New Model Reward Research: Why workplace planning isn’t a factor in pay and pension decisions
Workforce planning is not a factor when it comes to pay and pensions decisions according to the latest research report from REBA.
New Model Reward 2017, published in association with JLT Employee Benefits, questioned organisations about why they offered a pension. Not one respondent mentioned workforce planning as a factor or the need, now that the default retirement age has been abolished, for the organisation to be confident that employees will be able to retire once they reach their 60s.
Instead in most cases it reflected a desire to comply with the law, care for employees or offer a competitive package.
“It may be that it’s just too early for it to have an impact,” said Debi O’Donovan, director at REBA. “After all many of today’s older workers have been lucky enough to be long-term members of a defined benefit scheme and/or relatively generous defined contribution schemes.
“However, it won’t be long before employees are hitting normal retirement age and finding they can’t afford to retire – which means they will be looking to stay in employment as long as they can. It’s something that reward professionals really do need to look again at,” 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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