TORONTO, Nov. 28, 2024 (GLOBE NEWSWIRE) -- New research released today by the Healthcare of Ontario Pension Plan (HOOPP) and Angus Reid Group suggests that employee burnout is a major concern among businesses in Canada.
The 2024 Canadian Employer Pension Survey of more than 750 employers found inflation was the issue that was having the most negative impact on their businesses, but employee burnout was a close second. Almost three in four employers agree Canada is facing a productivity crisis and 90 per cent agree that business productivity is dependent on employee productivity.
A total of 85 per cent of businesses that reported worse-than-usual employee productivity over the past year cited burnout as a major problem. Even for businesses that reported more productive employees, 64 per cent still said burnout was having a negative impact.
The survey also found that fewer businesses invested in their employees this year compared to 2023: 22 per cent said they didn’t invest in their workers in any way in the past year, such as increasing compensation, improving healthcare plans or providing new retirement benefits. And yet, the research suggests employers that did invest in their workforce in the past year were seeing better employee productivity. A total of 42 per cent of businesses that introduced or improved retirement benefits reported better-than-normal employee productivity.
"Canadian businesses have seen the effects of inflation, high interest rates and escalating financial pressures impact both employee well-being and productivity,” said Demetre Eliopoulos, Senior Vice President of Research at the Angus Reid Group, “This new data shows that employers who invest in their employees’ financial futures – especially through retirement benefits – are better equipped to mitigate productivity losses tied to burnout and mental health struggles.”
This is the third year HOOPP has conducted this research with the Angus Reid Group. The 2024 survey found that as inflation and interest rates continue to weigh on businesses, nearly three-quarters (72%) agree Canada is experiencing a productivity crisis. There was a considerable drop from last year’s survey in terms of the overall productivity of their employees: only 47 per cent rated productivity as excellent or very good, down from 57 per cent in 2023.
The research also indicates employers who report worse employee productivity are more likely to be concerned about the mental health and financial stress of their employees. With financial stress weighing heavy on the minds of Canadian workers, employers are looking for solutions to boost productivity so both their businesses and employees perform at their best.
A majority of employers (86%) believe it is important for businesses to offer benefits that will reduce the financial stress of employees. Further, most employers (83%) agree retirement benefits are a cost-effective way to reduce employees’ financial stress.
Despite these findings, just 62 per cent of employers plan to invest in their employees in the next year – down from 82 per cent in 2023. Only 11 per cent plan to improve or introduce retirement benefits.
“There’s a persistent divide in how employers think their employees feel about retirement benefits and how Canadian workers actually feel,” said Ivana Zanardo, HOOPP’s Head of Plan Services. “Business leaders need to listen to their employees when they express how important retirement benefits are to them. Providing a secure pension or retirement plan is not just a benefit, but a crucial step business need to take to support the long-term productivity and financial well-being of their workforces.”
These findings are based on a survey conducted online from August 12 to 22, 2024 with 759 Canadian business owners and senior leaders with 20+ employees and who have influence over HR decisions. The margin of error for a comparable probability-based random sample of the same size is +/- 3.5%, 19 times out of 20.
About the Healthcare of Ontario Pension Plan
HOOPP serves Ontario’s hospital and community-based healthcare sector, with more than 670 participating employers. Its membership includes nurses, medical technicians, food services staff, housekeeping staff, and many others who provide valued healthcare services. In total, HOOPP has more than 460,000 active, deferred and retired members.
HOOPP operates as a private independent trust, and its Board of Trustees governs the Plan and Fund, focusing on HOOPP’s mission to deliver on our pension promise. The Board is made up of appointees from the Ontario Hospital Association (OHA) and four unions: the Ontario Nurses’ Association (ONA), the Canadian Union of Public Employees (CUPE), the Ontario Public Service Employees' Union (OPSEU), and the Service Employees International Union (SEIU). This governance model provides representation from both employers and members in support of the long-term interests of the Plan.
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