ECO-CHAMPION EMPLOYEES
A new British Columbia Automobile Association (BCAA) survey of the province’s 18 to 34 year olds has revealed that most Gen Z and young Millennials want to work for socially and environmentally responsible companies.
The survey also showed that in some cases, Gen Z and young Millennials will even take a pay cut in order to work for companies that meet desired qualifications. Specifically, the survey—which was conducted by the BCAA among members of the Angus Reid Forum—showed that 87 percent of respondents prefer to work for socially and environmentally responsible companies; while 61 percent said they would only work for responsible companies.
Additionally, 65 percent of respondents in British Columbia said they’d work harder for companies that are socially and environmentally responsible, and almost half, or 49 percent, said they would put the value of the company over dollars earned if the company met qualifications.
Shawn Pettipas, BCAA’s Director of Corporate Purpose, said that BCAA is always hiring and that Gen Zs are often “the most purpose-minded candidates.” “We’re noticing that many younger British Columbians are redefining what’s important about work. They look beyond a job description and have high expectations about the values and actions of their potential employer.”
SERVICE SCRAMBLE
The British Columbia Financial Services Authority (BCFSA) has issued a Regulatory Statement to respecify what is considered a service contract versus insurance contract in the province.
The Regulatory Statement is specifically titled as “Product Warranty, Vehicle Warranty, and Automobile Insurance,” and according to the new policy, under the statement, contracts that were previously viewed as falling under the service category—such as dent repair and windshield repair or replacement—will now be considered to be automotive insurance. Thus, these services cannot be sold or underwritten without insurance licensing. Alongside this, those selling service contracts within dealerships will now also be required to have insurance agent licensing.
According to data from MacMillan, this change “is in stark contrast to contracts that respond to mechanical failure, such as vehicle warranty insurance, for which there is an insurance licensing exemption for manufacturers, retailers—including motor vehicle dealerships—and their employees. The rationale behind this exemption is that OEMs have direct control over product design and specifications and should be allowed to ‘stand behind’ their products.”
Any questions regarding this Regulatory Statement can be answered by contacting the BCFSA Market Conduct department at insurance@bcfsa.ca
