All Analysis articles – Page 56
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AnalysisKey issues to consider around financial education
Our rapidly changing financial world creates the need for better financial education and support.With the implementation of auto-enrolment upon us, is the responsibility for providing a pension shifting from the government to the individual and the private sector?From next April, savers will be able to use their pension fund as ...
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AnalysisTop ailments claimed through group risk benefits
Looking at data shared by the UK’s leading group risk insurers, it is clear that cancer and heart disease top the list for group life assurance claims. For critical illness insurance claims, cancer and heart issues also lead the way, with heart attacks ranking second and strokes coming third. Meanwhile, ...
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Analysis
Implications of the October 2015 childcare voucher changes
If you read nothing else, read this…Tax-free childcare will be introduced in October 2015.Working parents who are not in receipt of childcare vouchers at that date will go into the new scheme.The change will have significant tax and cost implications for both employers and working parents if neither prepares for ...
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AnalysisHow workplace stress management has developed
If you read nothing else, read this…The pressures caused by the recession, coupled with some high-profile stress cases, has made stress a more acceptable topic to talk about.Support for stressed employees has increased, with employers and insurers offering employee assistance programmes and other tools.Employers should take a robust approach to ...
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AnalysisHow to ensure benefits data remains secure
If you read nothing else, read this…Employers should ensure data security measures are clearly set out in service-level agreements with benefits providers.Internal people risks to data security should not be overlooked.Under EU data protection laws coming into effect in 2016, the maximum fine for non-compliance has been set at €100 ...
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AnalysisIdeas for alternative work Christmas parties
If you read nothing else, read this…Work Christmas parties may not suit organisations on a budget, with large numbers of shift workers or for which Christmas is their busiest time of the year.Holding events out of season or on Sunday nights can be more cost-effective.Fitness-based events can tie in to ...
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AnalysisTime-saving tips for benefits managers
If you read nothing else, read this…Time is increasingly a factor for in-house benefits teams when implementing or reviewing products and services.Putting more of the burden on to consultancies, brokers or suppliers is an option, and many will offer services they don’t always shout about.New tools are emerging that ...
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AnalysisKim Stephenson: Why offer Christmas incentives?
The Christmas bonus, be it a cash or non-cash incentive, once a year in addition to usual compensation, is not linked to improved performance or a profit share. Nor is it designed to focus employees on objectives or behaviours. It therefore does not establish a link between pay and performance ...
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AnalysisHow to minimise the costs of implementing flex
If you read nothing else, read this…Employers should ensure their technology providers have project management capabilities.Core benefits should not necessarily be disregarded.Flex pots should be communicated in pounds and pence rather than as a percentage of salary, which may vary.But there are a number of ways in which organisations new ...
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AnalysisHow to keep flexible benefits fresh and relevant for staff
If you read nothing else, read this…A good flex scheme is a core of foundation benefits which may include a pension, healthcare and childcare perks.Benefits such as bring-your-own-device-to-work schemes can help to engage staff in a flex scheme. Employers should analyse flexible benefits take-up data to identify participation profiles and ...
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Analysis
Pg 77 - How to measure the effectiveness of a motivation strategy
If you read nothing else, read this…Setting objectives for a motivation strategy will help to check that it provides a return on investment.Employee surveys and forums enable staff to provide direct feedback on strategies and benefits.Business data, such as staff turnover and absence levels, can provide information on motivation and ...
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AnalysisHow to select the right Christmas rewards for staff
If you read nothing else, read this …First determine what kind of Christmas reward to give staff, such as an annual bonus, sales incentive, festive thank-you or seasonal gift.Gift cards and vouchers are popular, while employers can also help staff with their work-life balance by providing more time off during ...
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AnalysisBenefits must appeal to all generations of the workforce
Each generation has its own concerns and priorities and being able to select and tailor their benefits to meet these needs has significant value. Ensuring that every pound is appreciated rather than being spent on benefits that may have little or no value to a particular employee, helps the individual ...
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AnalysisShould employers incentivise employees to keep healthy?
If you read nothing else, read this…Employers could incentivise to encourage staff to lead healthier lifestyles.29% of employee respondents would be comfortable if their employer incentivised for living more healthily (Towers Watson).Incentivising employees is a common theme among US-based employers.Employers could incentivise to encourage behaviours in employees such as quitting ...
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AnalysisHow employers can use data to design a healthcare strategy
If you read nothing else, read this…Data can enable employers to structure a health and wellbeing strategy tailored to the specific needs of their workforce.Claims data from healthcare benefits providers and an organisation’s absence data are key information.Comprehensive, robust data covering the entire workforce can be hard to obtain.A good ...
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AnalysisWhat are the current trends in fleet funding?
If you read nothing else, read this…There are six types of funding options available to employers to fund company cars.Contract hire is the most popular of these and is often used for salary sacrifice arrangements.Employers are opting for a combination of funding methods to offer more choice to employees.Organisations are ...
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AnalysisHow to make pensions a building block in an employee's savings strategy
If you read nothing else, read this…A number of employees say they will increase pension contributions after the 2014 Budget reforms (Towers Watson).Employers could use pay rises and employees’ birthdays to drop hints about pension savings.Other savings tools, such as an Isa or a Sipp, can help boost pension contributions.Financial ...
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AnalysisWhat employers should consider around flexible-working requests
A 2011 Journal of Child and Family Studies report by Sanders MR, Haslam DM, Calam R, Southwell C and Stallman H, ’Designing effective interventions for working parents: a web-based survey of parents in the UK workforce’ (Journal of Children’s Services, 6, 3, 186-200), found that 85% of parents in employment ...
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AnalysisWhat is paid for in contract-based pensions administration?
If you read nothing else, read this…In a contract-based pension scheme, administration will be performed by the plan provider.Pension administration includes collecting and allocating contributions, handling compliance and providing annual statements.Typically, an annual management charge (AMC) covers the costs of administration.The costs relating to pensions administration, and their disclosure, have ...