Just a few years ago, when the UK was in the grips of recession, many employees’ approach to their employer and career harked back to days gone by. As pay freezes became more widespread and job security hovered in the balance for many, the tendency for some employees was to hunker down and ride out the storm in their existing role to avoid rocking the boat.
This is no longer the case as the world of work has, once again, become more dynamic, with employees moving between roles and employers in order to achieve their career, and their pay and benefits ambitions.
In part, this has also been driven by the rise in the multi-generational workforce, particularly the views and expectations of the millennials (that is, employees born between the early 1980s and early 2000s).
And as employees have evolved, so too have their expectations around the benefits and overall employment packages they receive from their employers. This has forced a number of employers to review and revamp their offering in order to attract and retain the talent they require. Find out in How employers can support the transforming nature of employees.
When it comes to benefits transformation, pensions have undergone perhaps the greatest change in recent years. Given that these can be such an emotive and important benefit for staff, however, it is vital that employers gain employee buy-in for any changes they make to their pensions provision. Read how to achieve this in How to win employee buy-in for pension scheme change.
After the general election, a new Conservative government had been elected into power, appointing Ros Altmann as the new pensions minister. The policies and decisions they make will set the agenda for reward and benefits professionals over the next five years.
With this in mind, Employee Benefits will hold an Employee Benefits Wired: Post-Election Pensions Update panel debate event on 15 June live on EBTV at 11am. It will cover all employers need to know about the impact of the election and the new Conservative government’s policies on benefits.