Analysis
-
AnalysisHow to improve employees’ confidence in making pension investment choices
Choosing a pension provider that offers easily accessible and age appropriate investment education can increase employees’ confidence on the topic. Investment fund choices for employees with specific needs or beliefs ensure wider needs are met. Offering financial guidance and advice, as well as signposting to resources, ...
-
AnalysisHow to help staff trace and consolidate small pension pots
Credit: Dilok Klaisataporn/ShutterstockNeed to know:Significant amounts of money are tied up in small pension pots, many of which may have been forgotten.The Pensions Tracing Service can help people reconnect with lost pensions.Employers can help staff with this process and engage with pensions more generally.The UK is sitting on a ticking ...
-
AnalysisDo financial wellbeing strategies support employees where they really need it?
It is important to understand employees’ needs before putting any financial wellbeing strategies in place. Any employee, regardless of their salary, may be in need of financial wellbeing support, so a sensitive approach to gleaning this is desirable. Encouraging conversations about financial needs and experiences can ...
-
AnalysisEmbedding a joined-up savings approach
Credit: tadamichi/ShutterstockNeed to know:Employers are reporting more appetite among employees to save, especially for retirement, but encouraging a joined-up savings habit can still be challenging.Using payroll-based tools is becoming popular, but whatever products employers put in place need to be accompanied by ongoing financial education.Employee benefits professionals are key to ...
-
AnalysisHow effective is strike action in pay and benefits disputes?
Employees often take strike action over issues such as pay, health and safety, pensions, benefits, changes to terms and conditions, and union recognition. The UK has strict laws regarding strike action and it cannot take place if certain requirements have not been met. Employers should consider ...
-
AnalysisHow can employers effectively deliver financial wellbeing support to a dispersed workforce?
Need to know:Financial wellbeing support must be accessible to all employees on demand regardless of their working location.Finding out what is needed can help shape support to a dispersed workforce.Support and communications that are useful to the majority of employees can avoid exclusion.In its State of financial wellbeing index 2024 ...
-
AnalysisHow can employers nudge staff into saving more into their pensions?
Credit: Stephen Barnes/ShutterstockNeed to know:Employers should seek to understand the competing priorities that might stop individuals saving for retirement.Inertia is a powerful tool: enrol people at a higher rate and most will not choose to opt-out.There is no one-size-fits-all when it comes to communications, which should be highly personalised.It is ...
-
AnalysisFiscal drag: how can employers offset the challenges of a difficult economy?
The frozen tax thresholds could see some employees ‘dragged’ into paying more tax and have less disposable income as a result.Employers should ask employees about their financial pressures to understand how to support them.A salary sacrifice arrangement can support employees who are dealing with the impact of fiscal drag.In his ...
-
AnalysisHow to support employees' financial wellbeing on a budget
To support employees with their financial wellbeing, employers should review the benefits they already offer and check whether staff know how they can help.Implementing financial wellbeing services that include education and coaching is cost-effective.Financial wellbeing support can be tailored to match an employer’s budget and employees’ needs.Close Brothers Asset Management’s ...
-
AnalysisBenefits to support an older workforce
Employers could offer support through a midlife MOT, which provides a health and financial career check to help employees plan for retirement.Pre-retirement coaching can help to educate older employees on how to prepare for life away from work.Organisations can improve the recruitment, retention and development of older workers by signing ...
-
AnalysisHow to support employees’ health and wellbeing in the winter months
Regular breaks during working hours can help to avoid burnout and boost employees’ physical wellbeing.Employers can support employees suffering from seasonal affective disorder by rearranging the workplace to maximise natural light or enable them to sit near a window.Organisations can implement discount schemes that save employees money on essentials to ...
-
AnalysisHow can voluntary benefits support employees in uncertain times?
Credit: Emerge / Shutterstock (1079190161)Employers should have an understanding of the issues their employees face in order to produce targeted and appreciated voluntary benefits strategies.To combat the cost-of-living crisis, employees can use spend and save platforms to save money on a day-to-day expenditures and weekly grocery shopping.Employees react better to ...
-
AnalysisHow are rising costs influencing employers' benefits strategies?
Credit: Eviart / Shutterstock.comNeed to know:Despite the tough economic climate, evidence suggests that employers are not slashing their benefits budgets. Instead, they are making the most of what they already have, and thinking outside the box about inexpensive benefits that they could offer.Employers can make benefits feel personal and relevant ...
-
AnalysisWhat do employees value most at Christmas?
Traditional festive gifts such as hampers and vouchers are still valued by employees, as long as choice and personalisation is also offered.More sustainable and socially conscious gifting options have emerged following increased focus on climate change.Due to the cost-of-living crisis, employees may value financial support to help them prepare for ...
-
AnalysisHow to target financial wellbeing support to employees
Employers can offer financial wellbeing support based on which benefits are most frequently used, which will highlight prevalent financial issues among employees.As employers often have wide-ranging demographics that have varying preferences and needs, different communication methods will be required for each group.Tailored benefits that are personalised to employees’ needs offer ...
-
AnalysisBenefits for graduates
Research has shown that graduates value a good work-life balance and development opportunities when entering the workforce.The Covid-19 pandemic and cost-of-living crisis have meant that graduates are also looking for wellbeing and financial benefits.Being aware of available support and inclusive benefits can be attractive even if graduates are unlikely to ...
-
AnalysisWhat impact will the living pension initiative have on employees’ retirement outcomes?
As a voluntary savings target, the living pension initiative sets out the minimum annual contribution needed to afford basic living costs in retirement.Employers should ensure that employees who increase their contributions in line with this are not saving at a rate they cannot afford.Organisations should engage employees in their future ...
-
AnalysisHow can employers build the case for aligning financial and mental wellbeing strategies?
Need to know:Financial worries affect the bottom line, with a poll by the Chartered Management Institute (CMI) finding the majority of employers believe the cost-of-living crisis has caused stress and anxiety that have affected productivity levels.Many organisations already offer benefits that can support employees’ financial wellbeing, whether as a core ...
-
AnalysisWhat financial wellbeing support should be offered around salary advance schemes?
It is important that salary advance schemes are explained properly so that staff fully understand how these operate and the costs involved.Many scheme providers will include financial education and guidance on how best to benefit from the scheme.Having access to data and monitoring usage each month can help identify if ...
-
AnalysisHow to implement flexible pension policies
Flexible pension policies can help employees shore up short-term financial wellbeing, while still saving for the future.In difficult periods, the ability to flexibly drop or pause pension contributions could be invaluable.Flexible policies should be combined with effective communication and education to ensure staff understand the impact of their choices.The word ...