Analysis – Page 3
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AnalysisHow can employers engage staff in responsible pensions investment?
Need to know: While the idea of providing ethical and sustainable investment options has gathered popularity, the take up of these pension investments is still relatively low.Embedding environmental, social and governance (ESG) factors into default funds can be complicated, as it introduces additional risks and can distract from focusing on ...
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AnalysisHow are cost-of-living increases affecting employee health?
Need to know:Money worries can affect employees’ physical and mental health and wellbeing, with research finding that financial concerns are leading to anxiety, sleep problems and cancelled gym memberships.Training line managers and promoting an organisation's employee assistance programme (EAP) can help employees access support for financial and mental health issues ...
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AnalysisWhat impact is the war in Ukraine having on benefits strategies?
Employee support during the war in Ukraine might include evacuating staff and providing flexible, practical support for those directly affected.Organisations should also remember the importance of mental health support for all employees, including senior managers.In addition to day-to-day considerations, businesses should understand the wider ramifications of world events on other ...
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AnalysisAdapting pay strategies to cope with the cost-of-living crisis
Need to know:Sweeping pay rises may not be achievable for many employers, but spot bonuses can help staff without as heavy an impact on yearly budgets.Financial wellbeing and flexible pay tools can help employees gain greater flexibility and control over their money.Effective communication of the benefits available to staff, as ...
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AnalysisAre master trusts the future of pensions?
Need to know:Master trusts offer a cost-effective solution that harnesses economies of scale and relieves employers of a growing regulatory burden around pensions.Many are using technology to forge ahead with developments such as open banking, and flexible drawdown.Value-added services can help employees build financial resilience in the short-term, as well ...
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AnalysisHow financial education can help employees make their money go further
Employers may want to consider giving employees practical help that includes debt management, budgeting and top tips for saving on everyday spending.Educating employees with basic skills like budgeting and saving for a deposit for a first home can also provide help in other areas of life.Other benefits like discounted shopping ...
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AnalysisTop tips for supporting staff around early retirement
Four factors now typically determine when someone chooses to retire: their ability to fund their lifestyle without work; their appetite for a life without work; their inability to secure employment, and their health, with the latter two sometimes forcing their retirement.If employees choose to take a tax-free lump sum as ...
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AnalysisTop tips on how employers can reduce the gender pensions gap
Women need to be aware of the impact of career breaks and part-time working on their pensions, and how they may be able to mitigate the impact.Online ‘Mind the gap’ calculators, using video, animation and social media can help to promote relevant messages.Providing education on how pensions work and what ...
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AnalysisHow have reward strategies changed in 2021 and what might the new year bring?
Ultimately in 2021, reward professionals had to keep on the pulse of what employees wanted and needed more than ever.Employers can offer discount schemes and salary sacrifice schemes to those looking to keep costs low and boost their financial wellbeing, as well as providing support for those wanting to bolster ...
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AnalysisHow benefits technology can support the changing saving needs of employees
Need to know:Digital technology is transforming the workplace savings field by giving employees better control of their finances, and access to the support they need to manage them more prudently.When providing employees with financial education, little and often as opposed to information overload is the most effective way of helping ...
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AnalysisTop tips for introducing a financial aid fund
Education and financial coaching can help address underlying symptoms of financial stress for some staff.Being able to access immediate and practical support will not just help employees financially, but will also better their emotional wellbeing and improve their quality of life.The end goal of a financial aid fund should be ...
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AnalysisWhat are the challenges and benefits of introducing the living wage?
Employers can use paying the living wage as a recruitment or retention tool to make them an attractive organisation.For those employees who are paid the living wage, it can mean the difference between being able to afford the things they need for a decent standard of living or not.As the ...
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AnalysisHow can Covid-19 benefits survive and thrive in the long term?
Need to know:Benefits have evolved during the pandemic, with the initial care packages morphing into more structured benefits propositions. But what will we keep and what will fade away?For the employers that can offer it, flexible working is here to stay. The genie’s out the bottle and employers should realise ...
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AnalysisHave employers placed wellbeing at the centre of their company culture?
Need to know:By changing working practices and bringing employee wellbeing into sharp focus, the pandemic is forcing employers to adapt their benefits strategies.Working from home during the pandemic has increased the importance of the work-life balance, with employers offering greater flexibility to support this.Wellbeing is about more than benefit spend ...
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AnalysisHow the changing shape of pay can support employees’ financial wellbeing
Need to know:The pandemic has spurred many employers to reassess not just what they can pay their employees but how pay can be delivered more flexibly, with growing interest in innovations such as affordable loans, salary advance and access to earned pay.There is recognition, however, this needs to be underpinned ...
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AnalysisHow are employers honing their financial wellbeing schemes to help staff weather the pandemic?
Need to know:Employers are moving away from purely educational financial wellbeing to pro-active interventions such as workplace savings schemes.Home working is driving a shift in the way financial wellbeing advice is provided.Despite the pandemic, financial wellbeing remains the Cinderella of employee wellbeing.The Covid-19 (Coronavirus) pandemic is shining a spotlight on ...
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AnalysisHow has the pandemic impacted employers' financial education strategies?
Need to know:Over half of UK employees worry about money at least once a week, and people’s mental health is suffering.The pandemic has heightened the financial stress people were already experiencing. Their priorities have shifted away from day-to-day financials and towards a need for emotionally-driven financial education.Although face-to-face support is ...
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AnalysisEmployee Benefits – A Cost-Benefit Analysis
We are often asked at Xexec about how to justify and measure the costs of running a company-wide, national, or global employee benefits scheme. The answer we often give is that there are many ways to skin a cat! But the truth is, that each client we ...
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AnalysisWhat are the latest trends in voluntary benefits?
Need to know:Bikes-for-work schemes and buying equipment for the home office have seen a surge in popularity.Communicating what voluntary benefits are on offer will help to engage employees, particularly if budget restrictions are limiting new benefit offerings. Core voluntary benefits will predominately remain the same but how these are delivered ...
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AnalysisHow can employers ensure pensions are the right savings vehicle in the current climate?
Need to know:The Covid-19 outbreak has opened up many financial short-term issues for employees.Employees may be unaware that they can change their contribution levels to their workplace pension scheme.Financial education is crucial to ensure that all employees understand where their pension contributions are going, and how to alter levels if ...