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10 May 2018
by Liz Morrell

Video tutorial: How to create a financial benefits package that appeals to younger staff

Creating a financial benefits package that will appeal to younger staff is vital to meet changing business needs, according to Aiden Coloe, partner at Lane Clark & Peacock. 

Speaking at the REBA Reward Leaders’ Forum 2018 Coloe presented a case study into one of his clients and how their changing business needs meant they had to do more to create a financial benefits package that appealed to the younger staff they wanted to attract.

“We had a number of workshops and involved key people at board level and got together to work out what we should be doing,” he said. Demographics and issues of the employees were examined. “The reward policy was more geared towards pensions and the older people, so it wasn’t really enticing for those younger people who were coming into their company,” he said.

Those individuals also came in with different needs – such as student debt or needing to save for housing, he said. “The client needed to think about their reward spend and so redistributed some of that reward spend to the younger people,” said Coloe.

The exploration of demographics also reflected the greater mobility of younger employees and the acceptance that younger people would move on more quickly – which helped the organisation also understand what such employees would want and need.

He said that LCP also pulled in its own data to see how the client compared to its peers too. “The client thought about how they compared to other sectors – including the ones they may be recruiting from such as IT and marketing. That helped them to assess whether the contribution structure they had was sufficient compared to the others they were recruiting from,” he said.  

Coloe said that the company is now implementing a savings solution that caters for the different needs of younger people – from managing student debt to saving for property.

“This is something that’s been put in place to cater for both younger and older people,” said Coloe. “This company is making sure their savings platform is fit for purpose for the future and is one that aligns with their business strategy,” he said.

He encouraged delegates to do the same with their businesses and to use their providers to engage with such staff.

“When it comes to employment engagement and technology the two go hand in hand,” said Dipa Mistry, head of flexible benefit services at Lane Clark & Peacock. However, she stressed that organisations should remember offline too. 

This video was recorded at the REBA Reward Leaders’ Forum 2018 in London on 18 April 2018.

In partnership with LCP

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