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(October 7, 2008) While many Canadian employers face retirement levels of 20% or more over the next five years, most admit that they are not fully prepared to deal with this important issue, according to a survey.

The Human Resources Professionals Association (HRPA)/Life’s Next Steps survey finds that 26% of employers expect up to 20% of their workforce to retire in the next five years; 15% say up to 30% of their staff will hit retirement age in the next five years; and 8% of companies expect as much of 40% of their workforce to retire within five years.

However, not all employers are prepared for this upcoming talent shortage. Fourteen percent of organizations say they are “fully prepared,” 23% are “poorly prepared” and 60% are only “somewhat prepared.”

“We are surprised to see that not many HR professionals have given boomer retirement the attention it may deserve,” says Claude Balthazard, the HRPA’s director of HR excellence. “In order to maintain their economic health, organizations must develop replacement strategies to address this growing issue.”

The survey also reveals what activities organizations are and aren’t undertaking to make themselves older-employee friendly. It is expected that companies already introducing programs such as phased-in retirement and retirement lifestyle coaching will have the advantage as the talent shortage intensifies.

“HR has an opportunity right now to take the lead in creating programs that help boomers plan for a different kind of retirement and that encourage good employees to stay involved in the workforce in ways that are practical and flexible,” says Suzanne Armstrong, president of Life’s Next Steps, a Toronto-based company that delivers educational workshops to companies and older employees. “But employers need to act now to create initiatives and incentives aimed at keeping some of these excellent employees on the job in some way.”

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Sun Life buys stake in wellness company

(October 7, 2008) Sun Life Financial has made an investment in Buffett & Company Worksite Wellness for an undisclosed sum.

Buffett & Company will continue to operate as a stand-alone company, headed by Ed Buffett, with Sun Life holding a minority interest.

Sun Life says the investment will allow its HealthyRETURNS program to provide plan sponsors with more programs, particularly in the area of health promotion.

“This investment underscores our commitment to help plan sponsors create healthier, more productive workplaces and enable them to better control benefit costs,” says Sun Life’s president, Dean Connor.

Whitby, Ont.-based Buffett & Company provides a wide variety of programs to help employees and organizations identify and assess health risks and subsequently adopt and sustain healthy lifestyle changes.

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BLG hires wealth management expert

(October 7, 2008) One of Canada’s leading securities law firms, Borden Ladner Gervais, has named Barry Myers as senior advisor to its securities and capital markets practice.

With three decades of experience at PricewaterhouseCoopers’ Financial Services Industry Group, Myers, a chartered accountant, is regarded as an expert in the wealth/investment management field.

“Barry brings an unrivalled reputation to the firm and adds a deep layer of expertise and versatility to the investment management arm of our securities and capital markets practice,” said Sean Weir, national managing partner of BLG. “With his expertise in IPOs and mergers and acquisitions in the investment industry, along with the U.S. Securities and Exchange Commission’s mutual-fund accounting and regulatory requirements, he further strengthens BLG as one of the country’s pre-eminent investment and wealth management firms.”

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IIROC watching short sellers

(October 7, 2008) The Investment Industry Regulatory Organization of Canada has announced that it is increasing its monitoring of equity trading, with a focus on all short selling.

The Ontario Securities Commission issued a temporary ban on short selling for inter-listed financial stocks, closing the back door on short sellers wishing to place a bet against stocks that the U.S. Securities and Exchange Commission had already banned from short sales.

Prior to the OSC’s September 19 ban, IIROC had not detected “any significant issues” that might indicate market manipulation of the restricted financial stocks. Since the restrictions were put in place, IIROC has seen increased volatility in the financial stocks that were not on the restricted list.

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Leblanc replaces Cardone at Standard Life

(October 7, 2008) Claude Leblanc will join Standard Life Assurance Company of Canada on October 15 as senior vice-president of the group savings and retirement business, replacing Anthony Cardone.

Leblanc will be working actively with the division’s sales, member services and marketing teams to ensure that the company continues to achieve profitable and sustainable growth.

He has more than 30 years’ experience in financial services and insurance. Leblanc has also sat on the board of directors of the Quebec chapter of the Canadian Pension & Benefits Institute (CPBI) for a number of years, and was its national conference chair in 2006.

He replaces Cardone, who has been appointed senior vice-president, corporate strategy, communications and public affairs. Cardone will head corporate strategy for the Canadian operations, leading the development and implementation of Standard Life of Canada’s strategic business plan.

“Over the last four years, Anthony has successfully led the turnaround of our group savings and retirement division, driving increased value for our customers and strengthening our position in this very competitive market,” says Joseph Iannicelli, the company’s president and CEO. “He has established an excellent foundation, which Claude and his team will continue to build upon in the coming years.”

(10/07/08)