The document provides an overview of a research report on employer and employee attitudes towards workplace pensions, savings, and benefits in the UK. It finds that while awareness of automatic enrollment reforms has increased, engagement remains a challenge, as many employees do not feel they can afford pension contributions. The report also finds differences in attitudes based on company size, with larger employers being further along in preparing for and managing automatic enrollment.
Aviva plc Third Quarter 2014 Interim Management StatementAviva plc
Mark Wilson, Group Chief Executive Officer, said:
“Aviva’s turnaround is delivering. Our key metrics have improved again. Year to date, our net asset value is 10% higher; value of new business is up 15%1 and the general insurance combined ratio improved to 95.9%.
“The steps we have taken to focus and strengthen the Group mean we are in a different position to two years ago.
“Notwithstanding this progress, there is still more to do before we can be satisfied we are fully delivering on our investment thesis of cash flow plus growth.”
Aviva plc third quarter 2013 interim management statementAviva plc
Mark Wilson, Group Chief Executive Officer, said:
“Progress is in line with our expectations and we remain focused on delivering cash flow plus growth. In the first nine months of 2013 our key measure of growth, value of new business, increased by 14%. We had strong performances from France and our growth markets of Turkey, Poland and Asia. Conversely, value of new business remains depressed in our turnaround businesses of Italy and Spain, and this is being addressed.
“Capital generation in the period was stable at £1.3 billion and our economic capital surplus now stands at £8 billion. We continue to make satisfactory progress on cost reduction, with operating expenses 10% below the 2011 baseline.
“Aviva remains in the early stages of turnaround. Whilst we have resolved a key issue in the disposal of our US business and have made progress in a number of areas, there remains much work to be done.”
Mark Wilson, Group Chief Executive Officer, said:
“In the first half we have taken a number of steps to deliver our investment thesis of cash flow and growth. These results show satisfactory progress in Aviva’s turnaround.
“We have achieved profit after tax of £776 million, in contrast to the £624 million loss last year. Cash flows to the Group have increased by 30% to £573 million. Our key measure of sales – value of new business – has increased 17%, driven by the UK, France, Poland, Turkey and Asia.
“Although these results continue the positive trends of the first quarter, tackling our legacy issues will take time.
“I am committed to achieving for investors what we set out to do: turning around the company to unlock the considerable value in Aviva.”
Inflation drop gives over-55s an extra £1,032 a year in disposable income as ...Aviva plc
Falling inflation has given over-55s back their financial freedom and boosted saving habits as essential spending has fallen by 7% in a year, according to research from Aviva.
Aviva plc First Quarter 2015 Interim Management Statement Aviva plc
Mark Wilson, Group Chief Executive Officer, said:
“Aviva’s turnaround is on track and ahead of schedule. It’s been a busy quarter. We have completed the acquisition of Friends Life and at the same time delivered an improvement in our key metrics. Value of new business is up, our general insurance combined operating ratio has improved and our IFRS book value has grown over the quarter. In the face of unpredictable global markets, we continue to improve the Group’s resilience.
“Detailed plans to integrate Friends Life are well underway and whilst this is a challenging and complex project, we are confident of timely progress. We expect 2015 to be a year of continued delivery of our turnaround plan.”
Aviva plc Third Quarter 2014 Interim Management StatementAviva plc
Mark Wilson, Group Chief Executive Officer, said:
“Aviva’s turnaround is delivering. Our key metrics have improved again. Year to date, our net asset value is 10% higher; value of new business is up 15%1 and the general insurance combined ratio improved to 95.9%.
“The steps we have taken to focus and strengthen the Group mean we are in a different position to two years ago.
“Notwithstanding this progress, there is still more to do before we can be satisfied we are fully delivering on our investment thesis of cash flow plus growth.”
Aviva plc third quarter 2013 interim management statementAviva plc
Mark Wilson, Group Chief Executive Officer, said:
“Progress is in line with our expectations and we remain focused on delivering cash flow plus growth. In the first nine months of 2013 our key measure of growth, value of new business, increased by 14%. We had strong performances from France and our growth markets of Turkey, Poland and Asia. Conversely, value of new business remains depressed in our turnaround businesses of Italy and Spain, and this is being addressed.
“Capital generation in the period was stable at £1.3 billion and our economic capital surplus now stands at £8 billion. We continue to make satisfactory progress on cost reduction, with operating expenses 10% below the 2011 baseline.
“Aviva remains in the early stages of turnaround. Whilst we have resolved a key issue in the disposal of our US business and have made progress in a number of areas, there remains much work to be done.”
