Employee Benefits - Exploring New Ways To Recruit, Retain and Engage Your Workforce

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Transcript of Employee Benefits - Exploring New Ways To Recruit, Retain and Engage Your Workforce

Page 1: Employee Benefits - Exploring New Ways To Recruit, Retain and Engage Your Workforce
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“To deliver solutions to help our clients

maximise employee engagement,

resulting in improved recruitment,

retention and workforce morale,

thereby increasing client productivity

and profitability”.

Company Overview

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12th May 2016

Adrian Firth – Employee Benefits Wealth Consultant

Exploring New Ways To Recruit, Retain

and Engage Your Workforce

– Financial Education in the Workplace

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Why Financial Education?

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Why Financial Education?

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Why Financial Education?

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Why Financial Education?

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Why Financial Education?

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Why Financial Education?

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Why Financial Education?

HMRC AllowancesHMRC AllowancesHMRC AllowancesHMRC Allowances

• Employer-arranged guidance and advice increase from £150 to £500

• Introduction of ‘safe harbour’ protecting employers

HMRC ConsultationHMRC ConsultationHMRC ConsultationHMRC Consultation

• £500 tax-free from pension to pay for advice

• For pension savers under 55?

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Why Financial Education?Why Financial Education?Why Financial Education?Why Financial Education?

• Increases engagement with employees

• Ensures they are planning for short and long term goals

• Reduces stress and absenteeism in the workplace

• As the government retreats from ‘guidance’ it’s left to

employers to help employees

• CautionCautionCautionCaution, education needs to be targeted, relevant and lead to

positive outcomes

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Financial Education

Case Study

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• Presentations to staff covering Annual Allowance, Lifetime

Allowance and Pension Freedoms.

• Potential risk of staff not fully understanding the changes

and the effects that they might have (tax liabilities).

• The aim of the presentations was to make sure key staff

who may be affected by the changes had a good

understanding of the subject and were therefore able to

take steps to mitigate any potential taxation issues.

Overview

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Seminar Content

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Feedback following the sessions are scored on a scale between:

1 = Low / Poor 5 = High / Excellent

Feedback Scores

Question Average

Q1 How would you rate your knowledge of today's subject prior to attending? 2.42

Q2 How would you rate your knowledge of today's subject following attending? 3.77

Q3 Please rate the presenter financial knowledge and presentation skills. 4.38

Q4 The content of the presentation was easy to follow. 4.08

Q5 The presentation covered sufficient detail on the subject. 3.94

Q6 I would recommend this presentation to a colleague. 4.32

Q7 I will take specific action as a result of attending this presentation. 4.32

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• Average knowledge of the subject has increased from (2.42) to

(3.77) showing a recognisable increase and awareness of the topic.

• Attendees found the presentation easy to follow (4.08).

• Attendees were highly likely to take specific actions as a result of

attending (4.32).

Observations

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Attendee Comments

Pension changes were not on my radar so thank you for

running this session.

I will now look into my finances more closely!

Very helpful, would like to have seen further illustrations.

Excellent presentation and contents / information.

Thank you.

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Any questions?

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HR Network Conference – May 2016

Client Case Study

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• Founded 2011 in Aberdeen • Three strategically located offices in Aberdeen, Central Belt and London

• We offer commercial no-nonsense HR support • 70 staff across the UK and operate a model where 90% of the team are staff

• Working across 20 sectors with over 250 clients

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#1 – Tell your people what you stand for

#2 – Gauge the culture

#3 – Intervene and be willing to say sorry

#4 – Communication must reflect your culture

#5 – Have a people strategy

#6 – Be flexible – individual choice

#7 – Create a visible career path

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Pay And Benefits

• “A canteen of benefits would be great.”

• “It would be good to have the option to buy/sell holidays.”

• “We should have a menu of benefits available and allow more flexibility of choice.”

• “We would like a salary sacrifice scheme for more benefit options.”

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Pay and Benefits

• “The concept of flex benefits is brilliant (as is the online system), it’s impressive for our size.”

• “Reward is fair and overall remuneration packages are great.”

• “The introduction of flexible benefits was very positive in response to the previous focus group feedback.”

• “We like the flex benefits, especially being able to buy holidays.”

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36% 64% £3,400

£10,000 £40K 256

£3,400 x 4 = £13,600

256 x £13,600 = £3.4M

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