5 Things The Employee Benefits World Taught Us This Week – June 12th
Each week we take the time on our employee benefits blog to spell out the 5 top employee benefits news stories of the week. We do the same this week, of course, and so here are the week’s top stories.
1. Google Docs Can Help Detect Lies On Your CV
Google Docs tool could expose CV lies it is claimed. As companies increasingly request for CVs through Google’s internet version of Microsoft Word, the tool’s new Draftback update will reveal the edit trail of any document. The new feature, part of a series of Google App updates, will mean that any changes or tweaks a person makes to their CV will be available for potential employers to view. Once published online, employers can choose to see any revisions or polishes and a full word for word history of what an applicant has written by using an option appearing within the Chrome browser when the Google Document is loaded, however applicants do have the option to hide the revision timeline before publishing the document. Piece of advice: always write the truth on your CV if you don’t want to be exposed!
2. Millennials Offered More Promotion Opportunities Than Babyboomers
Employees over the age of 50 are constantly being overlooked for promotion despite possessing essential leadership skills, according to a new report. The report released by The Institute of Leadership and Management (ILM) shows that many organisations assume that staff members over 50 lack the desire to develop and progress into more senior positions. ILM surveyed over 1,400 British managers who scored workers over 50 at 46% for attributes such as keenness to learn, develop and progress. The managers scored workers born between 1965 and 1976 scored at 67% on the same attributes. Millennials, born between 1977 and 1997, scored the highest at 79% on the same attributes. However, when the workers over 50 were asked, they scored themselves at 94% on their keenness to learn, while the millennials scored themselves at 87%. Do companies want to promote youth or experience? The balance is hard to strike!
3. Lockdown On Pension Pots?
The government will not intervene immediately to force pension providers to deliver on promised freedoms, the pensions minister has told the BBC. It follows news that some providers will not allow the over-55s to withdraw money from their pension pots as they wish. Other companies are charging hundreds of pounds for advice. Ros Altmann, the pensions minister, said the reforms - which started in April - must be given a chance to work. "If things aren't working properly, we will take action, (…) But let's give these reforms a chance; let's see how they work; the idea is right." The pensions industry said that the changes had been brought in too quickly, with the legislation completed just 20 days before the reforms were due to begin.
4. Can Wearable Tech Make Employees Healthier?
Some organisations are already starting to deploy wearables as a means of encouraging their employees to get fit. Dr Emmanuel Tsekleves, a senior lecturer in design interactions at Lancaster University (who also works at its Imagination Innovation lab), cites the example of BT. The company has apparently introduced a pilot project in which any employee can sign up for a free Fitbit activity tracker. In return, they agree to the company using their personal data, ranging from how much exercise they have taken each day to their sleep patterns, the aim being to link the metrics around staff wellbeing into the firm’s health insurance scheme. “There are a few companies that are doing this, but the motive isn’t so much having really healthy staff as lowering their insurance premiums, as far as I can gather,” Tsekleves says. But there are other potential benefits for employers too. There are already proven links between health and wellbeing and employee engagement, productivity and even retention. (The software company SAS Institute, for example, reported voluntary turnover of just 4% after introducing an employee wellness programme). But do you really need wearable tech to get in shape?
5. “I’d Rather Leave Than Being Paid Less Than I’m Worth”
Over one fifth of Tesco’s management have elected to accept a redundancy package rather than take a pay cut. The supermarket chain has effectively stripped away two layers of its management structure (deputy manager and line support), with approximately 1,000 people leaving. Job cuts were initiated in February, with CEO Dave Lewis announcing that thousands of jobs will be lost across head office and stores, despite a profitable Christmas. Collectively, 22% of those eligible claimed redundancy, whilst 55% agreed to work for less pay; the rest switched to roles with identical pay.