At a glance: reward and benefits headlines this week 20-26th August 2021
Here are the headlines you might have missed between 20-26 August 2021:
Citigroup tells staff 'go away for two weeks' in burnout ultimatum
HR Grapevine: Citigroup has told its bankers to take a fortnight off as bosses attempt to improve working conditions for junior staff and to prevent staff burnout, The Times has reported. Read Story
BEIS champions domestic abuse initiative for employers
Personnel Today: The Department for Business, Energy and Industrial Strategy (BEIS) has joined the Employers’ Initiative on Domestic Abuse (EIDA) as a ‘beacon’ member, supporting its employees who may have been victims or who are at risk of violence or intimidation at home. Read Story
Wellbeing classes do not improve workers’ mental health, research suggests
People Management: Classes for stress management, relaxation and mindfulness are “not satisfactory” for solving issues of worker wellbeing, according to a new study. Read Story
Scrap AE age and earnings minimums, savers say
Professional Pensions: A total 83% of respondents agree that all workers should be automatically enrolled, regardless of annual earnings or age, PensionBee says. Read Story
UK employers to give staff 2.9% pay rise in 2022
Employee Benefits: New research has found that UK employers are planning to give their staff an average annual pay rise of 2.9% in 2022. Read Story
Older staff working from home more likely to delay retirement
Personnel Today: People aged 50 years and over who work entirely from home are more likely to be put off retirement, compared with those not working from home. Read Story
FTSE 350 DB schemes time to buyout could drop by 35% due to Covid
Pensions Expert: FTSE 350 defined benefit schemes could be reaching their endgame quicker than expected due to the effects of the pandemic on life expectancy, new research has shown. Read Story
One in 10 Brits willing to risk job for post-holiday quarantine
HR Magazine: A reported 10% of UK workers have said they would risk losing their job over going on holiday and having to quarantine when they come back. Read Story
UK employers planning inflation-busting pay rises – research
Corporate Adviser: UK businesses are planning inflation-beating pay rises averaging 2.9 per cent in 2022 as pay freezes disappear and optimism returns, a major survey by Willis Towers Watson has found. Read Story
1 in 5 workers feel coming out is a disadvantage at work
HR Grapevine: A fifth of LGBT+ workers in the UK feel coming out to colleagues will put them at a disadvantage, a new report has found. Read Story
50% of part-time staff have a workplace pension
Employee Benefits: Only half of part-time employees have a workplace pension despite all eligible staff being automatically enrolled into their employer’s scheme, a survey has found. Read Story
Two-thirds of employers do not trust their staff to work remotely, survey finds
People Management: Two-thirds of employers do not trust their staff when it comes to working remotely, according to new research. Read Story
Pensions dashboard a 'solid idea with shaky foundations'
Professional Pensions: The pensions dashboard project is a “solid idea” but has “shaky foundations”, according to Premier Pensions. Read Story
UK staff have the oldest expected retirement age
Employee Benefits: New data has highlighted that UK workers have the oldest expected retirement age out of five European countries. Read Story
More than half of employees working unpaid hours daily
Personnel Today: More than half of employees in UK organisations are working additional unpaid hours every day, according to data from salary survey company Cendex. Read Story
Working from home improving health and wellbeing of older employees
Cover: The latest research from the Office of National Statistics (ONS) shows older workers are reaping the benefits of remote working. Read Story
Aegon flags MPAA Covid-19 risk
Corporate Adviser: Accessing pension to fund a Covid cash crisis could see even median earners hit with tax penalties for contributing to their pension, Aegon has warned. Read Story
Two in five employers will embrace hybrid working by 2023, poll finds
People Management: More than two in five employers (41 per cent) will have adopted hybrid working in two years’ time, a survey has found, with only three in 10 (30 per cent) businesses expecting to have their workforce fully back on site before 2023. Read Story
15.9m people in UK now financially vulnerable
