At a glance: reward and benefits headlines this week 6-12 December 2019
The headlines you might have missed between 6-12 December
Pensions - it's a numbers game
Professional Pensions: Jonathan Stapleton explains his fascination with numbers... Read story
Schemes’ endgame decisions could be hit by IFA shortage
Pensions Expert: Pension schemes using enhanced transfer value exercises as a way to reach an endgame solution could soon see their journey delayed, as new rules coming into the advice sector are reducing the defined benefit transfer market. Read story
Two-fifths of employees with mental health problems unaware of right to legal protection
People Management: But experts warn that organisations shouldn’t wait for a disability classification before offering reasonable adjustments. Read story
Poll: 36% of employers use EAPs to support mental health in winter
Employee Benefits: More than a third of Employee Benefits readers support staff mental health during the winter months by offering access to an employee assistance programme (EAP). Read story
Three-quarters provide online access to employee benefits
Employee Benefits: Three-quarters (75%) of employers are now offering employees access to their benefits online, according to research by Specsavers Corporate Eyecare. Read story
Pure Planet gifts trees to 80 employees as Christmas reward
Employee Benefits: Renewable energy organisation Pure Planet has gifted all of its 80 employees a tree for Christmas this year, as part of its strategy to reduce waste and CO2 levels and increase sustainability. Read story
Employer investment in corporate gifting schemes has increased by 44%
Employee Benefits: The proportion of employers investing in employee gift schemes has increased by 44%, according to research by CR Worldwide. Read story
Employers still not fully embracing flexible working
Workplace Insight: Employers aren’t doing enough to help their employees to work flexibly, according to a survey by Tiger Recruitment, which has found that a third of UK workers questioned (32 percent) aren’t happy with the flexible working options available to them. Read story
Boosting productivity through health and wellbeing benefits
Personnel Today: In an uncertain working world, offering health and wellbeing benefits that people can use on a daily basis can have a positive effect on workers’ lives as well as reinforce the employer/employee relationship, argues Paul Avis. Read story
‘Fulfilling’ jobs for older workers could benefit health and wellbeing
Personnel Today: Maximising working opportunities for older people and offering fulfilling work beyond retirement age could have a profound impact on health and wellbeing, according to a report. Read story
BMA calls for full pensions tax reform
Pensions Age: The British Medical Association (BMA) has said that “fundamental pension taxation reform” is the only long-term solution to the ongoing tapered annual allowance issues. Read story
USS releases 2020 valuation timetable and responsibilities
Pensions Age: The Universities Superannuation Scheme (USS) has published its timeline for the 2020 valuation of the scheme and reiterated the responsibilities for the parties involved. Read story
Gender pay gap impacting attraction and retention of talent
HR Magazine: As gender pay gap progress continues to be slow, organisations are feeling the effects on their ability to attract and retain key talent, according to a report from Hays. Read story
It’s time to talk about the ethnicity pay gap
HR Magazine: The gender pay gap and the lack of BAME representation at senior organisational levels has been well-documented, but both are often viewed as separate topics. Read story
Employers acknowledge growing health and wellbeing issues among Gen X
Incentive and Motivation: With years of experience and expertise, Generation X, born 1965 to 1976, and now between the ages of 43 and 54, form the backbone of most organisations, but GRiD warns of growing health and wellbeing issues among this group, and the knock-on effects for employers in how to support them. Read story
Mercer predicts sharp rise in DB bulk buy-outs
Corporate Adviser: A fourfold increase in the number of defined benefit bulk buy outs is expected over the next decade, according to latest industry figures. Read story
AE 'failing construction workers' as just one in four in a workplace scheme
Professional Pensions: Just 23% of blue collar construction workers are saving into a workplace pension, a Freedom of Information (FOI) request by Unite has revealed. Read story
