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Aviva's Working Lives infographic

Aviva's Working Lives infographic

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Aviva’s research report into employer and employee attitudes to workplace pensions, savings and benefits.

Aviva’s research report into employer and employee attitudes to workplace pensions, savings and benefits.

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    Aviva's Working Lives infographic Aviva's Working Lives infographic Infographic Transcript

    • Working Lives second report February 2013 Working life in the UK today Employees’ enjoyment of work I don’t like where I work 4% I only come to work for the money 13% I don’t mind coming to work, but would rather not 22% I enjoy my work 60% Employees’ key workplace concerns Working in unsafe or unhygienic conditions 9% Bullying in the workplace 7% Lack of a pension / inadequate pension provision 18% Lack of development opportunities 33% Lack of opportunity for promotion 32% Stress of the job 38% Uncertainty about job security 43% Level of pay compared to the cost of living 65% Employers’ key business concerns (Q1 - 2013) All businesses Uncertainty about the business’s ability 29% to survive in the economic downturn Adopting more efficient systems / 24% processes / technology Cutting jobs 19% Keeping up with employees’ pay / benefits 13% package expectations Keeping up with new legislation, 14% e.g. pension changes Keeping ahead of the competition / innovating 42% Employers’ confidence in the financial situation of their business vs. employees’ confidence in their own financial situation All businesses Employees 15% 3% 52% 34% 18% 26% 12% 29% 4% 8% Extremely Quite confident Neither confident Not very Not at all confident or unconfident confident confident Top five benefits employers offer vs. those most valued by employees Annual/performance related bonus 1 Annual/performance related bonus Money purchase/defined contribution pension scheme 2 Money purchase/defined contribution pension scheme Health Insurance 3 Health Insurance Life insurance/death in service 4 Life insurance/death in service Company car/car scheme 5 Company car/car scheme Top five benefits valued by male and female employees Annual/performance related bonus 1 Annual/performance related bonus Money purchase/defined contribution pension scheme 2 Money purchase/defined contribution pension scheme Life insurance/death in service 3 Health Insurance Health Insurance 4 Life insurance/death in service Company car/car scheme 5 Company share scheme/free shares Employees in private sector firms report their pension situation as follows: 2% say they pay into the pension their employer offers, but their employer doesn’t say their employer 36% 4% pays into their pension say they pay into the pension but they don’t their employer offers, as does their employer 35% 11% 5% say their employer does say their employer not offer a pension offers a pension but neither of believe they them contribute are not eligible to join their company pension Employers’ awareness of the new auto-enrolment pension regulations (by business size) Small businesses Medium businesses Large businesses Aware 83% 89% 90% Not aware 17% 11% 10% Employers’ readiness for introducing auto-enrolment 7% 1% 13% 2 2% Need to start 1 22% START 20% No discussion plans 13% 6% 27% 16% 9% 3 7% 19% 21% Started planning 4 Well advanced 25% 21% FINISH 23% 27% 36% 5 Fully prepared 48% All businesses Small businesses Medium businesses Large businesses Employees’ intentions regarding auto-enrolment I will stay in the scheme and contribute more 19% than the basic amount I will opt out of the scheme immediately as 17% I cannot afford to make the contributions I will stay in the scheme and be very pleased 16% that I have a pension I will stay in the scheme as I 11% wouldn’t bother to opt out I will opt out of the scheme as I prefer to make 6% my own arrangements Leave the scheme 4% when I get around to it Don’t know 28% How often employers review their employee benefits packages Small businesses Medium businesses Large businesses 55% 49% 36% 26% 19% 19% 14% 16% 17% 11% 10% 10% 6% 7% 3% Every 6 Every year Every 2 years Less often Never months When employers communicate with workers about their pensions All businesses 38% 29% 23% 26% 21% 18% The benefits The pension When we Along with When We tend not to are explained provider/ make changes the annual legislative communicate when staff trustee to the scheme statement changes with people join the communicates of the fund’s happen about their company with them value pensions How often employees want to hear about workplace savings 24% 7% Once a year is When something enough in my 19% 15% changes (e.g. I annual statement On a regular basis, Accessible at all get promoted) similar to my times via a secure payslip details intranet site 6% 11% As part of an 5% I don’t want to on-going discussion Less than 14% know (I’m not with my employer Don’t know interested) once a year about what is (2-3 years) available and why I should save How employers communicate with workers about their pensions We have an intranet site with regularly 20% 2% 12% 37% updated information available We have a query point (e.g. a nominated person or intranet site) 15% 8% 16% 21% so people can raise questions As part of regular line manager 17% 14% 20% 17% conversations When people are promoted 8% 11% 10% 10% or have salary increases On a regular basis via email 18% 9% 14% 26% We use social media to 1% 0% 2% 2% encourage discussion All businesses Small businesses Medium businesses Large businesses Most difficult and challenging aspects of automatic enrolment for very large employers Very large employers Total UK employers Managing the cost 43% 42% On-going compliance management 33% 25% Communicating automatic enrolment to employees 32% 23% Updating the existing pension 30% 24% How different communications approaches would encourage employees to save more If someone showed If someone showed me 9% me how to save more what I personally need to save for retirement 23% If someone showed me what the benefits of 14% saving are If someone showed If someone showed me what I might me how to manage lose if I didn’t save 12% 12% my money better106002678_WORKINGLIVESINFO.indd 1 21/02/2013 16:39