum 2008.

“Our expectations are that balanced conditions will prevail throughout 2008, which will mark a return to a more ‘normal’ environment than the highly skewed seller’s market that we have experienced over the better part of this decade,” said keynote speaker Phil Soper, president and CEO of Brookfield Real Estate Service at the event in Toronto. “A stumbling American economy will impact us, slowing growth here at home, yet the solid foundation that supports the contemporary Canadian economy should prevent the housing market here from retracting.”

Adrienne Warren, senior economist at Scotiabank, also believes Canadian housing prices will cool down over the next while.

“We expect construction, sales and price gains to moderate in 2008 due to decreasing affordability, especially for first-time buyers, and some softening in domestic economic conditions associated with the intensifying U.S. slowdown,” Warren said. “Housing starts will likely ease to around 204,000 units, still firmly above underlying household formation, with the more affordable multiple-family segment holding up better than single-detached construction.”

In her report, Warren said housing starts totaled 228,343 units in 2007 — essentially matching the high level of activity of the prior two years. Growth in Western Canada is driving a good deal of this. For example, there was more than a 60% surge in new homebuilding in Saskatchewan, underpinned by strong job growth, good affordability and a positive shift in net inter-provincial migration. Average home prices in that province climbed 11%.

Warren concluded her presentation by noting that Canada’s current housing boom is the strongest and longest of the post-war era. Between 1998 and 2007, average inflation-adjusted home prices have soared some 65%.

“Canada’s record price gain owes entirely to the longevity of the expansion,” Warren said. “The current housing upswing is going on 10 years, whereas the prior three cycles ranged from five to six years. It has also outlasted the housing booms experienced in many other advanced economies this decade.”

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Standard Life appoints VP of external affairs

(February 26, 2008) Vincenzo Ciampi has been appointed vice-president of external communications and public affairs for Standard Life.

Reporting directly to Standard Life CEO Joseph Iannicelli, Ciampi will oversee the strategic communication and branding direction of Standard Life in Canada, as well as its corporate responsibility and community investment programs.

In addition, Ciampi will be responsible for establishing and maintaining corporate communications targeted to external audiences to ensure the understanding of the company’s objectives and positions, including corporate branding, advertising, Internet communications, multimedia, graphic design, as well as public and media relations activities.

Ciampi joined Standard Life in 2005 as vice-president of strategy and corporate development. Prior to joining Standard Life, he spent his career in corporate strategy development and various management responsibilities with large insurance, banking and information technology firms.

(02/26/08)