All articles by Tom Washington – Page 16
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Flex take-up lower among younger staff
Take-up of perks offered through flexible benefits schemes remains low among younger workers, forcing employers to consider the lifestyle needs of Generation Y, according to research published by consultancy Mercer.Employees in their twenties are much less likely to participate in a flexible benefits scheme compared to older colleagues. The participation ...
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Ceridian appoints Jennifer Stacey chief people officer
Ceridian has announced the appointment of Jennifer Stacey to the role of chief people officer.†Jennifer joins Ceridian’s Senior Leadership Team and will be responsible for further development of Ceridian’s people initiatives, while also continuing to develop the company’s client proposition.Doug Sawers, managing director of Ceridian in the UK, said: “I ...
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Paycare appoints new chief executive
Paycare, the Wolverhampton-based healthcare organisation, has appointed Gail Maltby as chief executive.Maltby, who takes up her new role on 1 July, is currently operations director of Paycare and succeeds Liz Price who is moving to live in Scotland following her recent resignation in November 2008.Before joining Paycare in September 2007, ...
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Recession brings new employment landscape as employers cut costs
More flexible working hours, extended shut-downs, extra holiday and cuts in paid overtime have all become more commonplace as the recession has deepened as employers look to cut costs.A new survey of key workplace trends by the Confederation of British Industry (CBI) and recruitment firm Harvey Nash showed almost two ...
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The Financial Times offers staff 70% pay cut on extra leave
The Financial Times has invited its staff to take up to five days extra annual leave in July and August on 30% pay in order to help cut payroll costs.The firm gave the option to 1,600 staff, with 10% having taken up the offer so far.A spokesman said: "It very ...
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Dairy Crest pension fund buys second bulk annuity
Dairy Crest has announced that its pension fund has purchased a second bulk annuity, which insures the balance of liabilities for pensions in payment.Mercer was the investment consultant for the deal. Kevin McLaughlin, a principal in Mercer’s financial strategy group, said: “Getting the deal right involved a lot of detailed ...
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BMW encourages staff to buy cars to boost sales
BMW has taken a novel approach to boosting sales by trying to encourage more of its own employees to buy its cars.The carmaker distributed 7,000 postcards to workers in Germany who do not drive a BMW or Mini, leaving them on the windscreens of vehicles made by rival brands in ...
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Capita Hartshead acquires Gissings Consultancy Services
Capita Hartshead has acquired Gissings Consultancy Services (Gissings) for an undisclosed sum.The move is intended to add further capacity and expertise to Capita Hartshead’s actuarial and pensions consultancy business, especially in London and the south-east.Mike Addenbrooke, managing director at Capita Hartshead, said: “We are delighted to welcome Gissings to Capita ...
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Overpaid Barclays worker to keep higher salary after legal win
A Barclays worker who was paid double her salary by mistake for three years will continue to receive the amount after a legal victory over the bank.Natasha Keenan, who works for 19 hours a week at the bank's offices in Dartford, Kent, received approximately double her £19,246 pro-rata salary due ...
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Henkel International appoints BlackRock as fiduciary manager
Henkel International, the Dusseldorf-based brands and technologies company with 55,000 employees in 75 countries, has appointed BlackRock as its fiduciary manager.The mandate covers €2bn of assets across five pension schemes: Germany, US, UK, Ireland andthe Netherlands. This landmark appointment is the first time the entire asset management of amultinational company’s ...
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Employees are unengaged with personal accounts
Employees are still unengaged with personal accounts, according to ongoing research published by JLT Benefit Solutions (JLT).The report shows that awareness of personal accounts has remained largely unchanged over the six month period since JLT's first piece of research, though there was a slight increase in the number of employees ...
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Morrisons shuts final salary scheme
Supermarket chain Morrisons has closed its defined benefit (DB) pension scheme to future accrual, affecting around 10,000 existing staff.Employees in the pension plan will be switched to a scheme based on career average earnings, rather than final salary, in August. The DB scheme was closed to new recruits in 2003.It ...
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Barclays scraps final salary scheme
Barclays has announced plans to close its final salary pension scheme to almost 18,000 existing members.Long-serving employees who joined before 1997 will no longer accrue benefits from the scheme. A hybrid arrangement consisting of a cash balance scheme, or a defined contribution (DC) scheme will be offered in its place.In ...
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BP to close final salary pension scheme for new staff
BP will close its final salary pension scheme to new employees from April 2010 as part of a long-term cost savings plan. The FTSE 100 firm is the latest in a long line of high-profile employers to slash defined benefit (DB) pension benefits. It will instead offer a defined contribution ...
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Standard Life launches new health insurance product
Standard Life has announced the launch of a new, flexible and cost-efficient personal health insurance product.The product allows individuals to build a plan that is tailored to their specific needs. All policies are built around a core module which provides full cover for in-patient and day-patient treatment, hospital charges, consultants’ ...
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Aegon pulls out of group risk market
Aegon UK is withdrawing from the group risk market which it has said has limited prospects and lack of profitability for its business.The firm, which also offers pensions, life insurance, asset management and financial advice, will cease to provide group life, group critical illness and group income protection products to ...
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Paycare offers free insurance for customers that are made redundant
Paycare has announced that customers subject to redundancy will be offered up to six months free healthcare cover.The healthcare provider has unveiled the new initiative for policyholders of its corporate healthcare cash plans who find themselves forced out of work.Providing the policyholder has held the relevant policy continuously for at ...
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Wolters Kluwer moves to harmonise perks and increase understanding
Wolters Kluwer has launched a flexible benefits scheme, extended its income protection coverage to all employees and switched to a salary sacrifice pension arrangement to harmonise its reward provision and increase staff understanding.The publishing firm has acquired various businesses over the past 10 years, each of which has its own ...
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Linklaters introduces bonus sacrifice into GPP
Law firm Linklaters has introduced a bonus sacrifice scheme to enable staff to sacrifice their bonuses into its group personal pension plan (GPP).Employees are due to receive their bonuses on 30 June, and have until 3 June to submit their request to sacrifice all, or part, of the amount before ...
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McDonald’s extends total reward statements
McDonald’s Restaurants has increased the circulation of its total reward statements (TRS) to improve staff understanding of benefits.The company sent the annual paper statements to the home addresses of more than 900 senior employees in May. This is double the number of staff included last year and involved restaurant managers ...