34% have widened communications due to auto re-enrolment
Employee Benefits: Under auto-enrolment legislation, employers are required to re-enrol employees into a pension scheme every three years. Many employers have used this as a lever to expand their communications strategy. Read story
Lincolnshire health visitors end strike action over pay dispute
Employee Benefits: Lincolnshire County Council has agreed to pay Lincolnshire health visitors between £2,000 and £6,000 in a one-off transitional payment after upgrading their pay grade from a grade 9 to a grade 10. Read story
Eight in ten employees face financial difficulty in January due to early December payday
Employee Benefits: Eight in ten (82%) UK employees find that getting paid early in December has a negative financial impact in January, according to research by Hastee. Read story
10 most unique office perks
HR Grapevine: For many employees, salary and work perks are the most important consideration when accepting a new job. In fact, according to research from EBRI, 78% of employees say that work perks are an extremely important part of their decision. Read story
Pension wealth almost doubles to £6.1trn over decade
Money Marketing: Total private pension wealth in the UK has jumped to £6.1trn from £3.6trn over the last decade but blemishes in the system remain. Read story
Almost 90% of UK workers suffer 'excessive' stress
Cover: Freelancers/contractors more likely to seek help from family members in absence of workplace support. Read story
Women more likely to be offered flexible working than men
HR Review: A survey conducted by Tiger Recruitment found that 36 per cent of women are being offered remote or home working compared to 17 per cent of men. It also found that informal flexible working is offered more to women than men at 21 per cent vs 13 per cent as well as part-time working with 20 per cent vs 11 per cent. Read story
Ombudsman sides with Shell on climate change dispute
Pensions Expert: The Pensions Ombudsman has sided with the Shell Contributory Pension Fund in the legal challenge regarding the disclosure of climate change information, which has prompted environmental lawyers ClientEarth to request the body to review its internal procedures. Read story
UK employers call for health tax reform to ‘alleviate pressure on NHS’
People Management: Coalition argues tax-exempt occupational health offering would better support staff wellbeing. Read story
Absolute Plumbing ordered to pay $145,297 for wage violations
Employee Benefits: Florida-based plumbing organisation Absolute Plumbing has been ordered to pay $145,297 (£110,385) in back wages and damages to 46 employees for overtime violations after an investigation by the US Department of Labor’s Wage and Hour Division (WHD) discovered it was violating federal law. Read story
Linklaters enhances parental leave for UK employees
Employee Benefits: Law firm Linklaters is to enhance parental leave for its 2,500 UK employees, with plans to assess the suitability of an enhanced parental support package for its other offices and regions in 2020. Read story
Eight in 10 Dorset police employees feel underpaid for stress of the job
Employee Benefits: More than four-fifths (86%) of Dorset police do not feel fairly paid for the stresses and strains of their job, according to the Police Federation of England and Wales (PFEW) Pay and morale survey. Read story
Less than a quarter of employees feel 'supported'
Cover: Research commissioned by Aetna International reveals gulf in worldwide wellbeing programmes. Read story
Three quarters of companies manage benefits online
Employer News: Three quarters (75%) of UK companies now administer their employee benefits online, according to new research by Specsavers Corporate Eyecare. The survey among more than 500 HR decision makers and heads of businesses investigated the administration processes and associated advantages for companies of all sizes across the country. Read story
Santander UK exec latest to take pension cut
Pensions Age: Santander’s UK chief executive, Nathan Bostock, will have his pension allowance cut by over £400,000 over the next two years in order to meet new Investment Association (IA) guidelines. Read story
Mothercare UK DB pensions safeguarded
Pensions Age: Mothercare UK (MUK) has announced that its two defined benefit pension schemes and their members have been safeguarded following the company's fall into administration. Read story
Should employers introduce cryptocurrency into HR benefits?
