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12 | 21 Strategic Plan - Our environment: drivers
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The context for change

Our environment | The enterprise-focused leader

Drivers and implications

Definitions

A DRIVER is a significant environmental force that will affect the Pension Corporation

An IMPLICATION is the impact each driver will have on the Pension Corporation

Beginning in 2010, the Pension Corporation began a formal review of its environment in preparation for the development of our new strategy. This started with a deep look into the political, economic, social and technological factors currently impacting—and likely to impact—the Pension Corporation. The review identified macro environmental forces, such as global economic conditions; more immediate factors, including changing British Columbia pension plan demographics; and corporation-specific issues, including our level of technological maturity.

The environmental scan included feedback from staff; corporate board interviews; discussions with each of the pension plan boards; and input from other trusted advisors.

The BC Pension Corporation then carefully reviewed this information and consolidated it around five key forces, or drivers, we believe will have the most significant impact on the corporation over the intermediate to long term. The corporate board evaluated and validated the key drivers and provided direction to corporation executive to begin developing a strategic response.

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DRIVERS   IMPLICATIONS
Rising stakeholder value expectations   We will need to develop scalable and flexible solutions
*********   *********
Growing complexity and diversity in plan design and administration   We must be proactive and anticipatory, and out front of key issues (e.g. legislative, regulatory, etc.)
*********   *********
Evolving demographics and expectations for services among clients   We will need to offer services that keep pace with client needs and expectations
*********   *********
Increasing importance of information management as a core competency   We will need to monitor the variety, types and sources of data, and warehouse information in an efficient and accessible manner that meets expectations of data privacy and security
*********   *********
Shifting workforce characteristics   We will need to build team capacity, retain and transfer knowledge and enable staff with tools
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