All Opinion articles – Page 78
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Opinion
Pádraig Floyd: A pension warning for employers on 'pot follows member'
The Department for Work and Pensions (DWP) has now published details of rules to govern what must happen to an employee’s pension when they leave an employer. This regulation, generally referred to as ‘pot follows member’, makes provision for any pension pots of less than £10,000 to transfer with the ...
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Opinion
Andrew Kinder: Employers must be proactive on stress
When it comes to managing stress and its impact on the workplace, it is important that employers take a proactive approach. There are many techniques and preventative measures that employers can take to manage stress.Line managers have an important role to monitor the behaviour of their teams and identify potentially ...
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Opinion
Gary Moore: Consultancy charge ban will cause problems
When the Financial Services Authority (FSA) launched its retail distribution review in 2006, it promised to make sure charges for advice were transparent and fair. As a result, the FSA banned charging by commission but allowed pension plans to take consultancy charges from individuals’ pension pots as long as they ...
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Opinion
John Lionis: Do benefits really improve employee engagement?
It looks like the key driver for shaping a benefits strategy, replicating 2011’s result, is to improve employee engagement.My question is this: to what extent can employee benefits influence your emotional attachment to the business, or how much you are willing to help your colleagues, go the ‘extra mile’ or ...
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Opinion
Kate Nowlan: Health cover is vital for expatriate staff
But when planning for staff to work or travel abroad, too many employers neglect to put in place plans to support the immediate and long-term health and wellbeing of employees who are away from home.Research shows that up to 10% of people exposed to traumatic events, such as those requiring ...
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Opinion
Howard Hughes: Employers see value of dental appointments
In 2012, our annual dental survey found 9% of employees (from a sample size of 11,785) said they were unable to visit their dentist more frequently because they could not get the time off work.Our 2013 research (released in April) showed this figure had fallen to just 4%.It is encouraging ...
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Opinion
Paula Hargaden: How to select a share scheme
Of the four approved schemes, two, the share incentive plan (Sip) and save-as-you-earn (SAYE) or sharesave, require awards to be made available to all eligible employees, while the company share option plan (Csop) and enterprise management incentive (EMI) permit awards only to selected employees.Sip and sharesave engage, and so are ...
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Opinion
Suzanne Tyrrell: Times are changing for childcare support
From autumn 2015, parents will be able to claim vouchers for every child under the age of five. The government will provide 20% of childcare costs, up to £1,200 for each child. This effectively means parents will not pay basic-rate tax on the first £6,000 they spend on registered childcare.Parents ...
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Opinion
Mark Baker: Employers must respect staff attitudes to pension fund risk
Among most employers, it is conventional to use lifestyle or target date funds. For younger workers, the money is held in equities, then over time it is switched into bonds and cash. Often the member can nominate a planned retirement date and the lifestyling switches are geared towards that date; ...
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Opinion
Linda Torr: Legal requirements for offshore workers
There are many considerations for an employer to ensure it complies with the new legislation, including the provision of benefits for health protection, medical care, welfare and social security protection. This includes the requirement for pre-deployment screening, access to primary care while on board, including dental care, and occupational health.The ...
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Opinion
Richard Shelton: Codes of conduct on retirement planning
The focus of The Pensions Regulator (TPR) is increasingly moving on to defined contribution (DC) pension schemes to improve member outcomes, but employers’ obligations in relation to these schemes remain limited, particularly at the point of retirement.Auto-enrolment does not introduce any obligations on employers when members retire.Beyond auto-enrolment, an employer’s ...
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Opinion
Charles Cotton: Flexible benefits communication
The 2012 research finds employees were less dissatisfied with a pay cut than a pay freeze if their employer explained the rationale behind the decision. However, the same survey reveals that it’s not just the act of communication that is important but also the quality of the communication. I think ...
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Opinion
Nigel Carter: Employees must see the dentist
The same survey showed 93% of employers do not give staff occupational health information on the importance of maintaining good oral health.We would encourage employers to review their current occupational health and general welfare policies regarding employees taking time off to visit the dentist. In the last five years, the ...
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Opinion
Jeremy Thornton: Strategy for HR professionals in a new job
So how should HR and reward professionals prepare themselves for this and make sure their business strategy is the right one?A fantastic senior strategic employee I know, who took a new role in Germany, learnt the phrase ‘This is a pen, not a magic wand’ to prepare herself on day ...
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Opinion
Ellyn Karetnick: Global mobility vital in battle for talent
The war for talent is escalating as employers see signs of a global economic upturn, and there is an urgency to get top talent out into new or emerging markets.Long-term assignments remain, but employers are becoming more economical, and alternative arrangements continue to grow. Short-term, commuter and rotational assignments and ...
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Opinion
Jill Cunnison: Judging Employee Benefits Awards was stimulating
The process began with reading in detail the entries and supporting documents that spanned numerous organisations of different sizes and complexity.As you may expect, many of the entries showcased innovative and leading-edge ideas, and a whole raft of supporting evidence was provided, from videos to photographs to literature given to ...
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Opinion
Jon Terry: Bonus caps remove flexibility to reward staff
This is a fundamental change and the unintended consequences should not be underestimated.Capping bonuses will reduce boards’ flexibility in managing a vital aspect of their cost base. Instead of being able to reward staff in good times, and limiting payouts and clawing back bonuses when needed, banks will almost certainly ...
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Opinion
Phil Hall: Fight to stop 'shares for rights'
Regrettably, the government has now reintroduced the policy.Readers may ask: why do we oppose something that superficially creates more employee shareholders? The four key reasons are: it undermines existing employee share ownership plans by association; it unnecessarily removes employees’ rights; it is not wanted by the vast majority of businesses; ...
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Opinion
Julie Jenner: Tax effect on private fuel provision
However, about 15 years on since the tax increases started to bite, data from HM Revenue and Customs (2010/11) shows that 240,000 staff continue to pay tax on employer-paid-for fuel used privately.But if those employees did the maths, industry figures suggest 97% would be better off giving up the ‘perk’ ...
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Opinion
Stephen Bevan: Make flexible benefits relevant
On the face of it, the higher-than-expected rates of employment, the growth in private sector jobs and recent survey evidence that some employers are struggling to fill specialist vacancies are all indicators that there is still competition for the best staff and that this will intensify once the recovery takes ...