25th Annual Pensions & Benefits Consultants Report -
[Cached Version]
Published on: 6/6/2002
Last Visited: 6/6/2002
This explains the growth of flex benefits plans, hybrid pension plans and defined contribution plans, says Ron Lloyd, managing partner, Hewitt Associates LLC in Toronto."Employers are blurring the line between retirement [plans], benefits and pay.They are saying, here's the money, it's your choice, put it into a health spending account or a registered retirement savings plan."
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-- Ron Lloyd, managing partner, Hewitt Associates LLC, Toronto
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Another one of the challenges of total compensation is that employers need "extremely strong administration and communications" to support their programs, particularly if they involve flex, DC and hybrid pension plans, says Lloyd of Hewitt Associates.This is another job for the consultants.
Consultants aren't immune to the reality of the tight labour market.Ironically they are facing attraction and retention challenges of their own, at a time when they are competing for employees with diverse skills to meet other organization's total compensation needs.This challenge was expressed by several of the top 10 firms this year.
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