CAR 2019-20 | Opportunities - Corporate
CAR 2019-2020 CSS
CAR 2019-2020 MEGAMENU
CAR 2019-2020 opportunities
Accepted new opportunities
We launched new initiatives and adjusted our processes to more effectively deliver on our expanded digital service priorities. We are finding technological solutions to streamline work and reduce manual effort by our staff. Our operations are becoming more efficient.
We've made learning easier
In December, we replaced our client registration and event management software to drive greater efficiency for plan members and staff. This was a first step to modernize our pension education. The new software allows us to fully automate the entire process from member registration (the front end) to staff event management (the back end) using only one tool.
We made pension payments easier
In an electronic world, paper cheques have become a thing of the past. Members who live outside of Canada and the United States were required to receive their pension by cheque only. In summer 2019, that changed. These members can now receive their pension payments through Western Union. It's quicker, easier and more environmentally friendly.
Supported operational excellence
We flexed new operational excellence muscles this past year. New teams were formed and specific operational excellence goals were established to improve efficiency and effectiveness in our core business activities—specifically in pension processing. This is the just the beginning. Operational excellence will find Its way to all parts of the organization; it will be embedded in our culture and become a part of how we do business every day.
Operational excellence is anything we do to drive effectiveness and efficiency, and improve the way we do work. It starts with measurement and understanding: what you're trying to improve, how you want to improve it and what you want to measure to determine if you are improving it.
Focused on mental health
Mental health includes our emotional, psychological and social well-being; it is a growing health concern. Pension Corporation provides online resources accessible on our intranet, certified mental health first-aid attendants on staff and flexible work arrangements to help promote a healthy work–life balance. Mental health in the workplace and how we engage with one another is an important part of our work experience.
We focused on employee mental health
We want to do all we can to create a safe, healthy, supportive and productive workplace. Every year, we run an employee survey. This year, our confidential employee survey included a mental health component. The goal was to gain an understanding of the organization's cumulative well-being and resilience. Staff feedback helps us create a workplace where everyone can thrive.
We trained our leadership on workplace mental health
At the heart of productivity is a healthy workplace, one where people are empowered to share their perspective while maintaining positive relationships with their peers. Ensuring the health and wellness of our staff continues to be a focus. Seventy-two leaders in Pension Corporation participated in the Workplace Mental Health Leadership Certificate Program from Queen's University. Topics included the stigma surrounding mental health and how it can hold people back from accessing support services, and how to support staff through early performance coaching, recovery, absence and return to work.
Connected in different ways
The way we connected with each together and our community changed throughout the year. When COVID-19 physically separated us, we found new virtual ways to interact and continue to support our local community. Our shared vision, values and sense of accountability helps us create high-quality connections in a powerful positive community—even online.
We came together as a team
In the fall, we came together for a day of learning and inspiration, and to celebrate our strong ties. We learned about how we are connected to our work and each other, what modern service is, how to inspire teamwork and what makes Pension Corporation a special organization.
We engaged in a virtual world
As we adjusted our connections during COVID-19 to support physical distancing, we found new ways to interact. Virtual town halls gave staff a casual opportunity to engage with members of the senior leadership team; more than 470 staff regularly participated. Campus Connect offered real, unscripted video updates from senior leadership to help staff stay up to date.
We supported our community
This year, Pension Corporation was a finalist in two of three Provincial Employees Community Service Fund award categories. We improved our participation and donation rates considerably over the previous year.
- Highest participation—60 per cent of staff participated in the fundraiser
- Most improved—staff raised a total of $66,828
Staff also participated in the annual Public Service Blood Donor Challenge, Mustard Seed Food Bank's Fair Start for Kids Program, and BC Children's Hospital Jean Up campaign, which went virtual.
2019 PECSF Committee
Pension Corporation takes its responsibility seriously to provide its services in a fiscally responsible way. We do not receive direct funding from the Province of British Columbia or any other level of government. We operate on a cost-recovery basis, as we receive funds from each pension plan for services provided. Every dollar we receive from the plans goes to support services for plan members, employers and boards of trustees, and sustain those services. For every pension dollar we collect on behalf of the plans, less than three cents is used to fund Pension Corporation services. In 2019/20, we continued to be the lowest-cost provider relative to our peers.
For the year ended March 31, 2020, we were essentially right on budget (variance of 0.4 per cent or $374,000).
Below is a summary of the supplemental statement. The supplemental statement is a management report that represents the corporation's performance against its approved budget and reflects 2019/20 charges to the plans for operations, strategic projects and secretariat requirements.
Total service delivery charges to the pension plans
For the year ended March 31, 2020 1