Canadian HR Reporter

CanaDian hr reporTer July 14, 2014 12 FEAtuREs ReCRuITMenT Forest products industry gets out of the woods Online contest to find summer interns uses social tools to share employer brand By Monica Bailey w hile the forest prod- ucts industry in Can- ada is rooted in tradi- tional pulp, paper and lumber, it's now about much more than the printed product — every- thing from cosmetics to clothing to car parts can be made from renewable wood fibre. e industry is also future-orient- ed in another way: It's using social media in an intriguing manner to entice young people to consider a career in the newly transformed forest sector. Vision2020 is an ambitious plan to propel the industry forward by improving its environmental per- formance by 35 per cent, gener- ating an additional $20 billion in economic activity from new in- novations and growing markets, and hiring 60,000 workers, with a focus on women, Aboriginal Peoples and new Canadians. Particular areas of focus include skilled trades, sciences, corpo- rate positions and woodland operations. To attract those new workers, the industry realized it had to revitalize its brand as a modern, green industry based on a renew- able resource and one that needs brains as well as brawn. The result was thegreenest- workforce.ca. is website show- cases the direction of the sector as a high-tech, innovative, envi- ronmentally progressive industry listing career opportunities right across the country — from skilled trades, sciences, corporate posi- tions, woodland operations and more. e Forest Products Associa- tion of Canada (FPAC) also decid- ed to take the recruiting campaign digital and launched an unusual social media contest, called e Green Dream Contest, to grab the attention of young people and cre- ate a buzz about the forest sector. "We know that we have to com- pete with other sectors for skilled workers and we see this online social media contest as a fun way to attract a next-generation work- force," says David Lindsay, presi- dent and CEO of FPAC. "Our goal is to encourage col- lege and university students seek- ing interesting work experience to look to the forest products industry, a sector they may never have considered as a potential employer." Contest leverages social platforms e first contest in 2013 ran on Facebook, YouTube and Twitter and was aimed at university and college students across the coun- try. Interested candidates were re- quired to get creative — they had to apply via Facebook and submit a two-minute YouTube video to describe what would make them BeneFITS The ages and stages of retirement communications Targeted efforts have greater impact By Esther Huberman w hen it comes to issues related to workers' re- tirement, there is no shortage of topics to discuss. Proposed reforms to legislated or universal retirement programs, survey results on whether Cana- dians think they have enough to retire on and arguments stating younger workers are better pre- pared for their future in compari- son to their parents are all on the menu. As society and economies evolve, retirement planning must adapt. And whenever workers need to adapt, understand and take action, they must be en- gaged with effective communica- tions so they can make informed decisions. It's about looking at a worker's various stages as he travels the road — from entry level to near retiree — to proactively plan on- going retirement communica- tions around capital accumulation plans. Start at the end A worker approaching retirement needs to decide what to do with accumulated contributions. Un- fortunately, some employees say they are ill-prepared to make cer- tain financial decisions before re- tirement, as seen in a 2012 survey conducted on behalf of Standard Life: •Employees are somewhat con- fused about what to do with as- sets at retirement. • ey need, and want to receive, support from their employer or plan provider. •They want information about retirement options — well in ad- vance of retirement. • ere are those who believe a re- tirement plan is important... but don't have one. To help near retirees understand upcoming choices, sponsors need to help members compre- hend: •how to transition savings into a monthly retirement income, such as transferring funds into a registered retirement income fund, life income fund or annu- ity •whether changes in asset alloca- tion are appropriate •new rules around collecting re- tirement income from the Can- ada Pension Plan, Ontario Old Age Security and other sources before or after the traditional re- tirement age of 65 •taxation repercussions •whether or not they will require supplemental income through part-time work. Employers should track which employees are approaching re- tirement and begin communicat- ing options and directions years in advance. While five years in advance might seem like plenty of time, and it is for certain deci- sions, it is not early enough for ideal financial planning, which could be decades in advance. Not-so-near retirees Planning a realistic retirement is a career-long endeavour and employers need to communicate throughout. With two or three generations of workers in to- day's workplace, different career ages and stages require different communications. Younger employees: When plan membership is voluntary, employees need to understand two key elements: •e importance of establishing a retirement goal. Granted, this is a moving target throughout a career, but the retirement in- come formula remains the same — the sum of contributions plus time plus investment earnings and plan members need to work that formula. Communications needs to focus on that first step of establishing a goal — even one that's subject to future re- vision. •e value of enrolment. Projec- tions about future accrued sav- ings (assuming a conservative, long-term rate of return) and the resulting potential income stream help employees visualize the final savings objectives. Historically, the presumption is younger employees have diffi- culty envisioning the realities of a future that is decades away. How- ever, that assumption is changing. Younger employees are investing 10 years earlier (age 20) than their parents did (age 30), according to the TD Investor Insights Index of 2013 (which surveyed more than 1,000 Canadians including 150 people aged 23 to 33). Consequently, they are likely thirsty for more information on investment returns and op- tions. Providing them with clear, plain language retirement com- munications will be valued and appreciated. Mid-career employees: Mem- bers already enrolled in a com- pany plan need ongoing commu- nications to steer them toward actively reviewing assets and ensuring their investment strat- egy reflects their investment per- sonality as well as time horizon to retirement. They should be encouraged to periodically retake an investment personality test, es- pecially when life circumstances change. Something to talk about Here are some typical topics for ongoing and refreshment communications: •understanding investment man- agement fees •statements and how to read them •directions to a provider's online tools and resources •the different features of savings vehicles, such as pension plans, registered retirement savings plans and tax-free savings ac- counts •understanding how to create a custom portfolio or select a pre- determined portfolio, including the reasoning behind and value of pre-determined portfolio se- lection based on investor risk tolerance, investment time hori- zon — or a combination of both •examples of possible income projections and to help answer "Will I have enough to retire?" •timelines — when a person can begin collecting retirement in- come •implications of early withdrawals and transfers. Let the CAP guidelines be your guide The Canadian Association of Pension Supervisory Authori- ties (CAPSA) obviously endorses quality retirement communica- tions, as the Guidelines for Capi- tal Accumulation Plans (CAP Guidelines) include: providing statements, communicating op- tions upon termination of a CAP and enabling access to additional information on investment funds, transactions, contributions or performance reports. In addition, members need to: •determine how much to contrib- ute •review materials •make informed investment deci- sions •ensure the contact information is current •understand all fees, expenses and penalties borne by the member •consider obtaining investment advice from a qualified individ- ual. CAPSA's newly released guide- line, in March 2014, specifically addresses defined contribution pension plans and their relevant communications. For a mem- ber to properly execute her role, the plan sponsor needs effec- tive retirement communications throughout the worker's career — whether at the entry level, midway or near retirement. Esther Huberman is a communica- tions consultant at Pal Benefits in Toronto. She can be reached at (416) 969-9894 ext. 311 or ehuberman@ palbenefits.com. employers should track which employees are approaching retirement and begin communicating options and directions years in advance. "We know we have to compete with other sectors for skilled workers and we see this social media contest as a fun way to attract a next-generation workforce." 4-mONtH > pg. 13

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