Analysis – Page 2
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AnalysisBenefits for graduates
Research has shown that graduates value a good work-life balance and development opportunities when entering the workforce.The Covid-19 pandemic and cost-of-living crisis have meant that graduates are also looking for wellbeing and financial benefits.Being aware of available support and inclusive benefits can be attractive even if graduates are unlikely to ...
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AnalysisWhat impact will the living pension initiative have on employees’ retirement outcomes?
As a voluntary savings target, the living pension initiative sets out the minimum annual contribution needed to afford basic living costs in retirement.Employers should ensure that employees who increase their contributions in line with this are not saving at a rate they cannot afford.Organisations should engage employees in their future ...
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AnalysisHow can employers build the case for aligning financial and mental wellbeing strategies?
Need to know:Financial worries affect the bottom line, with a poll by the Chartered Management Institute (CMI) finding the majority of employers believe the cost-of-living crisis has caused stress and anxiety that have affected productivity levels.Many organisations already offer benefits that can support employees’ financial wellbeing, whether as a core ...
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AnalysisWhat financial wellbeing support should be offered around salary advance schemes?
It is important that salary advance schemes are explained properly so that staff fully understand how these operate and the costs involved.Many scheme providers will include financial education and guidance on how best to benefit from the scheme.Having access to data and monitoring usage each month can help identify if ...
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AnalysisHow to implement flexible pension policies
Flexible pension policies can help employees shore up short-term financial wellbeing, while still saving for the future.In difficult periods, the ability to flexibly drop or pause pension contributions could be invaluable.Flexible policies should be combined with effective communication and education to ensure staff understand the impact of their choices.The word ...
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AnalysisWhat role do share schemes play in the current economic climate?
While share schemes may not solve immediate financial worries, they can help boost long-term financial stability.Aligning staff with shareholders can improve motivation and engagement, reducing absence and turnover at a time when talent is at a premium.Proper communication of both the negatives and positives will help ensure staff get the ...
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AnalysisWhat are the benefits of educating employees around pensions investments?
Need to know:There are plenty of benefits to getting employees engaged with their pensions investments, but employers should to be clear about what behaviour they want to encourage.Investments can be made meaningful by using layman's terms to explain the funds, and what they mean for employees.Bringing environmental, social, and corporate ...
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AnalysisHow is the cost-of-living crisis affecting what employees want from their benefits packages?
The cost-of-living crisis has employees demanding pay rises in line with inflation, but many employers are unable to afford this long-term.Benefits that support financial wellbeing and education, including day-to-day budgeting and discounts, can help pay stretch further without raising pay.Employers should focus on practices that are sustainable and work for ...
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AnalysisSupporting everyday financial wellbeing in a changing economic climate
Employers are experiencing increasing demand from employees for salary rises because of the pressures on everyday financial wellbeing, such as the ever-rising cost of living, inflation and interest rates.Employers can offer their workforce support on how to save by utilising their workplace benefits, including discount schemes and budgeting tools.Financial education ...
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AnalysisHow sustainable are employers’ pay strategies?
Record high inflation in the UK is resulting in some employers increasing pay levels in an attempt to keep up.Unless changes to pay strategy are underpinned by a clear rationale and aligned to a well-thought through reward initiative, they are at risk of being unsustainable in the long-term.Alongside one-off payments ...
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AnalysisBuyer’s guide to financial education
What is financial education?Financial education as a benefit can take many forms. At its simplest, it could simply mean providing online or workplace-based resources which employees can access in order to boost their understanding of their finances. At the higher end, financial education programmes can be holistic, providing multimedia resources, ...
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AnalysisBuyer’s guide to financial education
What is financial education? Financial education as a benefit can take many forms. At its simplest, it could mean providing online or workplace-based resources which employees can access in order to boost their understanding of their finances and the benefits available to them. At the higher end, financial education programmes ...
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AnalysisWhat will the top reward trends be in 2023?
The cost-of-living crisis and looming recession has led to a stronger focus on support which will follow into the new year, with some employers looking at cost-effective options.Due to the struggle for talent and the rising costs of living, pay awards are expected to be higher next year than in ...
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AnalysisBuyer’s guide to employee assistance programmes
What are employee assistance programmes?An employee assistance programme (EAP) is, at its core, a helpline, paid for by employers and provided free to staff, which provides confidential advice and assistance around a wide range of subjects that might affect them both at work and in their personal lives.This typically includes ...
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AnalysisHow to engage staff with a total reward offering
To engage employees with a reward package, it needs to be clearly communicated, easy to understand and impactful in order to show its true value.The increasing use of personal devices to access benefits means that digital methods are often more effective.Factoring reward package reviews into formal milestones, such as six-month ...
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AnalysisBuyer’s guide to retail and discount voucher schemes
What are retail and discount voucher schemes?Employee discount voucher schemes come in various forms, all of which aim to provide staff with savings on a range of purchases, from everyday shops to big-ticket items and the latest technology. There are three main types of scheme, which might fall under different ...
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AnalysisHow can employers tailor benefits to suit ‘unretired’ employees?
Need to know:As increasing numbers of 'unretired' employees return to work, flexibility is an important factor in order to remove potential barriers from day one.Financial wellbeing may be a concern for many re-entering the workforce, while employers should consider the specific health issues facing older people.Having a tailorable benefits package ...
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AnalysisAre employers doing enough to support employees’ mental health in today’s climate?
There are a range of measures that employers can implement to help break the stigma surrounding mental health and offer support to their workforce.Identifying a wellbeing lead or training employees as mental health first aiders can be a first step to creating a support strategy.As cost-of-living increases continue to affect ...
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AnalysisHow are employers’ approaches to Christmas celebrations changing?
Some employers are bringing back their in-person Christmas celebration this year specifically to bring people together and help create a connection among the workforce, as well as address diversity and inclusion.Employers should still be mindful of individual needs and preferences, as not everyone has returned to the workplace, choosing to ...
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AnalysisHow can employers position the workplace as a first port of call for savings vehicles?
Need to know:The cost-of-living crisis has underlined the need to improve people’s level of savings.Workplace schemes such as the individual saving account (Isa), lifetime Isas and sharesave already exist, with trials underway for ‘sidecar savings’.But employers have to up their game when it comes to communicating with employees.According to research ...