Putting the pieces together

The Canadian retirement landscape is evolving rapidly, creating both challenges and opportunities for businesses striving to ensure their employees’ financial well-being and future security. With constant changes in the pension industry and broader economy, businesses must adopt a proactive approach to retirement savings, and support their employees in getting there.

According to TELUS Health’s financial well-being special report of October 2023, three-quarters of workers surveyed (74 percent) believe it is important for their employer to offer a retirement savings option, with 30 percent saying financial planning is most important in a benefits plan. That reality is not expected to shift, and failing to cater to this need could lead to disengagement and decreased workforce morale.

Helping your employees secure their futures

Crucial to this approach is partnering with the right retirement consultant to successfully navigate the complex pension and benefits landscape. Without expert guidance, businesses risk losing talent as employees choose employers offering robust retirement benefits. Monitoring economic trends, workforce changes, and regulatory shifts with the support of a strategic consulting partner can help businesses design and govern tailored retirement plans that meet the diverse needs of their companies, particularly in the case of multigenerational workforces. Here are five essential factors to consider when evaluating the best retirement consultant for your business:

Tailoring to unique needs

Every retirement plan is different, and every organization has unique priorities. Choose a partner that builds a strategy based on corporate objectives and helps achieve goals tailored to the company’s workforce and business profile. A solution should be customized – both in its governance and operations – and ensure regulatory compliance while identifying cost-saving opportunities and providing tools to enhance employee engagement.

Ensuring expertise and qualifications

Experienced and qualified retirement consultants play a pivotal role in optimizing retirement benefits and savings programs. In Canada, actuarial designations like FCIA (Fellow of the Canadian Institute of Actuaries), certifications like CFA or CPA, and expertise tailored to the country’s unique retirement landscape are essential. An accredited consultant can identify inefficiencies or risks in a company’s program and help combat challenges to achieve better outcomes.

Staying ahead of regulatory changes

Retirement regulations can be complex and ever-changing. The right consultant will stay up to date with federal and provincial regulations to minimize your company’s legal risks and act as an extension of your internal team to help untangle the complexities. A consultant who anticipates your organization’s future needs as business objectives evolve and employees move through various life stages is an important asset who can make certain you are prepared through every step. 

Ensuring effective communication and employee engagement

Many workers are losing confidence that they will be financially secure when they retire. Look for a consultant trained to offer ongoing education about retirement options, delivered through clear communication and supplemented by personalized financial coaching, to help boost employee engagement. 

Maximizing value for your investment

With today’s financial pressures and uncertainty, both employers and employees are looking for ways to bring more value to each dollar. Transparency in fees and service agreements is vital. Your expert consultant should help monitor and manage the organization’s pension plans to help find the most beneficial, cost-effective solutions. Balancing these expenses with the value and benefits ensures a measurable return on investment.

Choose a partner with a comprehensive approach

The best retirement consultants are ready to think big picture proactively and guide human resources and executive leadership on how financial security is inextricably linked to both physical and mental well-being. In fact, the connection among those three pillars has never been more important. 

Overall, total well-being has a tremendous impact on employees’ ability to be fully present at work and drive innovation. A comprehensive approach toward total rewards provides higher-value outcomes per dollar contributed, allowing employees to feel more in control of their finances and making organizations more competitive in both recruitment and retention.

This is not only true for older generations, but also increasingly important to workers ages 18 to 35. With growing competition for talent, companies with integrated total reward strategies are positioning themselves to maintain and grow a better, more engaged workforce.

A 22-year pension expert, Paul Grant leads a talented team of consultants that develops and executes tailored retirement strategies for organizations, helping them support the financial well-being of their employees.