At a glance: reward and benefits headlines this week 23-29 October 2020
The headlines you might have missed between 23-29 October 2020.
Chancellor increases support for business in alteration of job support scheme
HR Review: Yesterday (22nd October 2020), Chancellor Rishi Sunak announced new changes to the Job Support Scheme (JSS) which would see increased financial support for businesses. Read story
Recovery end plan dates lengthened by just one third of DB schemes
Professional Pensions: Only one third of defined benefit (DB) schemes lengthened their recovery plan end dates in 2019, according to research by Hymans Robertson. Read story
What trustees looking to transfer to superfunds should consider
Professional Pensions: Caroline Kurup explores the latest TPR guidance on superfund transfers and what scheme trustees should be considering. Read story
Allen and Overy reports 59.9% mean gender and 22.4% ethnicity pay gaps
Employee Benefits: International law firm Allen and Overy has reported a 59.9% mean gender pay gap among employees, including partners, as at April 2020. It has also voluntarily chosen to report its ethnicity pay gap data, finding a 22.4% mean difference. Read story
GRiD: How well are employers communicating staff benefits?
Cover: Only 57% of employers believe employees understand their benefits, GRiD research reveals. Read story
How can businesses manage poor performance when employees are working remotely?
Employer News: Addressing poor performance is a key element of a line manager’s role and since the pandemic, this means managing the performance of remote workers. Read story
Automatic enrolment pension contributions could be reviewed in 2021
Employer News: Pensions Minister Guy Opperman has announced a possible auto enrolment review next year to assess the need to increase pension contribution rates and increase the number of people who are eligible for the system. Read story
BMA calls for govt assurance that doctors will not pay for McCloud transition
Pensions Age: The British Medical Association (BMA) has called on the government to provide “absolute assurance” that doctors will not have to shoulder any payment to remedy age discrimination identified in the McCloud judgment. Read story
How can companies manage a fragmented workforce during this winter of upheaval?
HR News: Adrian Lewis, director at Active Absence, says as the situation is continually evolving, employers will find the next few months hugely challenging. Read story
Flexible working causing company culture concerns
HR Magazine: HR teams are concerned about the impact flexible working will have on company culture. Read story
Ian McKenna: Useful services, not useless discounts
Corporate Adviser: Genuinely supportive medical services such as those offered through Aviva’s DigiCare+ offering give employees more than luke- warm discounts says Ian McKenna, director of FTRC. Read story
Just over half of employers believe employees understand all their benefits
HR Review: Research shows that just over half of employers think that their workforce are aware of and understand all the benefits on offer to them. Read story
Experts predict January ‘Burnout Spike’ as cases of burnout increase
HR Review: New research predicts there will be a January ‘burnout spike’ as employees struggle with remote working and COVID-19 restrictions. Read story
Two-in-three DB sponsors issue profit warnings in 2020
Professional Pensions: “Mounting red flags of financial stress” have meant almost two-thirds of listed companies with defined benefit (DB) schemes have issued profit warnings this year, EY says. Read story
Lloyds Banking Group extends remote-working policy
Employee Benefits: Financial services organisation Lloyds Banking Group has extended its remote working policy due to the health risks of Covid-19 (Coronavirus). Read story
Wates Group reports 29.8% mean gender pay gap
Employee Benefits: Construction organisation Wates Group has reported a mean gender pay gap of 29.8% for average hourly pay as at April 2019, down from 33.2% the previous year. Read story
Instantprint improves engagement through virtual fancy dress contest
Employee Benefits: South Yorkshire-based printing organisation Instantprint boosted employee engagement through launching a virtual workplace dress contest for its 43 employees. Read story
Partner Insight: Employee healthcare sector 'evolving' as a result of Covid-19
Cover: The coronavirus pandemic has highlighted the need for quick and efficient access to medical advice and treatment. COVER investigates the changing environment. Read story
Pension reforms to cost UK companies £40bn
