Analysis – Page 5
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AnalysisAddressing increases to auto-enrolment contributions to maximise financial wellbeing
Need to know:As auto-enrolment minimum contributions increase in April 2019, some employees may opt out of their pension in order to address present financial concerns.A communications approach that puts the changes into monetary values, and considers finance holistically, can bolster employee understanding.Using a salary sacrifice pension arrangement can mitigate rising ...
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AnalysisHow can employers stay on top of the changing pensions landscape?
Need to know:Staying informed about regulatory changes around pensions ensures employers can respond quickly and in an educated fashion.The multitude of regulatory changes in recent years mean that employers and trustees may be focusing more on keeping pace than developing effective long-term strategies.Organisations can engage their employees in managing pensions ...
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AnalysisHow to support employees through uncertainty and change
Need to know: Whether political instability, economic downturn or organisational change, employers need to ensure that they soften the negative effects of uncertainty on employees.Positive behaviours, such as financial stability and psychological resilience need to be embedded in advance to be fully effective.Clear, deliberate and open communications will help ensure ...
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AnalysisPayday stress: Financial wellbeing in numbers
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AnalysisShould employers offer staff increased pay flexibility?
Need to know:Employers are catering to increasingly diverse workforces, many of whom want autonomy over their benefits and remuneration.Flexible benefits packages facilitate those employees who want to focus on their finances, while also providing a range of perks to appeal to many demographics.Flexibility when it comes to working hours and ...
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AnalysisHow can employers ease financial burdens for carers?
Need to know:Working carers face unique financial challenges, including receiving lower pay if they have to reduce their hours, and catering to them is vital for retaining key talent.Offering paid carers’ leave is important, as it ensures that employees do not have to choose between using up annual leave or ...
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AnalysisTop tips to support employees with unhealthy financial habits
Need to know:Addictive and unhealthy financial habits, such as gambling, are hard to spot, so financial wellbeing initiatives must offer a variety of supports to help employees with a wide range of needs.Looking into staff behaviours and demographics can help tailor communications and construct a strategy that fits with the ...
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AnalysisFinancial health: Helping employees plan for short and long-term financial goals
Need to know:The new year is a time for positive financial changes, and employers should embrace this, as monetary wellbeing translates directly into happiness and productivity.Rather than just focusing on pensions for the long-term, organisations should consider all aspects of financial wellbeing, including short-term items like loan repayments.Communications should be ...
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AnalysisHow to encourage active decision-making surrounding pension investments
Need to know: Employees can self-select their pension fund, rather than remaining invested in the default option; this can help staff better tailor investments to their personal circumstances.Financial education around available pension fund options can help employees make informed, active investment decisions.Communications should be clear, simple and feature a mix ...
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AnalysisEmployee satisfaction: does pay prevail?
Need to know:Money is an important foundation, but cultural changes have arguably created a world in which true engagement, happiness and satisfaction cannot be bought with pay alone.Employees not only expect a broader package of benefits, but will also look to an organisation's culture and impact on the world.Recognition, transparency, ...
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AnalysisHow can preventative health measures support employee wellness?
Need to know:Before implementing a preventative wellness strategy, employers should uncover the specific health and wellbeing challenges faced by their workforce.Proactive wellness initiatives should consider both physical and mental health; on-site or subsidised yoga classes, for example, can be a good way to address both.Technology is vital in helping to ...
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AnalysisHow can behavioural psychology tailor workplace savings messages to staff?
Need to know:A behavioural psychology approach to workplace savings communications can help employees develop positive savings habits.The language used in communications should target different motivators to ensure that the underlying message resonates with as many employees as possible.Employees sharing personal experiences can help to motivate behaviour change, but employers must ...
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AnalysisPensions versus other workplace investments: what are employees' options?
Need to know:Pensions are still viewed as the primary workplace savings vehicle for employees, but other tools include the corporate Individual savings account (Isa) or the Lifetime individual savings account (Lisa).The Pension Freedoms Act has made pensions more accessible and potentially more desirable as a savings vehicle, but employees may ...
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AnalysisIn numbers: Financial worries among UK employees
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AnalysisBeyond the money: Using creative means to address financial stress
Need to know:Employers may offer more financial wellbeing support in their benefits provisions than they realise, such as through employee assistance programmes (EAPs).Flexibility is vital in supporting employees' financial health; for example, facilitating off-peak travel, or allowing staff to complete errands during the working day.Apps, such as those that allow ...
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AnalysisHow to measure the return on investment of financial wellbeing strategies
Need to know:The links between financial wellbeing and employee health, productivity and engagement are increasingly well recognised by employers.Hard and fast return on investment (ROI) for financial wellbeing strategies can be difficult to evidence, but employers can study employee engagement surveys, absence and presenteeism levels, changing take-up of financial benefits ...
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AnalysisWhat are the latest trends and developments in financial education?
Need to know:Financial education is being increasingly influenced by machine learning, which predicts what education employees need based on previous choices.More employers are looking to support financial education programmes with regulated financial advice, although financial coaching could be a more affordable alternative.Digital communications and tools are being used to signpost ...
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AnalysisHow can benefits technology promote a more inclusive workplace?
Need to know:Benefits technology should be fully accessible to every employee, no matter their personal situation, in order to promote an inclusive working environment.Technology allows for greater inclusion by reaching a wide range of ages, demographics and remote staff, including those with disabilities who may find standard communication tools difficult ...
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AnalysisThe benefits and practicalities of an integrated healthcare strategy
Need to know:An integrated rather than siloed approach to healthcare, incorporating mental and physical health, can boost the benefits to engagement and productivity.Employers can reduce the range of treatments needed to support employees, while reaping the rewards of more effective products.External advisers can help to mitigate the logistical issues by ...
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AnalysisHow artificial intelligence is influencing the world of employee benefits
Need to know:Artificial intelligence (AI) is already transforming the speed with which financial advice is delivered in the workplace, tailoring messages to employees, as well as helping them to make healthier lifestyle choices.In the near future, AI is expected to continue personalising information to increase employee engagement with benefits, leading ...