We have seen increasing interest from trustees keen to promote the use of online portals by members, for both defined benefit (DC) and defined contribution (DC) schemes.
A reward programme can cover areas such as compensation, benefits, personal growth and the work environment. However, for this article we are concentrating on the delivery of compensation and benefits in a joined up way.
HR needs to think and act more strategically by advising on and influencing business performance from an employee proposition, experience and performance perspective, rather than just reactively responding to what the business believes it wants and needs.
An employer will make a very generous contribution of 10% to a pension, but only if the employee makes a contribution of 6%. However, some employees are unable to make the 6%.
The DC pension formula (growth stage) is pivoted on the trinity of how long you put money in to it, how much you put in to it and net investment return.
By mid-2017, the UK population was estimated to be the largest it’s ever been and is expected to continue rising. As well as increasing in size, the ageing population is proportionately growing at a higher rate than the overall population.
The positive impact of employee happiness and high levels of wellbeing on the workplace is well established by now. Their contribution to the complexities of the productivity puzzle is accepted by many HR practitioners and other business professionals
Within living memory the accepted wisdom that we are born, go to school, work, retire and die has been turned on its head. This is true with regard to working past state retirement age, whether through personal choice or financial necessity.
The topic of mental health has hit the headlines and taken centre stage. Huge efforts have gone into challenging misconceptions about mental health. It’s about supporting people when they most need it.
In previous REBA articles we explored why financial wellbeing is ‘fundamental not just a fad’ and then looked at how we analyse, consultant, deliver and check via our ‘ACDC’ framework. Now we explore how to deliver this into the workplace.