HR News: It’s safe to say that cryptocurrency is here to stay. While some media outlets will claim that Bitcoin is still very much a craze, it is very close to going mainstream. Read story
Equality, mental health and Brexit top concerns for employers
HR Magazine: Employers are taking strong action to improve the workplace in light of gender pay gap reporting regulations, revelations of sexual harassment, and ongoing Brexit uncertainty. Read story
Growing number of schemes offer at-retirement advice options
Corporate Adviser: More than a third (34 per cent) of trustees are taking steps to ensure members get professional financial advice at retirement, according to new research. Read story
How trustees can better navigate the DB endgame
Pensions Expert: Talking Point: Experts at a recent Pensions Expert event discuss what DB ‘endgame’ options are available to pension schemes as they mature and their funding levels improve. Read story
Half of employers don’t actively attract disabled workers, study finds
People Management: There are many easy, inexpensive adjustments businesses can make to ensure the recruitment process is more inclusive, say experts. Read story
26% want guidance on retirement decisions due to pension freedoms
Employee Benefits: The pension freedoms, introduced in April 2015, gave many employees increased choice around how and when to access their pension. However, with more choice and flexibility has come a greater need for guidance around retirement savings. Read story
90% of employees are engaged in their current roles
Employee Benefits: Nine in 10 (90%) employees identify themselves as engaged in the workplace in their current roles, according to research by Wrike. Read story
Google, Hiscox and Microsoft named best places to work in UK
Employee Benefits: Google, Microsoft and insurance provider Hiscox are among the top 10 employers named in Glassdoor’s 50 UK Best Places to Work in 2020. Read story
CASE STUDY: Staff money worries at London City Airport
Cover: Almost a quarter of airport’s workforce were found to be living pay cheque to pay cheque. Read story
Stagecoach pension deficits increase by £88m
Pensions Age: The Stagecoach Group’s overall defined benefit pension deficits have increased, from £197.7m in April to £285.2m in October 2019, its latest financial report has revealed. Read story
UK workers plan to retire before state pension age
Pensions Age: The average UK working adult plans to start taking benefits from their private pension from age 62, according to new research from Canada Life. Read story
Majority of UK employees feel engaged at work, despite a third experiencing burn out and many wanting higher pay
HR News: The vast majority of UK workers (90%) identify themselves as engaged at their current job, yet one in four (23%) believe they are only productive at work less than half of the time, work management platform Wrike has found. Read story
Almost Half of Women in Tech Feel Gender Pay Gap Is Still an Issue
HR News: Ivanti, the company that unifies IT to better manage and secure the digital workplace, today announced survey results that found the majority of women who work in the technology industry are still experiencing inequality when it comes to salary and career progression. Read story
Can ‘hangover days’ attract young millennials?
HR Review: A marketing company in Bolton offers employees “hangover days” as it believes it attracts young millennials, promotes trust and is a perk for those who do not have children. Read story
Pensions have become the 'largest component' of household wealth
Professional Pensions: Pensions have overtaken household property wealth to become the largest component of household wealth, according to analysis from the Resolution Foundation. Read story
Staff money worries cost employers £15bn per year, study suggests
People Management: Research finds financial stress is behind increased absence and lower productivity, but only 4 per cent of organisations say it is a ‘top’ priority. Read story
MRL Consulting Group boosts retention and productivity with four-day week
Employee Benefits: International recruitment firm MRL Consulting Group has seen 95% staff retention since piloting a four-day working week. Read story
St John Properties pays 198 employees $10 million bonus
Employee Benefits: US real estate organisation St John Properties has awarded all of its 198 employees a share of a $10 million (£7.57 million) bonus pot. Read story
74% feel employers should offer more flexible working hours for mothers
Employee Benefits: Almost three-quarters (74%) of mothers feel that employers should offer more flexible working hours, according to research by Now: Pensions. Read story
Boss shocked staff with WHOPPING £7.5m bonus
HR Grapevine: Whether it is a small gift of appreciation, a retail voucher or even a lavish Christmas party for the whole workforce to enjoy together, employers have gone to great lengths to engage and retain employees. Read story
TPO criticised over Shell pension climate risk decision
Pensions Age: Environmental lawyers at ClientEarth have criticised The Pensions Ombudsman’s (TPO) decision not to uphold a complaint against the Shell Contributory Pension Fund’s (SCPF) climate risk policies. Read story
Pensions industry awaits election outcome
Pensions Age: The pensions industry is waiting on the result of the general election that may significantly affect the direction of pensions policy in the immediate future. Read story
Employers looking to nurture talent in 2020 should overhaul their appraisal process, says Activ People HR
HR News: Performance appraisals may be losing favour in some organisations over different approaches to performance management, but Adrian Lewis, Director of Activ People HR says they are still a crucial part of nurturing and engaging staff. Read story