New Model Reward Research: HRD versus FD: Boss of pensions makes a big difference to strategy
Whether a business is simply complying on pension provision or trying to better engage employees, depends on who has overall responsibility for pension strategy new research shows.
New Model Reward 2017, a report published by REBA in association with JLT Employee Benefits, found that where it is the HR director that is in charge then the focus is generally on engagement, whereas for the finance director the focus is often just on compliance.
When the HR director takes the lead, the research showed that the five top strategy drivers were different compared to when the finance director is in charge. For HR directors these included engaging employees, recruiting talent, cost containment, retaining talent and HR strategy.
When the finance director is in charge the top five strategy drivers were government legislation, cost containment, engaging employees, retaining talent and benchmarking with industry competitors.
Nearly three-quarters (74.4%) of those surveyed said that HR is taking more responsibility for delivering satisfactory members outcomes.
“It’s interesting, but perhaps not surprising, to see that who’s in charge of pension strategy depends on what the objectives of the business are when it comes to pensions,” said Debi O’Donovan, director at REBA. “The research does show however that increasingly it’s HR who is in charge,” she said.
Download the full 46-page PDF report here: New Model Reward research 2017. REBA members access the research for free.
For further in-depth discussion of this topic with senior HR and reward professionals, sign up for REBA's Reward Leaders' Forum on 27 April 2017. REBA Members can attend for free.
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