Employers want to help staff make informed decisions and two-thirds (66%) believe one of the key advantages to supporting staff at retirement is a valuable part of its employee valuable proposition, according to research by Employee Benefits and Nest.
The Employee Benefits/Nest research, which surveyed 254 employer respondents in September 2017, found regardless of the reason for offering such support, doing so positions employees as a responsible organisation, and that in doing so, this is seen as part of their duty of care towards employees.
Supporting staff at retirement also has a number of advantages for employers and just under two-thirds (65%) of respondents that offer at-retirement support to employees do so because they want to support their staff in making informed decisions.
A further 53% do so because it's part of their culture, while a further 44% believe it supports their wider HR and strategic initiatives.
The provision of such support also has a number of other strategic advantages for organisations, including the retention of top staff, employee engagement, and succession planning.
Of the 43% that do not offer support, 46% do not have the budget while a further 45% do not have the resources.
Respondents attitude to supporting staff at retirement (above text)
Sample: All respondents that provide at-retirement support for staff (62)
They want to support staff in making informed decision 65%
It is part of their culture 53%
It supports their wider HR and strategic initiatives 44%
It is part of their desire to be the employer of choice 39%
It assists with smooth and positive transitions 31%
It supports their workforce’s planning strategy 24%
It supports their succession planning strategy 24%
It helps them to remain competitive 13%
Other 3%
Why respondents do not actively support staff at retirement (above text)
Sample: All respondents who do not provide support for staff at retirement (67)
They do not have the budget 46%
They do not have the resources 45%
It is the respondent’s pensions provider’s responsibility 22%
They do not believe it is their responsibility 16%
Other 18%
What respondents consider to be the key advantages of supporting staff in retirement (above text)
Sample: All respondents that provide at-retirement support for staff (61)
It is a valuable part of their employee value proposition 66%
It positions them as a responsible employer/they see it as part of their duty of care 66%
It helps them to engage staff 39%
It helps with their succession planning 33%
It helps them to attract the best staff 20%
It helps them to retain their staff 16%
It helps them to retain the best staff 16%
It is too early to tell 3%
They do not see any advantages 2%
Other 7%
