Analysis – Page 5
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AnalysisTop tips on using workplace interventions to boost pensions engagement
Need to know: Workplace interventions can make pensions engaging, interesting and even fun for employees who might not have thought about them previously.Combining group and one-to-one sessions, as well as open dialogue with the audience, can ensure a wide range of employees are catered for.Marketing techniques, such as attention-grabbing events, ...
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AnalysisHow should financial wellbeing approaches change during an employee’s journey?
Need to know:A multi-generational workforce will have myriad financial challenges, including home ownership, childcare and retirement savings, so it is important that employers address these issues within a flexible approach to financial wellbeing.Financial goals and life stages may not be clearly delineated by age, and employers should avoid assumptions.Life events, ...
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AnalysisHow can employers tackle in-work poverty?
Need to know:Identifying employees struggling with in-work poverty is difficult, but offering universal solutions can ensure that financial wellbeing initiatives benefit all those in need.Simple measures, such as exploring how to best manage overtime or introducing flexible working, can help staff improve their finances more effectively.A financial wellbeing strategy that ...
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AnalysisTop tips on getting senior level buy-in for financial wellbeing initiatives
Need to know:Employers can create targeted financial wellbeing interventions specifically for senior leaders to enable them to experience the benefits first-hand.Data, such as absence rates and engagement scores, can offer tangible evidence to help present the business case.Linking mental health and financial wellbeing can help draw senior leaders’ attention to ...
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AnalysisHow could pensions dashboards influence engagement with employee contributions?
Need to know: The pensions dashboard, due to be launched in 2019, will facilitate better engagement, but will be most effective as part of a broader communications strategy that includes face-to-face methods.In the earlier stages, the biggest attraction of the dashboard will be for consumers to track down lost pensions ...
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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 ...
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AnalysisHow can employers stay on top of the changing pensions landscape?
Need to know:Staying informed about regulatory changes around pensions ensures employers can respond quickly and in an educated fashion.The multitude of regulatory changes in recent years mean that employers and trustees may be focusing more on keeping pace than developing effective long-term strategies.Organisations can engage their employees in managing pensions ...
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AnalysisHow to support employees through uncertainty and change
Need to know: Whether political instability, economic downturn or organisational change, employers need to ensure that they soften the negative effects of uncertainty on employees.Positive behaviours, such as financial stability and psychological resilience need to be embedded in advance to be fully effective.Clear, deliberate and open communications will help ensure ...
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AnalysisPayday stress: Financial wellbeing in numbers
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AnalysisShould employers offer staff increased pay flexibility?
Need to know:Employers are catering to increasingly diverse workforces, many of whom want autonomy over their benefits and remuneration.Flexible benefits packages facilitate those employees who want to focus on their finances, while also providing a range of perks to appeal to many demographics.Flexibility when it comes to working hours and ...
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AnalysisHow can employers ease financial burdens for carers?
Need to know:Working carers face unique financial challenges, including receiving lower pay if they have to reduce their hours, and catering to them is vital for retaining key talent.Offering paid carers’ leave is important, as it ensures that employees do not have to choose between using up annual leave or ...
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AnalysisTop tips to support employees with unhealthy financial habits
Need to know:Addictive and unhealthy financial habits, such as gambling, are hard to spot, so financial wellbeing initiatives must offer a variety of supports to help employees with a wide range of needs.Looking into staff behaviours and demographics can help tailor communications and construct a strategy that fits with the ...
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AnalysisFinancial health: Helping employees plan for short and long-term financial goals
Need to know:The new year is a time for positive financial changes, and employers should embrace this, as monetary wellbeing translates directly into happiness and productivity.Rather than just focusing on pensions for the long-term, organisations should consider all aspects of financial wellbeing, including short-term items like loan repayments.Communications should be ...
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AnalysisHow to encourage active decision-making surrounding pension investments
Need to know: Employees can self-select their pension fund, rather than remaining invested in the default option; this can help staff better tailor investments to their personal circumstances.Financial education around available pension fund options can help employees make informed, active investment decisions.Communications should be clear, simple and feature a mix ...
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AnalysisEmployee satisfaction: does pay prevail?
Need to know:Money is an important foundation, but cultural changes have arguably created a world in which true engagement, happiness and satisfaction cannot be bought with pay alone.Employees not only expect a broader package of benefits, but will also look to an organisation's culture and impact on the world.Recognition, transparency, ...
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AnalysisHow can preventative health measures support employee wellness?
Need to know:Before implementing a preventative wellness strategy, employers should uncover the specific health and wellbeing challenges faced by their workforce.Proactive wellness initiatives should consider both physical and mental health; on-site or subsidised yoga classes, for example, can be a good way to address both.Technology is vital in helping to ...
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AnalysisHow can behavioural psychology tailor workplace savings messages to staff?
Need to know:A behavioural psychology approach to workplace savings communications can help employees develop positive savings habits.The language used in communications should target different motivators to ensure that the underlying message resonates with as many employees as possible.Employees sharing personal experiences can help to motivate behaviour change, but employers must ...
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AnalysisPensions versus other workplace investments: what are employees' options?
Need to know:Pensions are still viewed as the primary workplace savings vehicle for employees, but other tools include the corporate Individual savings account (Isa) or the Lifetime individual savings account (Lisa).The Pension Freedoms Act has made pensions more accessible and potentially more desirable as a savings vehicle, but employees may ...
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AnalysisIn numbers: Financial worries among UK employees
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AnalysisBeyond the money: Using creative means to address financial stress
Need to know:Employers may offer more financial wellbeing support in their benefits provisions than they realise, such as through employee assistance programmes (EAPs).Flexibility is vital in supporting employees' financial health; for example, facilitating off-peak travel, or allowing staff to complete errands during the working day.Apps, such as those that allow ...