Mark Wilson, Group Chief Executive Officer, said:
“In the first half we have taken a number of steps to deliver our investment thesis of cash flow and growth. These results show satisfactory progress in Aviva’s turnaround.
“We have achieved profit after tax of £776 million, in contrast to the £624 million loss last year. Cash flows to the Group have increased by 30% to £573 million. Our key measure of sales – value of new business – has increased 17%, driven by the UK, France, Poland, Turkey and Asia.
“Although these results continue the positive trends of the first quarter, tackling our legacy issues will take time.
“I am committed to achieving for investors what we set out to do: turning around the company to unlock the considerable value in Aviva.”
Inflation drop gives over-55s an extra £1,032 a year in disposable income as ...Aviva plc
Falling inflation has given over-55s back their financial freedom and boosted saving habits as essential spending has fallen by 7% in a year, according to research from Aviva.
Aviva plc First Quarter 2015 Interim Management Statement Aviva plc
Mark Wilson, Group Chief Executive Officer, said:
“Aviva’s turnaround is on track and ahead of schedule. It’s been a busy quarter. We have completed the acquisition of Friends Life and at the same time delivered an improvement in our key metrics. Value of new business is up, our general insurance combined operating ratio has improved and our IFRS book value has grown over the quarter. In the face of unpredictable global markets, we continue to improve the Group’s resilience.
“Detailed plans to integrate Friends Life are well underway and whilst this is a challenging and complex project, we are confident of timely progress. We expect 2015 to be a year of continued delivery of our turnaround plan.”
Mark Wilson, Group Chief Executive Officer, said:
“The half year results show that momentum in Aviva’s turnaround continues. All of our key metrics have improved, operating earnings per share are up 16%, and book value has increased 7%.
“We have reduced our debt, decreased expenses and increased profit – this is just good business. Aviva remains a work in progress, and these results are a step in the right direction.”
“After three years of turnaround we are now moving to a different phase of delivery. We have improved the balance sheet, simplified the Group and we are now transforming our business. The progress is evident in these results.
“The Friends Life integration is ahead of schedule and we have delivered £63 million of run-rate synergies after three months. This is encouraging but nowhere near complete. Amidst the integration, our UK Life business continued to grow, with value of new business up 31% excluding Friends Life.
“In general insurance, premiums and operating profits were higher. The combined ratio was 93.1%, the best in eight years, and underwriting profits increased 45%.
“The 15% increase in the dividend is a further step towards achieving our target payout ratio and underlines our confidence in our cash flow and the business.”
Infographic outlining Aviva's five carbon investment commitments responding to climate risk and the need to limit global temperature increases to within 2 degrees C
Mark Wilson, Group Chief Executive Officer, said:
“The turnaround at Aviva is intensifying. We have focused the business on ‘cash flow plus growth’ and the benefits are starting to be reflected in our performance. Cash flows to the Group are up 40%, operating expenses are down 7%, operating profit is up 6% and Value of New Business is up 13%. After a £2.9 billion loss after tax last year, Aviva has delivered a £2.2 billion profit.
“Following our exit from a number of low margin, underperforming or non-strategic businesses, Aviva is simpler, more focused and better managed. We have significantly improved our capital surplus, increased our liquidity and have a stronger leadership team.
“Although we have made progress in 2013, I want to guard against complacency. Aviva still has issues to address. Have we made progress? Yes, some. Is it a little faster than anticipated? Probably. Have we unlocked the full potential at Aviva? Not yet.”
For the fifth consecutive year, Aegon's Annual Report is accompanied by a separate integrated report, Aegon's 2015 Review. This includes an interview with Aegon's CEO, Alex Wynaendts, in which he reflects on accelerating the pace of change to become a more digital, sustainable and customer-centric company. Also interviewed is the Chairman of Aegon's Supervisory Board, Rob Routs, who focuses on the board's shift from monitoring performance to undertaking a more strategic role. For more information, visit: http://www.aegon.com/en/Home/Investors/News-releases/2016/2015-Annual-Report/
Aegon's Annual Review 2015 explains how Aegon creates and shares value for its stakeholders by letting customers, investors, business partners, local communities and employees tell their story. It highlights three particularly important topics – raising awareness about global aging, meeting changing customer needs, and investing responsibly – all of which are explored in such a way as to explain both the challenges and opportunities that exist for Aegon. For more information, visit: http://www.aegon.com/en/Home/Investors/News-releases/2016/2015-Annual-Report/
Download here - http://www.parker.com/parkerimages/Parker.com/About%20Us/Literature/FY13%20Annual%20Report%20Final.pdf
On the cover, Michael Gore, a T10 complete paraplegic, stands tall in the Parker Indego® which gives him the independence to do something he was told by the medical community that he would never do again – walk. Parker is pursuing a new growth platform in human motion and control as a natural extension of our vision to be the global leader in motion and control technologies. Indego® presents a compelling first step in a broader opportunity to create a meaningful and positive impact on the lives of individuals with limited mobility.
