All Financial wellbeing articles – Page 92
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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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OpinionCatherine Rickard: How can flexible working impact employees’ financial wellbeing?
The business benefits of flexible working initiatives and improved work-life balance have increasingly been recognised by organisations as a means of improving performance and employee productivity.However, there are also direct benefits when it comes to financial wellbeing. For example, according to the Chartered Institute for Personnel and Development's (CIPD) Employee ...
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ArticleMorrisons loses High Court appeal over breach of payroll data
Supermarket chain Morrisons has lost a challenge to a High Court ruling that found it partly liable for a data breach leading to payroll data of around 10,000 staff being posted online.Andrew Skelton, who was senior auditor at the organisation's Bradford headquarters, posted the workers' names, addresses, bank account details ...
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ArticleTPR bans masterminds of £13.7m pension scam from being trustees
The individuals identified as the masterminds behind a £13.7 million pension scam have been banned from being trustees of pension schemes.David Austin, Susan Dalton, Alan Barratt and Julian Hanson ran a scam that cheated 245 people out of their pension savings after the members were persuaded to transfer funds into ...
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ArticleGlasgow City Council workers strike over equal pay claims
Image credit: UnisonMore than 8,000 Glasgow City Council (GCC) employees are staging a 48-hour strike today (23 October 2018) over the lack of progress on equal pay claims.The workers, who are members of the GMB and Unison unions, began the industrial action at 7am today, leading to the closure of ...
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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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Case StudiesCarlsberg uses staff feedback to gauge success of financial wellbeing strategy
Brewery giant Carlsberg launched a proactive financial wellbeing programme in January 2018 for its 700 UK employees, ranging from head office staff, brewery production, sales teams and contact centres.Activities within the programme include on-site mortgage sessions and one-to-one independent mortgage advice, pension presentations, access to payroll loans, a home rental ...
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OpinionRosemary Lemon: Does ROI have to be monetary for financial wellbeing strategies?
Launching a new benefit is like making any other business proposal: there has to be a return on investment (ROI). A successful benefit, therefore, has to be valued by employees and make them feel more positively engaged with their organisation.This is especially true in the case of financial benefits. Financial ...
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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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Case StudiesAspen Insurance uses online financial education to prepare staff for new financial benefits
Global organisation Aspen Insurance launched an online financial education programme for its 700 UK employees in May 2018, to help equip staff to make relevant financial decisions prior to the implementation of new financial flexible benefits in June 2018.The programme, provided by Nudge, allows employees access to a personalised online ...
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ArticleKavitha Sivasubramaniam: Championing financial wellbeing at work
As our Financial Wellbeing Week, in association with Wealth at Work, draws to a close, it is time to reflect on some of the trends and issues currently shaping this area of the benefits market.Many employers recognise that financial stress can have a significant impact on an individual’s mental and ...
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OpinionJonathan Watts-Lay: Ensuring the savings effort pays off
Nearly half (46%) of all UK adults rate their own knowledge about financial matters as low and almost a quarter (24%) have little or no confidence in managing their money, according to the Financial Conduct Authority's Understanding the financial lives of UK adults report, published in October 2017.The impact of ...
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OpinionCharles Cotton: HR professionals have a crucial role in championing financial wellness
Research by the Chartered Institute of Personnel and Development (CIPD), sponsored by Close Brothers and released in January 2017, found that one in four employees admit that money worries have affected their performance at work. Based on a survey of more than 1,800 respondents, the results showed that while younger ...
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ArticleFCA and TPR launch joint strategy to tackle 'fundamental' pensions challenges
The Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) have launched a joint regulatory strategy, identifying issues contributing to inadequate saving for retirement and outlining priorities for addressing fundamental challenges in the pensions sector.The joint strategy sets out how the FCA and TPR will work in tandem in the ...
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ArticlePositive, personal language is best for pension communications
A study by investment management organisation Invesco into the language of defined contribution (DC) pension schemes has identified four key language principles for communicating with employees about their pensions.Research for the report, ReDefined contribution schemes, published on 18 October 2018, included interviews with heads of pension schemes, focus groups and ...
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Supplier articleNew figures show individuals pay almost 20 times more in tax for breaching the Lifetime Allowance
- Nearly 2,000% more than ten years ago when the allowance was introduced HM Revenue & Customs has released new figures* showing that the tax collected from individuals breaching the Lifetime Allowance (LTA) has rocketed by £97m since it was introduced in 2006, with the latest figures showing that ...
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ArticleTaking an overseas job adds an average of $21,000 to a worker's salary
The average individual taking an overseas job adds $21,000 (£15,995.70) to their annual salary when they move, according to research commissioned by HSBC Expat.The survey of 22,318 expatriates from 163 countries and territories, carried out by YouGov in March and April 2018, revealed that 45% of respondents were receiving more ...
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ArticleNASUWT staff begin series of one-day strikes over pay and pensions
Image credit: GMBAround 140 employees of the NASUWT teaching union are staging a series of three one-day strikes over pay and changes to pensions.The industrial action, which starts today, is being taken by members of the GMB union, with further strikes planned for 5 November and 9 November.GMB regional organiser ...
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ArticleEXCLUSIVE: 53% favour employers that positively contribute to their wellbeing
EXCLUSIVE: More than half (53%) of respondents favour employers that positively contribute to their wellbeing, even if it means they earn less money, according to research by actuarial firm Hymans Robertson and lifestyle insurance organisation Yulife.The Closing the wellbeing gap: exploring the interaction between work, health and wellbeing report, which ...
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Supplier articleFinancial Wellbeing – An Employer Point of View July 2018
Aon has recently conducted a study of multinational organizations into how employers are responding to the emerging trend of Financial Wellbeing. The study involved complete responses from 159 different multinationals and the results were presented back via a series of web events. Download the slides here » ...