Pensions & employee benefits roundup – February 2016
Throughout the month our research team keep a close eye on what is happening in the pensions and employee benefits industries. Here is a roundup of the best news articles and stories for January 2016.
A third of employees would prefer flexible working over a pay rise
HR Magazine, 4 January
As well as those looking for a more flexible working life, nearly a third (28%) said they would rather have a clear career progression route and a quarter (24%) would prefer their employer invested in their training and development more.
How to make total reward statements relevant to staff
Employee Benefits, 13 January
Total reward statements (TRS) that highlight the value of the entire reward provision to employees can be a useful tool in an employer’s recruitment, retention and engagement strategy, as long as these are positioned to create maximum impact and communicated in the most effective way. Clare Sheridan, head of online and flexible benefits at Capita Employee Benefits, says that total reward should mean just that, the total benefit in monetary terms that an employee receives.
36% introduce flexible working to improve absence rates
Employee Benefits, 18 January
Just over a third (36%) of employer respondents have implemented flexible working initiatives to address staff absence rates, according to research by industry body Group Risk Development (Grid).
Forget freedom, millennials want security
Pensions Expert, 19 January
ABI research found that when looked at the quarter following on from the introduction of pension freedoms, we found that two-fifths (41 per cent) of those in their twenties and just under half (47 per cent) of those in their thirties preferred guaranteed income solutions. This was compared with just a fifth (22 per cent) of those in their sixties.
Pension cash spending choices revealed
BBC, 28 January
The study found that only 14% of the group with defined contribution pensions - some 400,000 people - took some of that money in cash, with just over a third only taking the initial 25% tax-free lump sum. Most saved some of the money in other financial products and spent the rest.