All Employee Benefits articles in Web Issue – Page 1203
-
OpinionNichola Hawden: How will auto-enrolment increases impact reward?
When auto-enrolment was first introduced in October 2012, the minimum total contribution rate for a workplace pension was a modest 2%, with employers contributing a minimum 1%. From 6 April 2018, the total minimum contribution rate increased to 5%, with 2% contributed by the employer, and from 6 April 2019, ...
-
AnalysisAddressing increases to auto-enrolment contributions to maximise financial wellbeing
Need to know:As auto-enrolment minimum contributions increase in April 2019, some employees may opt out of their pension in order to address present financial concerns.A communications approach that puts the changes into monetary values, and considers finance holistically, can bolster employee understanding.Using a salary sacrifice pension arrangement can mitigate rising ...
-
Case StudiesSiemens changes pension structure ahead of 2019’s auto-enrolment increases
Ahead of the auto-enrolment minimum contribution changes in April 2019, global technology organisation Siemens amended its defined contribution (DC) structure with a view to creating behavioural change.Siemens, which employs 15,000 staff in the UK overall, 11,000 of whom are enrolled in the pension scheme, now offers enhanced matching contributions based ...
-
ArticleNearly 12.9 million people were covered by group risk schemes in 2018
Nearly 12.9 million individuals were covered by group risk schemes at the end of 2018, according to research by insurance provider Swiss Re.Its Group watch 2019 report, which is based on data collected from 13 product providers in the group risk market in the UK and 20 employee benefits consultants, ...
-
ArticleTransport for Wales signs Time to Change pledge to support employee mental health
Train operating organisation Transport for Wales has signed the Time to Change employer pledge to support mental wellbeing among its 80 employees.The Time to Change employer pledge, which is operated by charity Mental Health at Work, enables organisations to publicly demonstrate their commitment to tackling the stigma and discrimination associated ...
-
ArticleSeven in 10 engineers do not receive workplace perks
Seven in 10 (70%) engineers do not receive workplace perks, according to research by online job site CV Library.The survey of 1,200 UK professionals also found that, although 56% of engineers want flexible working opportunities, only 40% are currently offered them. Comparatively, 60% of employees in the engineering sector have ...
-
Supplier articleFive ways to engage and motivate Generation Z
By Catrin Lewis, Head of Global EngagementWhat motivates you at work may not motivate the person sitting next to you. Think about the people who work at your organisation – you likely have a diverse group with different expectations, goals and preferences.We now have four distinct generations working together at ...
-
OpinionNicholas Stretch: Preparing for new reporting obligations on engagement and pay
This year sees the implementation of several corporate governance developments which reward managers, among others, need to get to grips with. Although newspaper headlines continue to focus on executive pay levels, a number of other reward-related changes, which have received far less publicity, need to be considered.For 2019 onward, so ...
-
ArticleNew Zealand launches consultation to support older staff
The New Zealand government has launched a consultation on its draft strategy to better support older individuals, including encouraging the employment of those aged over 50.The Better later life: 2019 to 2034 consultation opened on 12 April 2019 and will run until 3 June 2019. Following this, the government will ...
-
Article5 reasons why you should implement an employee benefits scheme
Many business owners – particularly small businesses - shy away from implementing a comprehensive employee benefits scheme. For the most part, it’s because they fear the cost won’t justify the investment.But employee benefits are so much more than just ‘perks’ and add-ons for employees. When done comprehensively, they become a ...
-
Supplier article5 reasons why flexible work arrangements are good for business
Employers are legally obliged to consider one flexible working request a year from any employee who has worked for them for more than six months – but they don’t have to accept.Flexible working doesn’t have to mean employees who work less – it means helping your employees find hours that ...
-
ArticleEXCLUSIVE: Seven in 10 multinationals have effective global benefits strategies
EXCLUSIVE: Seven in 10 (70%) employers have effective global benefits strategies and structures, according to research by professional services firm Aon.Its Global benefits governance and operations study 2018-2019, which surveyed more than 200 multinational organisations with workforces of between 10,000 and 100,000, also found that 60% want to create a ...
-
ArticleCisco Systems and KPMG shortlisted for Best healthcare and wellbeing benefits
Technology organisation Cisco Systems, professional services business KPMG and law firm Norton Rose Fulbright are among the organisations shortlisted in the Best healthcare and wellbeing benefits, large employer category for this year's Employee Benefits Awards.The Best healthcare and wellbeing, large employer award, sponsored by healthcare insurer Simplyhealth, will celebrate the ...
-
ArticleTotal pay has increased by 1.6% in real terms since February 2018
Total pay for employees in the UK, including bonuses, increased by 1.6% in real terms between December 2017 to February 2018 and December 2018 to February 2019, according to research by the Office for National Statistics (ONS).The Average weekly earnings in Great Britain: April 2019 report also found that regular ...
-
Case StudiesThe benefits offered by The Phoenix Group
The benefits offered by The Phoenix Group, excluding Standard Life Assurance:Pension and protectionFor auto-enrolment purposes, The Phoenix Group provides a defined contribution (DC) pension scheme, matching employee contributions up to 5%. From April 2019, employees contribute a minimum of 2% of their base salary and the organisation contributes 5%, in ...
-
Case StudiesThe Phoenix Group places wellbeing at the centre of benefits strategy
After an acquisition in September 2018 that saw life fund consolidator The Phoenix Group grow from 800 to around 4,300 employees in the UK, the organisation set out to ensure that benefits provisions are clearly aligned, and that there is a strong emphasis on employee wellbeing.Although the acquisition of Standard ...
-
Supplier articleHow to spend wisely on reward and recognition
One of the biggest misunderstandings when it comes to employee recognition is that any initiative aimed at acknowledging or praising your staff for their good work costs money. In fact, the opposite is true.A new research conducted by Harvard Business School Assistant Professor Ashley V. Whillans, shows that more than ...
-
ArticleEmployees at construction SMEs to receive 2.75% pay rise
Construction employees who are members of the trade union Unite and who work at small and medium-sized enterprises (SMEs) will receive a one-year pay deal, including an increase of 2.75%.The deal, which will come into effect on 24 June 2019, has been agreed as a result of negotiations between The ...
-
ArticleMorrisons receives permission to appeal payroll data breach case at Supreme Court
Supermarket retailer Morrisons has been granted permission to appeal a High Court ruling, which found that the organisation was partly liable for a data breach leading to the payroll data of around 10,000 staff being posted online.Andrew Skelton, who was a senior auditor at the organisation’s Bradford headquarters, posted employees’ ...
-
ArticleBank of America Merrill Lynch completes £400 million pensioner buy-in
Financial services organisation Bank of America Merrill Lynch has completed a pensioner buy-in transaction with Scottish Widows, totalling £400 million.The policy insures the pension liabilities for 915 pensioner members of the Bank of America Merrill Lynch UK Pension Plan, which is the largest pension scheme offered by the organisation.The transaction ...