This year’s annual report focuses on innovations that have helped our customers solve problems. The difference made in the lives of our customers is representative of the broader change we hope to effect in the world around us.
It is our dedication to solving some of the world’s greatest engineering challenges, and our commitment to partner with our customers in search of unique and promising advancements, that drives Parker people forward and secures our future growth.
Mark Wilson, Group Chief Executive Officer, said:
“The half year results show that momentum in Aviva’s turnaround continues. All of our key metrics have improved, operating earnings per share are up 16%, and book value has increased 7%.
“We have reduced our debt, decreased expenses and increased profit – this is just good business. Aviva remains a work in progress, and these results are a step in the right direction.”
“After three years of turnaround we are now moving to a different phase of delivery. We have improved the balance sheet, simplified the Group and we are now transforming our business. The progress is evident in these results.
“The Friends Life integration is ahead of schedule and we have delivered £63 million of run-rate synergies after three months. This is encouraging but nowhere near complete. Amidst the integration, our UK Life business continued to grow, with value of new business up 31% excluding Friends Life.
“In general insurance, premiums and operating profits were higher. The combined ratio was 93.1%, the best in eight years, and underwriting profits increased 45%.
“The 15% increase in the dividend is a further step towards achieving our target payout ratio and underlines our confidence in our cash flow and the business.”
Infographic outlining Aviva's five carbon investment commitments responding to climate risk and the need to limit global temperature increases to within 2 degrees C
Mark Wilson, Group Chief Executive Officer, said:
“The turnaround at Aviva is intensifying. We have focused the business on ‘cash flow plus growth’ and the benefits are starting to be reflected in our performance. Cash flows to the Group are up 40%, operating expenses are down 7%, operating profit is up 6% and Value of New Business is up 13%. After a £2.9 billion loss after tax last year, Aviva has delivered a £2.2 billion profit.
“Following our exit from a number of low margin, underperforming or non-strategic businesses, Aviva is simpler, more focused and better managed. We have significantly improved our capital surplus, increased our liquidity and have a stronger leadership team.
“Although we have made progress in 2013, I want to guard against complacency. Aviva still has issues to address. Have we made progress? Yes, some. Is it a little faster than anticipated? Probably. Have we unlocked the full potential at Aviva? Not yet.”
For the fifth consecutive year, Aegon's Annual Report is accompanied by a separate integrated report, Aegon's 2015 Review. This includes an interview with Aegon's CEO, Alex Wynaendts, in which he reflects on accelerating the pace of change to become a more digital, sustainable and customer-centric company. Also interviewed is the Chairman of Aegon's Supervisory Board, Rob Routs, who focuses on the board's shift from monitoring performance to undertaking a more strategic role. For more information, visit: http://www.aegon.com/en/Home/Investors/News-releases/2016/2015-Annual-Report/
Aegon's Annual Review 2015 explains how Aegon creates and shares value for its stakeholders by letting customers, investors, business partners, local communities and employees tell their story. It highlights three particularly important topics – raising awareness about global aging, meeting changing customer needs, and investing responsibly – all of which are explored in such a way as to explain both the challenges and opportunities that exist for Aegon. For more information, visit: http://www.aegon.com/en/Home/Investors/News-releases/2016/2015-Annual-Report/
Download here - http://www.parker.com/parkerimages/Parker.com/About%20Us/Literature/FY13%20Annual%20Report%20Final.pdf
On the cover, Michael Gore, a T10 complete paraplegic, stands tall in the Parker Indego® which gives him the independence to do something he was told by the medical community that he would never do again – walk. Parker is pursuing a new growth platform in human motion and control as a natural extension of our vision to be the global leader in motion and control technologies. Indego® presents a compelling first step in a broader opportunity to create a meaningful and positive impact on the lives of individuals with limited mobility.
This year’s annual report focuses on innovations that have helped our customers solve problems. The difference made in the lives of our customers is representative of the broader change we hope to effect in the world around us.
It is our dedication to solving some of the world’s greatest engineering challenges, and our commitment to partner with our customers in search of unique and promising advancements, that drives Parker people forward and secures our future growth.
A research report into employer and employee attitudes to saving in the workplace. The start of automatic enrolment in October 2012 will affect all of the UK’s working population and forever change how people save for their retirement.
