All articles by Tom Washington – Page 25
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Employers selective over employee benefit cuts despite tough climate
Multi-national organisations are trying to be selective in cutting employee benefits despite tough times ahead, according to new research released by Mercer.The global Leading Through Unprecedented Times report revealed that 81% of respondents expected a decline in their own company's business performance in 2009.More than a third (35%) expect significant ...
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Corus in pay talks to save jobs
Corus is in negotiations with unions in an attempt to prevent job losses during the economic downturn, including a possible 10% temporary pay cut for employees as an alternative to redundancies.The Anglo-Dutch subsidiary of Indian steel group Tata, which employs 25,000 people in the UK, is in talks with union ...
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Merrill Lynch and Morgan Stanley CEOs give up 2008 bonus
Top executives at the US financial giants Merrill Lynch and Morgan Stanley will not receive their bonus for 2008.At Morgan Stanley, chief executive John Mack is said to have written a memorandum to employees stating that he and the company's two co-presidents would be forgoing their annual bonus.Meanwhile John Thain, ...
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Consumer confidence may hit flexible benefits choices
Falling consumer confidence could hit flexible benefits choices, with access to ready cash now a more pressing concern for employees than tax-efficient benefits.Consumer confidence research released today by PricewaterhouseCoopers (PwC), shows that †UK consumers now rank debt repayment (20%) as the top spending priority in 2008, with holidays (16%) a ...
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Analysis
The new year will present benefits practitioners with many challenges
The new year will present many challenges for benefits practitioners, says Tom WashingtonA new year normally represents a fresh start and a time of opportunity. But as 2009 gets closer and the threat of recession draws ever nearer, employers are preparing themselves for a tough year. The past 12 months ...
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Analysis
Employers should maximise employee assistance programmes in downturn
The economic crisis is highlighting the importance of employee assistance programmes, and Christmas is a key time for employers to offer their workforce access to support, says Tom WashingtonWaking up to anything but bad news about the economy seems like a distant memory now, and the cloud of depression hovering ...
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Employers are failing to meet eyecare regulations
Many employers are failing to meet health and safety regulations by not paying for eye tests and the full cost of basic spectacles for employees who require them when using a visual display unit (VDU), such as a computer.Eight-out-of-10 (81%) employers are only making a contribution to the cost of ...
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Buyer's guide to motivation vouchers (December 2008)
Vouchers remain popular as a means of motivating staff, says Tom WashingtonAs benefits practitioners continue to look for ways of engaging staff, motivation vouchers remain in demand. According to Andrew Johnson, director general of trade body the VA, there has been a rise in business-to-business activity, which he attributes to ...
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Aegon calls for second pension 'A-Day'
Aegon UK has called on policymakers to simplify the rules on taking annuities in retirement, with a second pensions 'A day', this time focusing on income in retirement.Speaking at the Association of British Insurers (ABI) annual Savings Conference "Living Longer, Living Better" Otto Thoresen, chief executive of Aegon UK, called ...
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Getty Images launches discounts on dining out
Getty Images has introduced discounts on dining out for its 450 London-based employees.Through the voluntary perk, employees can purchase annual membership to discounted dining club, Taste London. Those who wish to do so have a one-off payment of £24.99 deducted from their net salary. They then receive a brochure with ...
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Pre-Budget Report: FSA to review City pay structures
The chancellor Alistair Darling pledged to work with the Financial Services Authority (FSA) in order to improve pay structures as part of an attempt to tighten regulations with the UK’s banking sector.In his Pre-Budget Report, Darling said: “The Financial Services Authority is now considering changes across the regulatory system - ...
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Employees bump-up expense claims during downturn
A third of UK employees think it is acceptable to exaggerate their expense claims and see pay freezes during the economic downturn as a legitimate reason to do so.According to new research from expense management provider GlobalExpense, 30% of all adults believe it is acceptable to exaggerate claims and one ...
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BAA launches discount website for Heathrow staff
BAA has introduced a discounts website for all 73,000 Heathrow Airport staff this week, including those working for airlines, retailers, catering and security firms.For the past three years, the discounts had previously only been promoted at Christmas time, but the introduction of the website will allow employees to access the ...
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Unite calls for action on hospitality tipping
Employers in the hospitality industry have faced calls to pay at least minimum wage and stop holding back tips left for their staff in order to profit themselves.As the government begins its consultation on tipping in the hospitality industry, worker's union Unite is calling for action to ensure employees in ...
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Generation Y demand better benefits but lacks loyalty of elders
sThe next generation of workers expects more from their employer, demanding more pay and benefits than their predecessors, but are likely to change employer often despite the perks on offer.A study by recruitment specialist FreshMinds Talent examined the different expectations in the workplace of Generation Y, born after 1982, Generation ...
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UK pension deficits soar in downturn
The UK's defined benefit (DB) pension schemes are estimated to have a combined deficit of almost £100bn, with £17bn wiped off the value of plans last month alone due to the plummeting stock market, a new report shows.According to the Pensions Protection Fund (PPF), who calculated the aggregate funding position ...
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Job creation and pay rises stall as employers fear the worst
Job creation in the UK is at a virtual standstill while pressure to increase pay and bonuses has been subdued as employers expect the economic downturn to worsen in coming months.According to the latest quarterly Labour Market Outlook survey (LMO) from the Chartered Institute of Personnel and Development (CIPD) and ...
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Denton Wilde Sapte revamps flexible benefits provision
International law firm, Denton Wilde Sapte (DWS), has revamped its flexible benefits provision in a bid to improve usability for employees and introduce 'green' benefits.The firm has added new 'green' benefits such as bikes for work and carbon offsetting to its flex offering, in addition to updating the company-branded website ...
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Stress levels up as UK adults put in the hours at work
Employees are working and worrying more, often for no financial reward as the dowturn begins to bite, according to research from Friends Provident released today, National Stress Awareness Day.The Britain under pressure survey found that while 25% of adults intended to put more hours in at work, UK employees are ...
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Workers see cut in hours at small firms
A third of the UK's small and medium sized businesses are considering reducing the number of hours their employees work in order to save money, according to research by the Federation of Small Businesses (FSB).In a sample poll of 4,633 FSB members, 32% of respondents reported they considering making such ...