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STAFF A PENSION. SO WITH EVERY ORGANISATION OFFERING THE SAME OR SIMILAR, TIME TO PRIORITISE BENEFITS THAT KEEP STAFF HAPPY, HEALTHY AND PRODUCTIVE NOW.
ARTICLE BY PAUL AVIS, MARKETING DIRECTOR - CANADA LIFE GROUP INSURANCE
To have a really palpable impact on work satisfaction among staff of all ages, the easiest and most effective route is a strong ‘immediate benefits’ policy underpinning all other attraction and retention initiatives
We’re witnessing a seismic shift in demographic patterns within the workforce. Statistics show that after hitting 65, men and women in the UK can expect to live for another 19 and 21 years respectively1
and so many are working
for a longer period of time, often beyond the traditional retirement age of 65. For some, working in later life will be unavoidable if their pension payments and savings are insufficient to fund their lifestyle. Research showed more than two in five (44 percent) of employees say their pension pot is not sufficient to retire at age 652
. Nearly 40 percent, on the other hand,
take genuine enjoyment from their job and will carry on working simply because they want to. Regardless, an ageing workforce has a significant impact on the type of employee support needed and the benefits that are most desirable to staff. So, how can employers ensure their benefits packages are up to scratch and attractive to both older and younger employees? Offering a wider variety of benefits helps staff to feel valued, and arguably leads to them staying in the organisation for longer. So what to focus on instead? Although employees are living longer, the quality of their life and work depends very much on their health. We’re seeing older people embracing more exercise and healthier eating, but they are going to deal with illnesses in older age and for some this will mean critical long term conditions or illnesses. It’s important to have benefits in place to help them through these challenging times. Group Income Protection (GIP) offers financial support if an employee becomes ill or injured and unable to work, offering the reassurance they need when they’re
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frightened and unsure of their health at a time when the last thing they need is to feel anxious about their financial security. Employees of all ages have financial responsibilities, such as mortgage or rent payments, utility bills and outstanding debts, and GIP may enable them to meet these payments. It could also allow them to continue contributing to their pension pots, thereby protecting their financial future. Yet what many employers do not realise is
the core income protection offering is just the tip of the iceberg. Employees are offered rehabilitation and support through added- value services, designed to reintegrate the employee back into the workplace where possible and as soon as is reasonable. This prevents staff from going on a long-term absence and is a boon for staff of all ages who will be keen to get back into a position of financial stability. Employee Assistance Programmes (included with most GIP products) can also be used to communicate advice on improving health, helping to create a healthier culture within the workplace. Group Critical Illness is another ‘living benefit’ that helps employees financially when they’re seriously ill. With one in two people born after 1960 being diagnosed with some form of cancer in their lifetime3
, diagnosis
of a critical illness is something many people will have to face. The lump sum can be put towards any expense they choose, allowing staff to focus on recovery rather than financial worries. Should the worst happen, Group Life Assurance will provide support to an employees’ family and dependents, giving reassurance that their loved ones won’t have to struggle financially should they pass away.
Aside from offering an improved benefits package, flexible working is also key to supporting an ageing workforce, with more than two in five (42 percent) employees4 believe flexible working will be most important to help older staff to succeed. If possible, working from home for a portion of the week could lead to higher productivity if staff are struggling with the daily commute. If an employer wants to go further, the benefits to attract and retain employees, as you know, are endless; cash plans, private medical insurance, access to gym facilities; dental treatments; a chiropractor on site; an ergonomics consultant for the office; eyesight checks; opportunities to volunteer at charities and NGOs etc. But, to have a really palpable impact on work satisfaction among staff of all ages, the easiest and most effective route is a strong ‘immediate benefits’ policy underpinning all other attraction and retention initiatives.
1. Public Health England: Life expectancy at older ages is the highest it’s ever been, February 2016
2. Canada Life Group Insurance, Ageing Workforce 1, February 2016
3. Cancer Research UK 4. Canada Life Group Insurance, Ageing Workforce, February 2016
THE IMPLEMENTATION OF PENSIONS AUTO-ENROLMENT MEANS THAT BY 2018, ALL EMPLOYERS WILL OFFER THEIR
FOR FURTHER INFO
www.canadalife.co.uk/group/
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