Corporate Adviser: New rules designed to protect company pension schemes could cost UK employers an extra £40bn over the next decade, according to new figures from LCP. Read story
Pension industry ‘divided’ on new DB funding code
Corporate Adviser: The UK pension industry is divided and cautious about the potential benefits of the regulator’s proposed new DB funding code of practice. Read story
10,000 Black Interns campaign launches with leading investment managers' backing
Professional Pensions: Leading figures of the investment management industry have today launched the 10,000 Black Interns programme which aims to improve and transform the career prospects of young black people in the UK. Read story
PLSA calls for Pension Schemes Bill amendments; Says TPR powers 'cast net too wide'
Professional Pensions: The Pensions and Lifetime Savings Association (PLSA) has called for amendments to the Pension Schemes Bill to ensure new regulatory powers do not unintentionally prevent schemes from taking action in members’ interests. Read story
Disabled workers facing coronavirus ‘jobs crisis’, survey shows
People Management: Two-fifths of employers say being unable to support those with disabilities during the outbreak is a barrier to employing them. Read story
Linklaters introduces diversity strategy to improve ethnic equality
Employee Benefits: Global law firm Linklaters has introduced a new racial diversity strategy committing to address the issues that employees from ethnic minority groups face in the workplace. Read story
California Court of Appeal orders Uber and Lyft to classify drivers as employees
Employee Benefits: The California Court of Appeal has ordered US ridesharing organisations Uber and Lyft to classify their drivers as employees following an appeal process. Read story
BT enhances communications strategy
Employee Benefits: Telecommunications organisation BT has enhanced its communications strategy to ensure its employees feel more connected during the Covid-19 (Coronavirus) pandemic. Read story
Worker burnout has increased by a third, research claims
Workplace Insight: According to new data from people success platform Glint, employee burnout is reaching new highs — with no signs of abating. People worldwide have been coping with a range of hardships this year, including a pandemic, social isolation, enforced working from home, school disruptions and major layoffs. Read story
Statement of policy intent on impartial pension guidance rules expected
Pensions Age: Pensions Minister, Guy Opperman, has confirmed that a statement of policy intent in relation to the impartial guidance rules covered by Clauses 18 and 19 of the Financial Guidance and Claims Act 2018 will be published "shortly". Read story
Millennials’ financial wellbeing is the most affected by the pandemic
HR News: A new report from Dynata, the world’s largest first party data and insights platform, spotlights generational differences between Brits’ financial and economic concerns, with Millennials and Gen X the most affected. Read story
5 ways 2020 will reshape coworking and flexible office spaces
HR News: COVID-19 really has been the Horseman of the 21st century and many fundamental shifts in the way we live, work and communicate. Read story
The nine 'levers' you need to pull if you're serious about inclusion
HR Magazine: At the current rate of progress with inclusion, it won't be our daughters who stand the same chance as our sons of being the next CEOs. It won't even be our granddaughters. It will be our great-granddaughters who finally stand the same chance as our great-grandsons – but, even then, only if they are caucasian and heterosexual, otherwise it'll knock it back another generation. Read story
DWP to ‘nudge’ DC savers towards Pension Wise
Corporate Adviser: The Pensions Regulator will introduce guidance for trustees on new government ‘nudge’ tactics, designed to encourage DC savers to contact Pension Wise prior to retirement. Read story
Further delays hit pensions dashboard initiative
Corporate Adviser: Further delays appear to have hit the pensions dashboard, with the group tasked with implementing this initiative confirming it will not be fully operational until 2023. Read story
Raising the bar for small DC schemes
Professional Pensions: As DC schemes face increasing pressures to consolidate, David Snowdon says master trusts are the perfect home. Read story
Reddit introduces remote-working policy
Employee Benefits: US social news aggregation organisation Reddit has enhanced its remote-working policy to give employees more flexibility over where they work. Read story
Holland and Barrett gives 5,000 employees early access to pay
