All articles by Debbie Lovewell-Tuck – Page 32
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OpinionLovewell's Logic: Should we be tackling UK's pay gap?
In its annual report, investment bank Goldman Sachs revealed that it paid its bankers an average of $373,265 (approximately £245,500) in 2014.In total, the bank set aside $12.69 billion (around £8.35 billion) to pay 34,000 employees’ compensation and benefits packages, which include salaries, discretionary compensation, equity awards and benefits.Statistics from ...
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OpinionLovewell's Logic: Time to get moving
Its European prospective investigation into cancer and nutrition study, which analysed data from more than 334,000 men and women across Europe in order to measure the link between physical inactivity and premature death, found that just a 20-minute brisk walk each day could cut the chances of early death by ...
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ArticleDebbie Lovewell-Tuck: Wider skillsets needed by benefits professionals
As a result, over the past few years, many of us will have seen our jobs change, and in many cases expand, to support the evolution of our employer.For some benefits professionals, this will have involved taking on an internationally focused role for the first time. For others, it will ...
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OpinionLovewell's Logic: Festive parties should be celebrated
With the Christmas party season now well underway, by now, most employees will have been to at least one festive celebration.But how many employees truly appreciate the investment their employer makes in seasonal events?Research published this week by Wolters Kluwer’s UK pay and benefits specialists, Croner, found that 83% of ...
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OpinionLovewell's Logic: New thinking needed around pensions?
Figures from the Department for Work and Pensions (DWP) in August, for example, found that almost half of all working age people are failing to save enough.However, Swedish retailer Ikea has come up with a clever approach to boost employees’ pension pots by rewarding performance with additional pensions contributions.This year, ...
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ArticleChancellor confirms plans to scrap pensions death tax
Autumn Statement 2014: Chancellor George Osborne has confirmed that the government will scrap the 55% tax rate to which pension savings are subject on the death of a scheme member.The plans, which were first announced in September 2014, will come into effect from April 2015.Zoe Murphy, partner at law firm ...
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Article75% of 30-49 year olds do not understand pensions
Three-quarters (75%) of 30-49 year olds and 81% of 18-29 year olds do not understand pensions, according to research by Barnett Waddingham.Its Helping Hands research, which surveyed 850 members of the public, also found that 40% of respondents aged between 18 and 29 claimed not to have heard of pensions ...
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ArticleDebbie Lovewell-Tuck: Benchmarking is becoming relevant again
For most benefits professionals, the last few years will have been largely taken up with projects such as auto-enrolment compliance, dealing with the impact of a volatile economic climate and working out how to motivate staff while pay freezes continue. Throughout this time, benchmarking benefits packages is less likely to ...
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Case StudiesAker Solutions benchmarks benefits globally
Philip Hutchinson, head of reward at the global provider of products, systems and services to the oil and gas industry, says the organisation starts by looking at the statutory minimums required in each country and what is typically offered above these. It follows this by benchmarking within the oil and ...
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AnalysisIs benefits benchmarking still relevant?
If you read nothing else, read this…Benefits benchmarking remains important, but employers should set clear aims and expectations at the outset.Common reasons for benchmarking benefits include good governance, the need to fill a specific role, post-merger or acquisition, or to cater for a new business division.Specialised bespoke benchmarking surveys can ...
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ArticleSimon Naylor: Has flexible benefits had its day?
There are numerous examples of organisations making use of flex to deliver tactical solutions, such as lower administration costs or to manage benefit complexity.In the Travis Perkins Group, we think flex has the potential to be more, to be part of a broad employee value proposition (EVP).Our own journey started ...
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ArticleAbolition of compulsory annuitisation most beneficial reform
Nearly two-thirds (63%) of respondents believe that the abolition of compulsory annuity purchase will be the most beneficial of the government’s pension reforms for their workforce, according to the Employee Benefits/Close Brothers Pensions research 2014, which surveyed 216 respondents in September 2014.More than half (53%) of respondents believe the incoming ...
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AnalysisMotivate staff with a benefit that appeals to all
There aren’t many benefits that will appeal to the whole workforce. But technology products, offered through a flexible or voluntary benefits scheme via a salary sacrifice arrangement, are likely to appeal to everyone at some point. After all, most people today own a mobile phone, tablet or laptop.So, why haven’t ...
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Article66% say costs rose post auto-enrolment
Two-thirds of respondents (66%) that have measured the impact of auto-enrolment within their organisation say compliance has increased their costs, according to the Employee Benefits/Close Brothers Pensions research 2014, which surveyed 216 respondents in September 2014.Overall, 60% of respondents have measured the impact of auto-enrolment on their organisation. A further ...
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OpinionLovewell's Logic: How can we close the gender pay gap?
This week’s figures from the Office for National Statistics (ONS) which showed that the gender pay gap is now at its narrowest since 1997, made for encouraging reading.According to its latest Annual survey of hours and earnings, 2013 provisional results, the gender pay gap overall has fallen to 9.4% compared ...
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AnalysisDelivering the right customer share scheme experience
The key to boosting engagement with share plans lies in a more human form of communicationWhen looking at delivering a new employee benefit, product or message to their customers, whether that be internal or external, most organisations do so with the best of intentions. They do not purposely set out ...
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ArticleEbola poses difficult challenges for employers
HR and global mobility professionals cannot ignore the issue and potentially fatal impact of Ebola on their workforces as the deadly virus disease continues to spread across the globe. As new cases are reported in the western world, particularly among hospital workers and healthcare professionals, employers must consider how far ...
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AnalysisMental health stigma still an issue in business
It is a sad reality that mental health prejudice still exists in business. An overwhelming number (94%) of UK business leaders admit that mental health prejudice is still present within their organisation.Stress and other serious mental health conditions can have a huge impact on both individuals and employers. Having a ...
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AnalysisAutomatic-enrolment provides greater financial security for employees
September saw the launch of Scottish Widows’ fifth annual Workplace pensions report, providing insight on the attitudes and behaviours of thousands of employees in relation to their workplace saving.Two years on from the first auto-enrolment (AE) staging date, the impact that AE is having on workplace saving is starting to ...