Many of your employees may not feel well but they aren't physically ill. Instead, what they lack is "financial wellness," a hot topic in many companies these days. In a nutshell, they're worried about making ends meet today as well as in the future, and that can take a toll on their productivity. Should you try to do anything about it? And, if so, what?
On March 4th Roy held a free webinar to share his analysis of the recent Majeski vs. Metropolitan Life case and to have an open discussion with colleagues. Reviewing the case from the point-of-view of a "Thinking Evaluator", Roy discussed five lessons and suggestions for practice for functional capacity evaluators.
Employee benefits are a large portion of an employees total rewards package. Their importance has increased over the years. As employers offer benefits they must balance the cost while meeting the needs of their employees. This study details three different approaches to measure benefit adequacy.
Expedite The Living Wage: Good for Business?Expedite HR
At our April event, a panel chaired by Simon Macpherson of Ceridian and comprising Andre Langlois of PwC and Dan Tomlinson of the Resolution Foundation explored: The National Living Wage: good for business?
BIZGrowth Strategies - The Great Resignation Special EditionCBIZ, Inc.
The Great Resignation continues to plague organizations across the country. It has exacerbated a host of employer challenges, including attraction, retention and engagement of top talent, as well as mitigating new risks. Our experts have developed these articles and linked resources to help your organization combat the mass employee exodus.
2014 Compensation and Benefits Trends in the GCC ReportThe HR Observer
As the economic forecast for the region brightens up, many organisations are preparing for business growth and expansion. This has a great impact on the people operations in the business and especially on compensation and benefits to ensure employee pay and benefits are competitive to retain and engage top talent. The report summaries a GCC wide survey conducted with nearly 160 companies across many sectors. Respondents were asked to report on key pay indicators inside their companies in 2012 – 2014 to analyse major pay movements and trends. A trends analysis of various compensation and benefits instruments in the region including flexible benefits and employee wellness is then presented. The report also outlines the key strategic priorities for the profession in the next 3 years while forecasting some of the key challenges to C&B that come with growth
Tax saving reimbursements, the way India Inc perceives it.
Services:
Tax Saving Reimbursements
Fuel reimbursement
Rewards & Recognition
Petrol allowance
Contact for More Details...!! +91 8066905995
Mail: support@zeta.in
Website: www.zeta.in
As business cycles ebb and flow, flexibility can assist organizations to prosper in a world that is in constant flux, and help employees to contribute their best. Judi Casey from the Sloan Network outlines the business benefits of implementing flexible work arrangements in your organization. Discover how to create a culture of flexibility that will grow your business with more efficient practices, reduce stress and health care costs, and reduce your carbon footprint. Discover how to circumvent potential obstacles such as selling to senior leaders, and managing the resistance of managers and co-workers.
Employee Benefits & Perks report: Attract & retain the best talenthibob
Only 1 in 3 employees need or understand the perks provided by their companies. An effective employee benefits program is crucial when attracting, inspiring & retaining talent.
Similar to Aviva's Working Lives report - Issue 2, February 2013 (20)
Aviva announced its 2018 Interim Results this presentation outlines the headlines.
"Aviva has grown operating earnings per share by 4% and increased the dividend by 10%. The 10% increase in the interim dividend is our fourth consecutive half-year of double digit dividend growth and further proof of Aviva’s progress. During these choppy market conditions, it is reassuring that Aviva’s results are consistent, dependable and growing. Aviva remains financially strong with a capital surplus of £11 billion. In the first half of 2018, we started a £600 million share buy-back and paid off €500 million of expensive debt. We remain on track to achieve our financial targets." - Mark Wilson, Group Chief Executive Officer
Full detail can be found here: in.aviva.com/2Kd7Gdq
Making your money last in retirement - Aviva's longevity reportAviva plc
In our making your money last in retirement special report we compare and consider consumer attitudes to the facts about longevity, and make some clear recommendations about how the government and the industry must respond.
Making your money last in retirement - Aviva's longevity reportAviva plc
In our making your money last in retirement special report we compare and consider consumer attitudes to the facts about longevity, and make some clear recommendations about how the government and the industry must respond.
Aviva's biannual UK Family Finances report (December 2014) reveals that:
> UK parents of 0-5s juggle earnings with childcare expenses
> 1 in 10 families using childcare for 0-5s say lower earner takes home nothing after childcare / work costs are paid
> Lower earner typically brings home just £243 after childcare / work costs are paid
> One in three families using childcare for 0-5s turn to grandparents
> Working parents are being hamstrung by childcare costs, with thousands effectively working for nothing, Aviva can reveal.
