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May 17, 2021

HALF OF EMPLOYERS EMBRACE RESKILLING

Despite facing unprecedented challenges in sourcing skilled labour, only slightly more than half of employers around the world are embracing leading-edge talent strategies like reskilling, upskilling, and redeployment to future-proof their workforces, says a global survey of hiring managers and executives from LHH. It found that only 56 per cent of all organizations and over a third (36 per cent) of Canadian companies have not considered reskilling or upskilling programs to future proof their talent pipeline through programs, training, and development opportunities. The survey shows there is evidence that organizations are struggling with the key components of a future-looking HR strategy. Less than half (47.2 per cent) of organizations are focusing their attention on the transferrable skills of existing employees to fill future job openings, a critical component for the redeployment of talent. Just less than 40 per cent (38.6 per cent) of HR decision-makers who do not currently participate in reskilling or upskilling programs say that they simply have not considered them (38.6 per cent). In addition, only 33.5 per cent of all respondents are extremely confident in their organization’s ability to effectively launch and manage reskilling and upskilling programs. Jim Mitchell, president of LHH Canada, says, “Although Canadian organizations realize the importance of talent strategy programs, like reskilling, upskilling, or coaching, many of them have yet to unfold its true potential by equally prioritizing soft skills and consistently revisiting policies to build a culture of learning. Sustained focus towards preparing employees for jobs of the future will ultimately help build a resilient and stable workforce.”

May 17, 2021

COMMITMENT TO D&I IMPROVES CHANCES

Asset managers that commit to diversity and inclusion are more likely to be recommended by investment consultants and considered for mandates by institutional investors, says a study from Coalition Greenwich. It finds a positive correlation between asset managers’ perceived commitment to diversity and inclusion (D&I) and their performance in a range of important service and business metrics including the likelihood of being recommended by consultants. In fact, asset managers with the highest scores for D&I were three times as likely as their peers to be included in consultants’ recommended short lists. Asset managers who received the highest ratings for diversity and inclusion from investment consultants also outperformed their peers in assessments of investment, service and overall quality, and other important measures.

May 17, 2021

TRAVEL PLANS RESUME

A Medjet survey shows 87.5 per cent of respondents were already traveling or planning to travel sometime in 2021. Medjet, a provider of air medical transport and crisis response memberships for travelers, also found with many destinations now requiring medical evacuation insurance, 85 per cent of respondents felt they knew “about the same or less” about their medevac coverage coming out of the pandemic and 64 per cent admitted they “felt they should know more.” “Even before the threat of COVID-19, polling showed overwhelmingly that health was a top concern and that if hospitalized overseas, people would prefer to get home for treatment and recovery,” says Mike Hallman, CEO of Medjet, “yet most coverages don’t do that.” The study revealed that 65 per cent of travelers mistakenly thought that their travel coverage ‒ through work, health, travel, or credit card insurance policies ‒ would get them moved to a hospital at home. However, most only evacuate to the nearest acceptable hospital. From a business standpoint, having the right coverage can be beneficial for both safety and financial purposes. Getting a patient home when hospitalized while traveling may cost $30,000 to $180,000 out-of-pocket bill.

May 17, 2021

OMERS CLOSES SALE OF SHARE

OMERS Infrastructure has closed the sale of its shares in Caruna, Finland’s largest electricity distribution company, to KKR and the Ontario Teachers’ Pension Plan Board (Ontario Teachers’). Since investing in Caruna in 2014, OMERS Infrastructure has successfully established the necessary systems and processes to facilitate a corporate carve-out and become a standalone business fully separate from former parent Fortum. This included rebranding, establishment of a customer, IT and finance function, and implementation of a new investment grade capital structure.

May 17, 2021

DRUG BENEFIT SUSTAINABILITY EXAMINED

‘Bridging the Gap ‒ Increasing private sector drug benefit plan sustainability’ will be the focus of a CPBI National panel discussion May 27. The panel ‒ Jim Keon, president of the Canadian Generic Pharmaceutical Association; Joanne Jung, pharmacy practice leader at Willis Towers Watson; and Mark Rolnick, executive vice-president, pharmacy innovation and patient experience, at Green Shield Canada; will review the potential savings through increasing generic utilization, how plan sponsors can increase utilization of generics, and the impact of implementing changes. Information is at https://www.cpbi-icra.ca/Events/Details/National/2021/05-27-National-Webinar-Bridging-the-Gap