Employee Benefits: Health food retail chain Holland and Barrett is giving its 5,000 staff instant access to their pay to support their financial wellbeing during the Covid-19 (Coronavirus) pandemic. Read story
Devon Air Ambulance provides flexible pay benefit for 135 staff
Employee Benefits: Emergency medical service Devon Air Ambulance is giving its 135 employees early access to their pay to avoid financial hardship throughout the Covid-19 (Coronavirus) pandemic. Read story
58% of employees do not expect a Christmas reward from their employer
Employee Benefits: More than half (58%) of employees do not think they will receive a Christmas reward from their employer, according to research by gift card provider Blackhawk Network. Read story
Millions of workers experience low levels of job satisfaction at work
Workplace Insight: A new survey conducted by City Pantry, asked workers about their workplace behaviour, stress levels, mental health and job satisfaction, to get an idea of what Brits’ working lives look like and how they can be improved through a focus on employee wellbeing. Read story
FCA issues data request to Rolls-Royce DB pension transfer advisers
Pensions Age: The Financial Conduct Authority (FCA) has issued a data request to a number of advisers involved in transfers from the Rolls-Royce PLC defined benefit (DB) pension scheme, after being alerted to concerns by Rolls-Royce. Read story
Lockdown in winter – expert warns working from home creates new challenges for employers and employees
Incentive and Motivation: With daylight hours decreasing and lockdown increasing across the UK, employee engagement experts, Inpulse, are warning employers to communicate with their staff about the risks of not building physical and emotional resilience into their daily lives. Read story
“Serious change” must occur to boost productivity levels, say three-quarters of workers
HR Review: Research shows that there is a significant gap between how leaders and employees view productivity within their companies. Read story
Public's level of trust in pensions has not increased since introduction of freedoms, says industry
Professional Pensions: The majority of the industry agrees the public's level of trust in pensions has not gone up since the introduction of the pension freedoms five years ago, according to a Professional Pensions poll. Read story
Trustee forced to return £292,000 stolen from workplace scheme
Professional Pensions: A convicted fraudster has been ordered to repay £292,000 which he transferred from savers’ pension pots and funnelled into businesses he part-owned. Read story
Weymouth Town Council becomes accredited living wage employer
Employee Benefits: Weymouth Town Council has become a real living wage employer, accredited by the Living Wage Foundation. Read story
Dentons returns 1,100 employees to full pay
Employee Benefits: Multinational law firm Dentons will return its employees to full pay following the cuts that were put in place due to the Covid-19 (Coronavirus) pandemic, effective November 2020. Read story
Co-op introduces diversity strategy to address ethnic inequality
Employee Benefits: Supermarket retailer Co-op is committed to addressing the issues that employees from ethnic minority groups may face in the workplace. Read story
37% of employers invest in wellbeing strategies to improve productivity
Employee Benefits: Over one-third (37%) of employers chose to invest in health and wellbeing strategies to support productivity and motivation, according to exclusive research by Aon. Read story
Oslo tops list of cities with the best work-life balance
Workplace Insight: Cloud-based access control company Kisi has released their 2020 work-life balance city index, highlighting how major cities from the 2019 edition have since been impacted by the global pandemic. Read story
Iffy Nasir: A simple guide to Employee Share Schemes
Employer News: Ifty Nasir, co-founder and CEO of Vestd discusses Employee Share Schemes and how they can help employers compete for top talent. Read story
Few nearing retirement are considering the cost of their plans - DWP
Pensions Age: Few pension savers aged between 50 and 72 have considered the income or wealth they might need to support their retirement, according to research published by the Department for Work and Pensions (DWP). Read story
Up to £1.8bn in pension credit unclaimed despite uptick in take-up
Pensions Age: Up to 1 million families who are entitled to receive pension credit did not claim the benefit in 2019, according to the Department for Work and Pensions' (DWP) latest estimates, with up to £1.8bn of available pension credit going unclaimed as a result. Read story