The company’s Winter 2014 Family Finances Report also reveals that one in 10 families paying childcare costs for youngsters aged 0-5, effectively see one earner bring home nothing from his or her job after childcare and work costs are taken into account.
Similarly one in four families in this position has one parent who brings home less than £100 a month after costs.
Find out more in the full report.
Infographics and quotagraphics to accompany this report are available on Flickr at https://www.flickr.com/photos/avivaplc/
#FamilyFinances
Road to Reform: Tackling the UK’s Compensation Culture July 2014Aviva plc
Aviva’s report, ‘Road to Reform: Tackling the UK’s Compensation Culture’ calls for three key reforms which will reduce cost and improve service for Britain’s insured drivers:
Compensate minor, short-term personal injuries in road accidents with rehabilitation only. Insurers would arrange and pay for the customer’s rehabilitation, regardless of whether the customer is at fault or not. Cutting cash compensation for minor whiplash injuries could save an estimated £900m from the current annual £2 billion* cost of whiplash claims in the UK
Restrict personal injury lawyers to cases where their expertise is needed. Raising the threshold at which legal costs can be recovered by a lawyer could save £300m in straight-forward cases for minor injuries where lawyers are not necessary
Ban referral fees. A further £200m can be saved annually by banning referral fees for vehicle recovery, car repairs and car hire
The Aviva Real Retirement Report - Spring 2014Aviva plc
Aviva's Spring 2014 Real Retirement Report explores over-55s' views on retirement and what role their family plays in their plans. Findings from the consumer research shows that for over-55s retirement is a period of pursuing personal interests, hobbies and travel. However, family is important, and they particularly want to spend more time with family members. But many over-55s are over-looking their spouse and their family when they come to plan their retirement finances, and consider their finances a personal matter. This reluctance to involve the family also affects the number of people preparing a will.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
Skye Residences | Extended Stay Residences Near Toronto Airportmarketingjdass
Experience unparalleled EXTENDED STAY and comfort at Skye Residences located just minutes from Toronto Airport. Discover sophisticated accommodations tailored for discerning travelers.
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Taurus Zodiac Sign_ Personality Traits and Sign Dates.pptxmy Pandit
Explore the world of the Taurus zodiac sign. Learn about their stability, determination, and appreciation for beauty. Discover how Taureans' grounded nature and hardworking mindset define their unique personality.
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
India Orthopedic Devices Market: Unlocking Growth Secrets, Trends and Develop...Kumar Satyam
According to TechSci Research report, “India Orthopedic Devices Market -Industry Size, Share, Trends, Competition Forecast & Opportunities, 2030”, the India Orthopedic Devices Market stood at USD 1,280.54 Million in 2024 and is anticipated to grow with a CAGR of 7.84% in the forecast period, 2026-2030F. The India Orthopedic Devices Market is being driven by several factors. The most prominent ones include an increase in the elderly population, who are more prone to orthopedic conditions such as osteoporosis and arthritis. Moreover, the rise in sports injuries and road accidents are also contributing to the demand for orthopedic devices. Advances in technology and the introduction of innovative implants and prosthetics have further propelled the market growth. Additionally, government initiatives aimed at improving healthcare infrastructure and the increasing prevalence of lifestyle diseases have led to an upward trend in orthopedic surgeries, thereby fueling the market demand for these devices.
India Orthopedic Devices Market: Unlocking Growth Secrets, Trends and Develop...
Aviva's Working Lives report - Issue 2, February 2013
1. Working Lives
A research report into employer and employee attitudes
to workplace pensions, savings and benefits
Issue 2 – February 2013
2. Overview of the report
• Working life in the UK today – pg 4 • wareness does not equal ‘engaged’ – the WEBS
A
Just under two-thirds (65%) of employees say their main workplace concern (Workplace Engagement in Benefits and Savings) Index – pg 13
remains how their pay compares to the cost of living and just over a quarter The WEBS Index shows room for improvement in engagement levels among employers
(26%) do not feel they have a good work-life balance. and employees.
• Financial confidence wavers – pg 6 • The critical lever – communications and engagement – pg 14
Nearly half (45%) of employers and almost two-thirds (60%) of employees say More than a third (35%) of employers say they have discussed what automatic
they are ‘not very’ or ‘not at all’ confident in the UK economy. enrolment means with their employees. However, 18% of employees do not feel they
understand ‘very well’ or ‘at all’ the benefits their employer offers.
