At a glance: reward and benefits headlines this week 26 January - 1 February 2018
The headlines you might have missed between 26 January - 1 February.
66% predict borrowing and debt management as main financial wellness driver for 2018
Employee Benefits: Two-thirds (66%) of employer respondents predict that borrowing and managing debt will be the main financial wellness driver for 2018, according to research by Nudge. Read story
Advertised human resources salaries increase by 2.6%
Employee Benefits: Advertised salaries for jobs in the human resources (HR) sector have increased by 2.6% since the end of 2016, according to research by Reed Human Resources. Read story
Cross Country managers to receive a 3.3% pay rise
Employee Benefits: Managers at rail organisation Cross Country are to receive a 3.3% pay increase, backdated to May 2017. Read story
High Court rules Wedgwood scheme closure in 2006 was effective
Professional Pensions: The High Court has ruled that Wedgwood made an effective and valid decision when closing the Wedgwood Group Pension Plan (WGPP) to future accrual and ending the final salary link. Read story
CWU: Royal Mail CDC possible without legislation
Professional Pensions: Collective defined contribution (CDC) arrangements could be set up without needing full CDC legislation, which would speed up and make the process easier, the Communication Workers Union (CWU) has claimed. Read story
Robin Ellison: TPR 'decided not to exercise powers' despite trustee concern over Carillion schemes
Professional Pensions: The Pensions Regulator (TPR) failed to use its powers to force Carillion to pay higher contributions into its schemes despite trustees repeatedly raising concerns over the issue, Robin Ellison has said. Read story
Employers back face-to-face over online for financial education
Corporate Adviser: Face-to-face advice sessions are by far the most effective channel for financial education, preferred by 62 per cent of employers, while web based services such as webinars and online education/intranet are only backed by 9 per cent of firms, according to research from Close Brothers and the PLSA. Read story
HR salaries grow faster than national average
HR Magazine: Advertised salaries in HR grew by 2.6% since the end of 2016, outstripping national average growth of 2.3%. Read story
Employee share schemes must evolve to remain relevant to workers
Reward: Millennials aren’t taking advantage of share schemes because they think the schemes are outdated, inflexible and unaffordable.
Top 5 pensions scams to protect your employees from
HR Grapevine: The BBC reported that as many as 245 members of the public have lost an average of £55,000 each after falling victim to a series of recent scams, so here’s some of the craziest ways employees can lose it all from one misguided decision. Read story
Futamura awards 3.9% pay increase to 280 UK staff
Employee Benefits: Japanese manufacturing organisation Futamura has awarded a 3.9% pay increase to 280 employees based in Wigton, Cumbria. Read story
Post Office, GSK and NIIT Technologies recognised for employee engagement
Employee Benefits: Homeserve, GSK, NHS Business Services Authority, NIIT Technologies and the Post Office are among the organisations recognised at the 2017 UK and European Employee Engagement Awards. Read story
Frank Field brands TPR's approach to Carillion as 'tentative and apologetic’
Professional Pensions: The Pensions Regulator (TPR) has provided little evidence of hard action despite being aware of problems at Carillion since at least 2008, Work and Pensions Committee (WPC) chairman Frank Field has said. Read story
One in five FTSE 350 companies face AGM dissent; executive pay is top concern
Professional Pensions: FTSE 350 company shareholders face 'significant dissent' as executive pay tops corporate governance issues, The Pensions and Lifetime Savings Association (PLSA) says. Read story
The BBC's gender pay gap: Cuts could backfire
HR Magazine: Ahead of a Digital, Culture, Media and Sport Committee hearing on unequal pay at the BBC, the broadcaster has found a solution that could be problematic in the long run. Read story
5 steps to workplace recognition
Incentive and Motivation: March 2nd is Employee Appreciation Day, and while this is a great day for employers to show their workers gratitude for their efforts, employee appreciation is something that should happen throughout the year. Read story
EasyJet boss takes pay cut to show gender balance commitment
Personnel Today: EasyJet’s new chief executive is to take a pay cut to set his salary at the same level of that of his female predecessor, Carolyn McCall. Read story
Carillion tried to ‘wriggle out’ of pension obligations
Personnel Today: Failed outsourcing giant Carillion had been trying to wriggle out of obligations to its pensions schemes for a decade, according to a group of MPs. Read story
Only 4% of Brits know how much sick pay they’re entitled to
Health Insurance Daily: Only 4% of Brits know how much they would be paid in statutory sick pay if they were unwell and unable to work, research shows. Read story
Manager who refused new role with 20 per cent pay cut was unfairly dismissed, tribunal rules
