GlaxoSmithKline (GSK) has put in place a programme of financial education so that staff understand their benefits.
Julie Skidmore, financial and education manager, says: “We are looking to get a good return on the investment we put in [in terms of recruitment, retention and motivation]. But, on the flipside of that, we want employees to understand what the benefits are so that they can maximise them.” GSK has closed its defined benefit pension scheme and now offers new joiners a money purchase plan. “With the move to DC pensions we have obligations [which] we need to fulfil,” adds Skidmore.
GSK uses JP Morgan Invest to help deliver its programme which includes inductions for new joiners, a free consultation with an independent financial adviser, annual total reward statements, pension trustee reports, share reward statements, monthly financial surgeries, lunch-time presentations on financial issues, pre-retirement workshops and online webinars.