• The corporate benefits scorecard – pg 7
Almost two-thirds (65%) of employees say their salary is the most important aspect • Workers under pressure – pg 16
of their job, but UK workers do agree that other benefits are important too. More Many of those on middle incomes and below spend more of their income on basic
than half (53%) of workers have access to a workplace pension, but 45% who expenses than the UK average, such as housing (36.16% vs. 30.86% - UK) and much
choose not to contribute to one say they do not have the spare cash to do so. less on pensions than the UK average (3.52% vs. 14.88% - UK).
• Transforming workplace pensions – pg 9 • Big business – the experience of very large companies – pg 17
Now that automatic enrolment has started to roll out, 87% of employers Companies with 1,000-plus employees are further along in their automatic enrolment
compared to 59% of employees are aware of the pension reforms. preparations and are more concerned with the on-going management issues and
communication to employees.
• Will I stay or will I go – pg 11
A third of employees (37%) who are aged over 22 years and are not yet auto- • Case study – Aviva’s journey to automatic enrolment – pg 19
enrolled say they will opt out, but 28% remain undecided.
• Methodology – pg 19
• Beyond pensions – the value of workplace benefits – pg 12
Automatic enrolment will be the catalyst for 38% of employers to review their
broader benefits package.
Working Lives Report 2
3. Introducing Aviva’s second Working Lives report
Much has changed in the world of corporate benefits since However, our research also shows that there remains a stark
we launched the first Aviva Working Lives report in May 2012. contrast in automatic enrolment awareness among employers
Automatic enrolment is already bringing pension saving to (87%) and employees (59%). While both of these have increased
hundreds of businesses and thousands of their employees, and significantly since May 2012 and there is a general agreement
will benefit up to 11 million workers by 20181. that automatic enrolment is a step in the right direction, there
is still an overall reluctance to engage in workplace saving and
There is a great deal to learn from the larger companies who benefits. Engagement by employers and employees leaves
are leading the change. The likes of Tesco, Sainsbury’s, Asda plenty of room for improvement, but at a time when continuing
and Morrisons have been at the forefront of auto-enrolment economic uncertainty is presenting financial challenges.
and at Aviva we’ve just completed our staging, having looked
at how best to meet the short and long-term requirements of
automatic enrolment (see page 19).
The challenge for employers and
the broader industry is now moving
This second Aviva Working Lives report tracks the views of more
than 700 employers and 4,000 workers in the private sector*.
from building awareness about
The findings present a complex and evolving picture of the automatic enrolment to actually
attitudes of employers and employees to corporate benefits, at a influencing employee attitudes
time of unprecedented change.
and behaviours towards saving. Change takes time, and it remains a combined responsibility
Each employer is tackling this challenge slightly differently of employers, advisers and consultants, the Government, the
with the size of their business playing a major role. This is not The fact that so many employees say they cannot afford to Pensions Regulator (tPR), the Financial Services Authority (FSA)
surprising, as many larger employers will undoubtedly have more save for their retirement, and yet there is strong support for the and pension providers, such as Aviva, to focus on this critical
resources to call on and will need to prepare for auto-enrolment automatic enrolment legislation, suggests that employers and the area of workplace savings and benefits.
earlier than their smaller counterparts, but it does provide an wider industry need to focus on a deeper level of engagement.
Employers need to think innovatively about ways of encouraging It’s important that we come together to do everything we can to
opportunity to learn from those who have already made these
employees to save, and adopt practical tools that help their provide employees with straightforward, value for money pensions
changes. In this report, we have chosen to include research
workers make decisions based on their personal circumstances. and benefits that are clearly understood and consistently explained.
results on the different sizes of companies**, where relevant, to
And equally, that we give employers the support they need as
highlight the significant differences between employers. There is no doubt that employers are looking for cost-effective they transition to this new world of saving. There has never been a
Overall, the report shows awareness about automatic enrolment ways to retain a loyal workforce. In difficult economic times, more important time to influence the nation’s financial habits and
has increased, with marketing campaigns on the subject having broadening a benefits package to include highly valued, non- no better place to start than the workplace.
the desired impact. Many people are now beginning to at least pensions related options, such as life cover or critical illness cover,
consider saving for retirement, and businesses say they are may prove an important step in influencing whether an employee Mark Noble
chooses to engage in their financial planning in the workplace. Managing Director Health and Corporate Benefits, Aviva
progressing well with their automatic enrolment plans.
Working Lives Report 3
4. Working life in the UK today
Automatic enrolment started to roll out from 1st October 2012 and by the end of the year, an additional 600,000 employees were estimated to be saving into a pension2.
While this is an excellent start, there are still many thousands of workers and employers who need to decide how to best tackle these changes while dealing with their day-to-day priorities and financial concerns.
So what is the general sentiment on working life in the UK private sector workplace at the moment?
