At a glance: reward and benefits headlines this week 29 December 2017 - 4 January 2018
The headlines you might have missed between 29 December - 4 January.
TPR gets stronger, the government weaker: Top 5 law and regulation stories from 2017
Pensions Expert: Pensions policy output was muted in 2017 as Brexit negotiations proved an overriding concern, while regulators and courts continued their reforms and rulings at a busy pace. Here are our top five legal and regulatory stories from 2017. Read story
Ways to drive employee engagement
Incentive and Motivation: Now is the time to look at ways to drive employee engagement – especially as according to recent news, as the new year comes in, real pay remains £15-a-week below its peak before the global financial crash of 2008 and is not expected to recover to its pre-crisis levels until 2025. Read story
Eight employment law cases that will shape 2018
Personnel Today: We round up eight significant employment law decisions expected in 2018, with cases due on employment status in the gig economy, enhanced shared parental leave, disability discrimination and carry-over of annual leave. Read story
Ros Altmann: Automatic pension guidance is the bold reform industry needs
Money Marketing: The work and pensions select committee must be applauded for urging the Government to do more to protect the public. Read story
31% of employees want a more flexible approach to work
Employee Benefits: Just under one-third (31%) of employees would like to have a more flexible working environment, according to research by Investors In People (IIP). Read story
FTSE 100 defined benefit (DB) pension funding liabilities rise to £705 billion
Employee Benefits: The funding liabilities for FTSE 100 defined benefit (DB) pension schemes in the UK have risen to £705 billion at the end of December 2017 from £460 billion at the end of September 2017, according to research by JLT Employee Benefits. Read story
UK wage growth predicted to fall in 2018
Employee Benefits: UK employees will be set for a financial blow with real wages set to fall again in 2018, according to a Trades Union Congress (TUC) report published 29th December 2017. Read story
MiFID II: Top five action points for schemes
Professional Pensions: Ahead of tomorrow's deadline for implementing MiFID II, the Pension and Lifetime Savings Association (PLSA) says there are key things pension funds need to do. Read story
Gender pay reporting: Take action now
HR Magazine: Employers with significant pay gaps could see their employee recruitment and retention severely impacted if they aren’t able to explain the actions they’re taking to address the gap. Read story
Making a best in class reward programme
Incentive and Motivation: Almost 90 percent of companies now use recognition programs according to a Towers Watson Global Workforce Study – and it seems making a best in class reward programme is a top priority for many businesses. Read story
Iceland passes law to make it illegal to pay men more than women
Employee Benefits: Iceland is the first country to pass a law to make it illegal for men to be paid more than women. Read story
Simplyhealth revamps benefits and reward proposition
Employee Benefits: Health cash plan provider Simplyhealth has revamped its benefits and reward proposition for its 1,300 UK-based employees, including enhancing the organisation’s defined contribution (DC) pension scheme, introducing financial education and launching a flexible benefits personal spending account. Read story
Employees unclear about workplace benefits
HR Magazine: People are far more likely to apply for jobs where the employee benefits are made clear, research has shown. Read story
Adequate duty of care for the globally mobile
HR Magazine: Employers are legally obligated to ensure the health, wellbeing and safety of each employee. But what about those who work overseas? Read story
Wellbeing ‘top benefit’ for 2018 say top reward and benefits providers
Incentive and Motivation: Businesses will put the mental wellbeing of employees at the top of the 2018 boardroom agenda, according to new predictions from Perkbox, the UK’s fastest growing employee benefits platform – a view that is also taken by experts in the field including Reward Gateway, Healthia and Aon Employee Benefits. Read story
Government gender pay gap laws ‘lack power to sanction employers’
People Management: The government has granted “no direct power” in its gender pay gap reporting regulations to the Equality and Human Rights Commission (EHRC) to impose sanctions on employers that fail to comply, according to a legal expert. Read story
HR professionals lack knowledge of key MiFID II pension changes, say experts
People Management: New rules may raise costs and affect investment decisions, as well as increasing obligations on investors. Read story
One in five FTSE 100 DB schemes at least 80% funded on buyout basis
Professional Pensions: The number of FTSE 100 defined benefit (DB) schemes at least 80% funded on a buyout basis almost doubled over 2016, according to Lane Clark & Peacock (LCP). Read story
Fat Cat Thursday spotlights "grossly excessive" exec pay
HR Magazine: Continued government focus, shareholder and RemCo pressure, and better succession planning all cited as potential solutions. Read story
'We won': McDonald's biggest pay rise in decade boosts staff
HR Grapevine: McDonald’s UK employees are celebrating after the fast food firm pledged to dole out the biggest pay rise in 10 years. Read story
Council offers extra maternity leave to mothers of premature babies
Personnel Today: A London council is to offer extra maternity and paternity leave to all staff who become parents to premature babies. Read story
Goodwood-based Rolls Royce staff accept two-year pay deal
Employee Benefits: Rolls Royce employees who are based at the car manufacturing organisation’s Goodwood site and who are members of the trade union Unite, have voted to accept a two-year pay deal. Read story
85% are more likely to work for employers who offer clearly labelled employee benefits
Employee Benefits: More than four-fifths (85%) of respondents are more likely to work for an employer who offers clearly labelled workplace benefits, according to research by Canada Life Group Insurance. Read story
New York introduces paid family leave for all private sector employees
Employee Benefits: New York has introduced a new state-wide paid family leave benefit for all New York-based employees who work in the private sector. Read story
Fat Cat Thursday: Trustees should quiz fund managers on CEO pay voting
Professional Pensions: Schemes have been urged to take action after research shows FTSE 100 chief executive officers (CEOs) earn more in three days than the average worker earns annually. Read story
Just 17% of DB schemes have contingency plans
Professional Pensions: More than one in six schemes are potentially at higher risk because they do not have formal contingency plans in place, according to research by Barnett Waddingham. Read story