Cover: New research from Royal London shows that 15.9 million adults in the UK now consider themselves to be more financially vulnerable than they did in March, due to the ongoing pandemic. Read Story
Childcare issues force one in six to cut work hours
Personnel Today: One in six parents has had to reduce their working hours because of difficulty accessing childcare. According to the Early Years Alliance, which represents childcare providers, difficulty accessing early years provision has left more than a quarter of parents with children under 5 struggling to balance work and childcare. Read Story
Gen X health and age fears over retirement funding – ILC research
Corporate Adviser: A third of Generation Xers fear health and old age mean they will be able to work for as long as they need to fund their retirement needs, according to research from the International Longevity Centre for Standard Life, part of Phoenix Group. Read story
Half of employers introduce new benefits during pandemic to cater to changing working practices
Cover: In a bid to reconnect with staff and adapt to new hybrid working structures, nearly half of employers (49%) in the UK and Ireland have introduced new employee benefits since the start of the pandemic. Read Story
Tax firms that don’t offer fair pay and conditions, report says
Personnel Today: Organisations in Scotland that do not offer fair pay and conditions should face ‘fair work levies’, and those that do should be rewarded with tax rebates. Read Story
Living wage gives £1.53 billion to low-paid staff
Employee Benefits: More than £1.53 billion has been awarded to 260,000-plus low-paid workers through the campaign for a real living wage over the past 20 years, according to new research. Read Story
Pay rises plateau as road to recovery continues
HR Magazine: Pay rises have stabilised at 1.5% after falling to zero in 2020 amid the COVID-19 pandemic. Read Story
Facebook plans to 'fundamentally transform' working - and it isn't remote or hybrid
HR Grapevine: Tech giant Facebook hopes to ‘fundamentally transform the way we work’ following the unveiling of its new workplace technology, but how can HR follow suit in future-proofing their working models? Read Story
UK staff unsupported on future of working habits
Cover: LifeSearch’s latest update to the Health Wealth & Happiness Index finds that employers are not listening to staff on how they wish to work. Read Story
Female FTSE 100 directors earn 73% less than male counterparts
Personnel Today: Female FTSE 100 directors earn on average 73% less than their male counterparts, according to analysis by New Street Consulting Group. Its research found that the average pay package for a female director in the FTSE 100 is £237,000, compared to £875,900 for male directors. Read Story
Paternity leave hit 10-year low during pandemic
Personnel Today: The low rate of statutory paternity pay has deterred fathers from taking time off during the pandemic, a law firm has claimed, with take-up of paternity leave falling to a 10-year low. Read Story
Remote work pay cuts on horizon despite businesses saving money
HR Magazine: More than two-thirds of companies across the UK are considering pay cuts for staff who choose to work from home. Read Story
More than half of those furloughed or out of work are not seeking employment, study finds
People Management: Just over one in 10 (11 per cent) workers who are on furlough or not working are looking for a job, according to new research, potentially spelling trouble for those employers struggling to recruit in the wake of the pandemic. Read Story
49% of employers have new benefits since pandemic
Employee Benefits: Nearly half of employers (49%) in the UK and Ireland have introduced new workplace benefits since the start of the Covid-19 (Coronavirus) pandemic in a bid to maintain staff morale and help employees adapt to new hybrid working structures, according to a report by HR specialist Zellis. Read Story
Scotland unveils new Women's Health Plan
The Scottish government has launched a new strategy aiming to improve health and reduce inequalities for women. Read Story
WTW report finds mixed picture on vaccines, onsite working and safety protocols
Corporate Adviser: Just three in ten employers expect to have their workforce fully back onsite in two years’ time, as hybrid working becomes the new norm, a study by Willis Towers Watson has found. Read Story
BIGGEST incentives firms are offering to encourage staff vaccine uptake
HR Grapevine: A £22,000 car prize and cash bonuses are among some of the incentives being offered by UK firms to encourage their staff to get a coronavirus vaccine. Read Story