A snapshot of working life - employees’ perceptions, enjoyment and concerns about their experience in the workplace
Employees’ perception of work Employees’ enjoyment of work
I am generally satisfied
with the balance I am I don’t like where I work
able to strike between 4%
home and work
58% I only come to work
I am able to derive for the money
a sense of personal 13%
satisfaction from
I don’t mind coming
the work that I do
60% to work, but would
rather not
22%
I work in a friendly
working atmosphere I enjoy my work
64% 60%
Employees’ average commuting time (minutes) Employees’ key workplace concerns
Working in unsafe or unhygienic conditions
9%
Bullying in the workplace
7%
Lack of a pension / inadequate
121 - 180 minutes pension provision
4% 18%
91 - 120 minutes Lack of development opportunities
7% 33%
61 - 90 minutes Lack of opportunity for promotion
9% 32%
31 - 60 minutes Stress of the job
31% 38%
1 - 30 minutes Uncertainty about job security
46% 43%
Level of pay compared to the cost of living
65%
Mean (in minutes) 52
All stats taken from Q1 2013
Working Lives Report 4
5. Working life is a complex balancing act Employers’ key business concerns (Q1 - 2013)
55%
While more than half (60%) of employees say they enjoy their work, this is
down from 72% in Q2 2012. Below inflation salary increases seem to be one All businesses
of the main drivers behind this as 65% of employees say their key workplace Small businesses - 0-49 employees
50% 51%
concern remains how their pay compares to the cost of living (up from 53% Medium businesses - 50-249 employees
in Q2 2012). Longer working hours are also likely to play a role as 26% of Large businesses - 250 or more employees
employees feel they do not have a good work-life balance and 29% work for 45%
nine hours or more each day. In sharp contrast, only 18% cited a lack of a
pension or inadequate pension provision as a chief concern. 43%
42% 42%
40%
Employers’ business concerns have evolved since Q2 2012 as many
tighten their financial belts in light of the continuing economic
uncertainty, with 42% (compared with 51% in Q2 2012) stating that 37%
35%
keeping ahead of the competition is their key worry.
33%
As they focus on business survival, employers are becoming less concerned
30%
about keeping up with employees’ pay/benefits expectations (13%, down
three percentage points from 16% in Q2 2012) and an increasing number 29%
28%
(19%) are worried about cutting jobs (up from 6% in Q2 2012). 25%
27%
Although the current economic climate might make it difficult to 24% 24%
demonstrate financially, employers value their employees. Three-quarters
20%
(74%) feel that it is difficult to replace people who leave with those of 20% 20%
similar expertise. 19%
15% 16% 16%
It is clear that companies will need to find mechanisms to engage and retain
15% 15%
employees without substantially increasing their salary/wage bills. Indeed, 14% 14%
13%
almost a third of businesses (32%) say they are looking for ways in the next 12%
10%
12 months to motivate employees ‘without unduly increasing remuneration’ 10%
and 31% are looking to ensure key employees stay with the organisation.
7%
Employers are also more focused on maintaining headcount despite the 5%
economic downturn (20%, up eight percentage points on 12% - Q2
2012). As employers look for cost-effective ways to retain the loyalty of
0%
their employees, many may well consider extending their benefits package, Uncertainty about Adopting more Cutting jobs Keeping up with Keeping up with Keeping ahead of
with flexible and non-pensions related benefits. the business’s ability efficient systems employees’ pay / new legislation, the competition /
to survive in the / processes / benefits package e.g. pension innovating
economic downturn technology expectations changes
Working Lives Report 5
6. Financial confidence wavers Employers’ confidence in the financial situation of their business vs. employees’ confidence in their own financial situation
Small businesses Medium businesses Large businesses Employees
Overall, employees and employers differ
in their level of financial confidence, with 54% 54%
employees less optimistic than their employers.
Among employees, 60% say they are ‘not very’
or ‘not at all’ confident in the UK economy,
compared to 45% of employers. This falls 47%
slightly to 41% in large companies (large
companies are defined as those with more
than 250 employees).
The difference is even clearer regarding
financial matters. While 68% of employers
are ‘extremely’ or ‘quite’ confident in their
businesses’ financial situation, only 37% of 34%
employees are confident about their personal
financial situation. Large companies are more
buoyant with 75% saying they are confident 29%
about their businesses’ situation.
