All articles by Sarah Coles – Page 2
-
Analysis
Holidays as an employee benefit
If you read nothing else, read this…. Extra holiday can be offered instead of a pay rise or to reward performance in place of a bonus. Offering more time off can boost morale. Holiday trading can be included in flexible benefits schemes to raise employees’ allowance at no extra cost ...
-
Analysis
Make communications about pensions investment more meaningful
Giving employees the right amount of information about pensions investment and delivering it in the most suitable way can be a tricky balancing act, says Sarah ColesEmployers wanting to communicate contract-based defined contribution (DC) pensions investment face a catch-22 situation. To get staff to make the right investment choices, they ...
-
Analysis
Interview with Jeremy Hill, chairman of the International Employee Benefits Association
Jeremy Hill, chairman of international industry body IEBA, explains global change is afoot, says Sarah ColesSometimes it seems the only constant in the world of international employee benefits is change: change within the regulations and practices of each country, transformations in the global landscape of employee benefits, and continual reinventions ...
-
Article
Buyer's guide to benefits consultants (December 2009)
The recession has put the squeeze on some areas of employee benefits consultancy, but steps are being taken to meet employers’ changing requirements, says Sarah ColesThe past 18 months have not been an easy time for employee benefits consultants to win new business. Cash-strapped employers are often in no position ...
-
Analysis
Mitigating fleet driver risk
Cutbacks during the recession have put company car drivers under pressure, possibly increasing risk levels, says Sarah ColesIf you read nothing else, read this...- The risks attached to driving for work increase if drivers are working harder, and must be mitigated by policies and training.- Structured risk management programmes can ...
-
Analysis
What changes to the state second pension will mean for employers
Impending changes to the state second pension will have consequences for employees at all levels, says Sarah ColesIf you read nothing else, read this...At the moment, the state second pension (S2P) is linked to earnings, providing a compulsory earnings-linked pension for everyone in work.From 2012, it will gradually switch to ...
-
Article
Pensions legislation changes have big impact on group risk
Pensions legislation seems to be constantly changing, and the consequences for group risk benefits provision have been significant, says Sarah ColesThe pace of change around pensions never lets up. The government has brought in a whirlwind of legislation, from 2006's A-Day's pensions simplification to the Pensions Act 2008, and a ...
-
Article
Flexible benefits: Measuring return on investment
Measuring the success of flexible benefits is key to ensuring a plan is providing value, so Sarah Coles looks at the methods employers can use to ensure their scheme is paying its wayThe purse strings have never been tighter, and finance departments want to be sure every penny of expenditure ...
-
Article
Axa auto-enrols staff into pension
AXA has significantly increased take-up of its trust-based defined contribution pension scheme by auto-enrolling staff into the plan, salary sacrifice and matching contribution arrangements.Of the scheme’s 7,500 members, just 60 chose to opt out of the salary sacrifice and matching contribution element, and only 7% opted out of the plan ...
-
Article
Field Fisher Waterhouse launches TRS and pension salary sacrifice
European law firm Field Fisher Waterhouse is to introduce online total reward statements and pensions salary sacrifice to boost appreciation of benefits and promote its stakeholder pension.The initiatives will come into effect in July, ahead of its introduction of a flexible benefits scheme next January.The total reward statements are aimed ...
-
Article
Benefits could offer a solution to the MPs’ allowances scandal
Benefits could offer a solution to the MPs’ allowances scandal. Commentators have agreed the system needs to change, but many are unsure how to amend it to ensure fair reward.Dr Simon Draycott, a business psychologist at Mendas, said the allowances should not simply be withdrawn, because that would fail to ...
-
Analysis
Using flexible benefits to motivate staff in the downturn
As employees struggle with the effects of the recession, a flexible benefits scheme can offer them the opportunity to make savings where they are needed most, says Sarah ColesIf you read nothing else, read this…Flexible benefits schemes are one way of employers offering perks to support staff.Employees can tailor flex, ...
-
Article
Towry Law adds pre-paid debit card to flexible benefits
Towry Law has added a pre-paid debit card to its flexible benefits scheme in time for this year’s enrolment period.Employees at the wealth advisory firm could choose to either put part of their salary onto the card each month or to load it with any leftover flex allowance. When staff ...
-
Article
HSBC's sharesave scheme attracts highest-ever applications
HSBC’s latest sharesave plan has become the most popular share scheme in the bank’s history, attracting 34,000 applications from UK staff.The scheme, which closed to applications on 24 April, offered options at a 20% discount to an average of the share price in the preceding weeks. A spokesman said: “The ...
-
Article
BT introduces measures to ease the pain of job losses
BT announced a further 15,000 job losses this year - on top of the 15,000 already disclosed. However, the company confirmed it would take special measures to soften the blow for employees.The telecommunications firm said 10,000 of the jobs lost would be contractors and Ian Livingstone, chief executive, said BT ...
-
Article
BT to pay extra pension contributions of £525 million
BT has committed to paying an extra £525 million a year in pension contributions for the next three years, in an effort to close its £4 billion deficit. The firm has set two precedents for the city, which are likely to be followed elsewhere. Firstly, in order to afford repayments, ...
-
Article
Babcock hedges risk of longevity in its pension schemes
Babcock International will become the first UK company to offset the risk of retirees outliving expectations, in a deal that is likely to mark the beginning of a trend.The engineering company is setting up an arrangement known as a longevity swap on two of its pension schemes. These are agreements ...
-
Article
Average earnings fall 0.4%
Average wages fell for the first time since records began in 1991, according to figures released by the Office for National Statistics.The average wage, including bonuses, fell 0.4% in the year to March, taking the average annual salary to £24,000. The public sector bucked the trend, with average wages including ...
-
Article
Herbert Smith cuts lunch
City Law firm Herbert Smith has announced that lunch-related benefits will be cut in a bid to reduce costs.The office cafe will be closed, partners’ lunch rooms shut every day except for Friday, and food will no longer be provided at internal training events.The announcement follows the news that the ...
-
Article
National minimum wage to rise in October
The Low Pay Commission (LPC) has announced that the national minimum wage will rise on 1 October 2009.The full rate for those aged 22 and over will increase 7p to £5.80 an hour. Meanwhile, the rate for 18-21 year olds will rise 6p to £4.83, and for 16 and 17 ...