Analysis – Page 10
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AnalysisHow to get buy-in from the finance director for flexible benefits
If you read nothing else read this…Benefits teams must first understand what motivates finance directors.Soft measures such as how flexible benefits can aid staff retention and recruitment costs could also help win buy-in.But clear return on investment must be included in any business case, for example savings made from salary ...
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AnalysisHow to review a pensions governance policy
If you read nothing else, read this…A pensions governance policy is key to ensuring employers comply with their workplace pension duties.A governance policy can cover scheme administration, contribution payments, communications and legal issues.Employers should review a governance policy to make sure a scheme provides the best outcomes for members.In January, ...
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AnalysisTop tips on how to choose an online benefits portal
If you read nothing else read this… Prior to selecting an online benefits portal, employers should look at the market options.They should also work to negotiate competitive deals with existing providers.Make a plan the portal should achieve before conducting a tender.Key aspects for employers to think about are accessibility and ...
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AnalysisWill the market be ready for the 2015 pension reforms?
If you read nothing else, read this…Pension providers are mulling the creation of new products to help staff access their pension savings.Eligible employees might have to wait up to two weeks to access their pension savings from April 2015.Employers, trustees and providers are now waiting for the reforms to receive ...
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AnalysisWhat will be hot in flex in 2015?
If you read nothing else, read this…Technology will be a key driver of flex developments in 2015, particularly around integration technology that combines access to flex with personal finance and external links, such as price comparison sites.Health and wellbeing will feature prominently in flex offerings, with more options for health ...
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AnalysisPensions salary sacrifice: what employers need to know
If you read nothing else, read this…Pensions salary sacrifice involves employees sacrificing a proportion of their salary to contribute into their pension scheme.Salary sacrifice can reduce income tax and national insurance contributions for both employers and employees.The term ’salary sacrifice’ is increasingly being replaced with ’salary exchange’. What is pensions ...
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AnalysisPros and cons of moving away from annual flex enrolment windows
If you read nothing else, read this…More than one flexible benefits window could drive engagement and take-up.It can help to keep a flex scheme and its communications fresh.Employers must be aware that some benefits cannot be open more than once a year.Moving away from an annual window could complicate administration.Employers ...
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AnalysisWhy new flexible retirement options should lead to a revamp of HR and benefits strategies
If you read nothing else, read this…72% of pension professionals are not prepared to deal with the consequences of the pension flexibilities. (Aon Hewitt)Financial education could become a prominent feature of benefits packages to help employees plan for retirement.Employers will have to adapt working arrangements to cater for flexible retirement.Default ...
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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 ...
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AnalysisWhat is the real take-up of flexible benefits?
If you read nothing else, read this…Take-up of benefits offered via flexible benefits schemes can vary between industry sectors.Take-up could be limited by the perceived relevance of a benefit to an employee.Providing core levels of cover for some benefits and enabling staff to flex up or down to a certain ...
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AnalysisHow to segment flexible benefits communications
If you read nothing else, read this…Segmentation of communications is an approach largely used by retailer employers.41% of respondents to the Employee Benefits/Towers Watson Flexible benefits research 2014 send targeted messages to staff.Segmentation can be done by age, job role, salary or demographic.A main driver of workforce segmentation for ...
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Analysis
Gamification in pensions communication
If you read nothing else, read this…Gamification is a trend to employ game mechanics in non-game environments.Employees could receive a reward for completing a games process.Gamified design of pension communications must not be tedious.By 2015, 50% of organisations will gamify innovation processes (Gartner).According to technology research firm Gartner’s Future of ...
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AnalysisThe problems payroll is causing for pensions auto-enrolment
If you read nothing else, read this…Processing pay and pension contributions has been an issue.Auto-enrolment consultants have seen organisations’ payroll providers over-sell their solutions.Payroll providers have struggled to send out legal communications.A second wave of purchasing is taking place, with employers switching providers.The payroll function’s role is vital for the ...
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AnalysisCommunication strategies to engage staff with pensions auto-enrolment
If you read nothing else, read this…When communicating auto-enrolment, employers must remember their audience, make it relevant and start early, using various communication methods.Communications must be tailored to individual employees. Technology is a key factor in engaging staff with auto-enrolment. Before communicating the details of how auto-enrolment will work and ...
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Analysis
Five key criteria to ask a flexible benefits provider
If you read nothing else, read this…Employers should ascertain whether a provider works alone or is supported by a third party to deliver the scheme.The provision of eight to 10 employee benefits is advisable in the first year of a scheme.Workplace benefits days can help employees to understand the perks ...
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AnalysisTop tips for communicating flexible benefits
IF YOU READ NOTHING ELSE, READ THIS…Targeted communication is vital to the success of a flexible benefits scheme.Employers can optimise employee engagement by using a range of media to communicate the flex scheme to their workforce.Flex scheme communications should be kept updated to keep staff reminded of the scheme’s existence.Employers ...
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AnalysisHow to manage legacy employee benefits strategies
IF YOU READ NOTHING ELSE, READ THIS…New recruits must resist the temptation to start their new role with an overhaul of their predecessor’s strategies.Some organisations may simply require an HR professional to maintain current standards.Speaking the same, finance-based language as their new executive board is a key skill for all ...
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AnalysisBright future for workplace savings platforms
IF YOU READ NOTHING ELSE, READ THIS…Workplace savings platforms can offer a range of savings products.The platform market is young and providers are at various stages of product development.Employee take-up of fi nancial products via savings platforms remains low.Ask most workplace savings providers and employee benefits consultants about the future ...
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Analysis
How forward-thinking HR departments are rethinking employee benefits
If you read nothing else, read thisHR professionals need to become educators rather than administrators, to help support employees in the correct use of benefits.Administrative HR functions should be outsourced to enable HR professionals to concentrate on strategy.Cost reviews will be ongoing, more proactive and more about value-added services than ...
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Analysis
Preparing for the real-time information programme
If you read nothing else, read this… Employers will be required to send HMRC information about employees’ pay and deductions before, or when, they run their payroll process, rather than at the end of the tax year. Year-end submission of P14s for all staff, a P35 summary and employer declaration, ...