People Management: A betting shop manager who refused to take up a new role with a 20 per cent pay cut during a business restructure – and whose right to appeal against her dismissal was ignored – was unfairly dismissed, an employment tribunal has found. Read story
21% withhold bonuses if employee has been on long-term sick leave
Employee Benefits: Around a fifth (21%) of employer respondents that pay bonuses will withhold bonus payments if an employee has been off work on long-term sick leave, according to research by Direct Line Life Insurance. Read story
45% have not made financial calculations to understand their retirement needs
Employee Benefits: More than two-fifths (45%) of UK-based employee respondents have not made any financial calculations to understand their retirement needs, according to research by Mercer. Read story
Zurich reports a 27.3% mean gender pay gap
Employee Benefits: Insurance organisation Zurich has reported a 27.3% mean gender pay gap for fixed hourly pay as at 5 April 2017. Read story
BBC proposes new pay framework for on-air roles
Employee Benefits: Media organisation the British Broadcasting Corporation (BBC) has proposed a new pay framework for on-air, news-related job roles in order to address pay anomalies. Read story
Experts look to flexible auto-enrolment to boost advice engagement
Money Marketing: Making auto-enrolment more flexible is key to getting more advisers involved in workplace planning, experts are arguing, but fears remain over the impact of removing default funds. Read story
Pensions watchdog claims FSD against ITV is a 'barn door case’
Professional Pensions: The Pensions Regulator's (TPR) attempt to impose a financial support direction (FSD) on ITV for the Box Clever Group Pension Scheme is a "barn door case", it has argued. Read story
Thousands of steelworkers to fall into PPF after failing to return paperwork
Professional Pensions: More than 25,000 steelworkers did not return their 'options forms' and as a consequence will remain in the current British Steel Pension Scheme (BSPS) for now, to move into the Pension Protection Fund (PPF) at the end of March. Read story
Carillion inquiry: Regulatory framework 'too restrictive' say scheme trustees
Professional Pensions: The regulatory framework is too restrictive and The Pensions Regulator (TPR) is hampered by conflicting objectives, Robin Ellison and Chris Martin told a parliamentary inquiry today. Read story
Gender gap: Women end up with half the pension of men by age 50
Professional Pensions: Women accumulate on average £56,000 in their pension funds by age 50 compared to £112,000 saved by men, research by Aegon has found. Read story
Financial education on the rise
HR Magazine: While online provision might seem easier and cheaper for employers to provide, this could be a false economy experts warn. Read story
68% see increase in stress and mental health-related illnesses in the workplace
Employee Benefits: More than two-thirds (68%) of employer respondents have seen an increase in instances of stress and mental health-related illnesses in the workplace, according to research by Aon. Read story
Ryanair recognises pilots’ trade union for collective pay bargaining
Employee Benefits: Ryanair has signed a voluntary trade union recognition agreement with the British Airline Pilots’ Association (BALPA) to enable collective pay bargaining. Read story
Baker McKenzie, Lloyds Banking Group and Sky among 2018’s top LGBT employers
Employee Benefits: Baker McKenzie, Citi, Lloyds Banking Group, Vodafone and Sky are among the organisations that have been named as inclusive employers for lesbian, gay, bisexual and trans (LGBT) employees, according to the Top 100 Employers 2018 list, compiled by LGBT charity Stonewall. Read story
Santander US awards pay increase to 1,500 US staff
Employee Benefits: Banking organisation Santander has increased its minimum hourly wage to $15 (£10.53) an hour for 1,500 US-based employees. Read story
Greene King hosts wellbeing week for staff
Employee Benefits: Pub retailer and brewing firm Greene King is holding a wellbeing week for employees to encourage healthy habits in its head office and depots in Bury St Edmonds and support centre in Burton. Read story
EAT rules in favour of firefighters’ appeal in pensions age discrimination case
Employee Benefits: The Employment Appeal Tribunal (EAT) has ruled in favour of firefighters who appealed an Employment Tribunal (ET) decision which found that a government move to justify changes to firefighters’ pension arrangements was not age discriminatory. Read story
Royal Mail and CWU agree to introduce UK's first CDC scheme
Professional Pensions: Royal Mail and the Communication Workers Union (CWU) have agreed in principal to work towards introducing a collective defined contribution (CDC) scheme for all employees. Read story
Capita shares plunge by over 40%; Frank Field intervenes over pension deficit
Professional Pensions: Shares in Capita have fell by over 40% this morning after the outsourcing firm announced it had suspended its dividend and initiated a multi-year transformation plan. Read story