5 Things The Employee Benefits World Taught Us This Week – March 13th
We want to keep HR people up to date on all things employee benefits so we update you on the top 5 stories from the employee benefits world in the blog each Friday.
1. Employers aren’t confident that Pension Wise will provide the sufficient support for their employees
Research by Hymans Robertson has shown that 51% of employers think the government’s guidance guarantee Pension Wise programme will not deliver the support necessary for their employees to understand the new pension reforms.
In addition, 80% of employers think their staff will expect some sort of support from their employer like the workplace financial education sessions that DAM can provide.
2. Employers will have to reveal their gender pay gap
A new adaptation of a law means that employers with more than 250 employees will have to reveal their company’s gender pay gap. If they don’t they could be fined £5,000.
3. Cycle to work schemes and gym membership should be basics
Health and safety law consultancy Protecting.co.uk have argued that cycle to work schemes and gym membership discounts should not be considered perks, but rather should be the standard. They argue that it’s an employer’s duty to provide these.
4. Finance pros want benefit of more time off
Research from Accountemps has shown that staff working in finance and accounting professionals would like a benefits package that gives more paid time off. Other than pay, the next favourite benefit staff wanted was more holiday days with 30% wanting that.
5. 37% of employees are saying that stress is the reason for quitting their job
Nearly two-thirds of employees report having considered quitting their job because of stress in the last year. This research from MetLife also found that 47% of workers find their work stressful each day.