New retirement plan for Canadians
The federal government recently announced the framework for a pooled pension plan for Canadian workers without a company pension.
According to the government, nearly two-thirds of Canadians don't have pension plans through their employers.
The Pooled Registered Pension Plan (PRPP) will be geared towards self employed individuals and workers at small to mid-sized companies.
The PRPP was endorsed by both federal and provincial finance ministers last year. Included in the legislation is a measure that would permit employers to automatically enroll new employees into the program. However, employees have the option to opt out of the pooled pension plan.
In all cases, PRPP contributions would be subject to existing retirement pension plans and registered retirement savings plan. Click here for more details.
If you look around your office, what do you see?
For the most part there's a generational mix. Some individuals graduated from their tertiary studies while some are baby boomers and others are on their way out the door.
No matter the blend, there will always be problems leading and motivating a multi-generational workforce.
Some of the problems:
• New hires who resist corporate polices and protocols
• Younger staff who think their managers are inflexible
• Mid-level staff who prefer status quo to climbing ladder
• Senior staff frustrated by lack of work ethic from younger generation
Although problems exist, so do solutions. One critical element leaders need to understand is what impacted each generation. Once understood, they can establish an effective workflow that engages employees and foster teamwork.
Incorporating a wide spectrum of strategies that promote collaborative relationships will create a positive working environment.
Understanding and capitalizing on generational strengths requires commitment, and subsequently your workforce will be more innovative, adaptable and your business will become more profitable. Click here to read full article.