26%
21% 21%
18%
14% 14%
13%
12%
11%
8% 8%
6%
3% 3%
2%
Extremely confident Quite confident Neither confident or unconfident Not very confident Not at all confident
Working Lives Report 6
7. The corporate benefits scorecard: Who is saving for retirement?
While 65% of employees say their salary is the most important aspect of their job (up 15 With 53% of employees having access to a workplace pension, it is worrying that only 38%
percentage points on 50% - Q2 2012) UK workers do agree that other benefits are important. of workers are actively contributing to one themselves, and a further 4% say their employer
In comparing the benefits employees want with those they are offered, it appears UK contributes to one even though they do not.
employers are working hard to meet their workers’ expectations.
Employees in private sector firms report their pension situation as follows:
Top five benefits employers offer vs. those most valued by employees
Annual/performance related bonus 1 Annual/performance related bonus 2% say they pay into the pension their
employer offers, but their employer doesn’t
Money purchase/defined contribution
pension scheme 2 Money purchase/defined contribution
pension scheme
Health Insurance 3 Health Insurance
36% 4%
say their employer pays into
Life insurance/death in service 4 Life insurance/death in service
say they pay into the pension
their pension but they don’t
their employer offers, as
Company car/car scheme 5 Company car/car scheme does their employer
Employer offers Employee values
Top five benefits valued by male and female employees
Annual/performance related bonus 1 Annual/performance related bonus
35%
Money purchase/defined
contribution pension scheme 2 Money purchase/defined
contribution pension scheme 11%
say their employer
5% say their employer does
not offer a pension
Life insurance/death in service 3 Health Insurance offers a pension
but neither of believe they are
Health Insurance 4 Life insurance/death in service them contribute not eligible to join
their company
Company car/car scheme 5 Company share scheme/free shares pension
Working Lives Report 7
8. How much are they saving Why are some people not saving?
5.55%
for retirement? £1,386 The benefit of employer contributions – often seen as ‘free money’
7.12% which employees would otherwise not receive – has been cited as a
Aviva’s Working Lives report shows the £1,778
typical amount that a UK employee with key incentive for saving into a workplace pension3. However, it appears
a workplace pension is contributing to a Scotland the decision whether or not to save into a workplace pension is firmly
scheme is 5.50% of their salary (or £1,421 perceived as a practical, financial one.
per year). The typical amount that a UK
Either workers feel they can manage their daily expenses and afford a
company contributes to an individual’s
pension, or they do not feel they can. Almost half (45%) of employees
pension is 6.22% (or £1,607 per year).
who do not contribute to a scheme they are offered say they simply
5.32% cannot afford it, 19% are repaying debts and 17% are saving for other
Pension contributions Northern £1,210 things. Of interest, the number of workers who say they cannot afford
5.92%
by employers and Ireland
£1,347 to pay into a scheme has dropped 10 percentage points from 55%
employees across the UK 6.22% N. West N. East (Q2 2012) which suggests that while general finances remain tight,
£1,498
Employee 6.48% retirement saving is becoming more of a consideration.
£1,560 5.84%
£1,333 6.09%
Employer £1,415 6.16% Additionally, 10% say they are too young to think about pensions,
£1,432 8% feel they don’t have the information to make a decision and 6%
5.67%
% % of salary say they have not had time to join. So it is clear that communication,
£1,294
Yorks
Humber engagement and education remain critical factors in creating a shift in
Employees in Northern Ireland
employees’ attitudes to long-term saving.
contribute the highest proportion E. Midlands 5.33%
of their income (6.22%) £1,192
5.73% 6.26%
Employers in Scotland contribute £1,409 £1,400 5.23%
the highest proportion of 4.85% £1,263
6.03%
employee income (7.12%) £936 £1,483 6.26%
£1,511
5.52% W. Midlands
Pension contributions
£1,066
by employer size E. Anglia
5.37%
Wales £1,453 London
6.51% S. West
5.71% £1,682
4.88% £1,475 6.25%
4.89%
£1,261 £1,691
£1,089
Large S. East
Medium
Small 5.74%
£1,278
6.82%
5.83% £2,254
£1,927
Working Lives Report 8
9. Transforming workplace pensions
When the first Aviva Working Lives report was Employers' awareness of the new auto-enrolment pension regulations (by business size)
launched in Q2 2012, automatic enrolment had Small Medium Large Small Medium Large
yet to become a practical reality, but thousands
of employers are already contributing to
Not aware
Aware
schemes and many more are preparing for their
staging date.
A great deal has been written about the
83% 89% 90% 17% 11% 10%
importance of making employees aware of the
benefits of saving into a workplace pension. Employees' awareness of the new auto-enrolment regulations (by age range)
It is therefore significant to see employer
18-21 22-24 25-29 30-34 35-44 45-54 55-64
awareness of auto-enrolment now stands at
87% compared to 77% (Q2 2012). More
Very familiar
significantly, employee awareness has increased
from 31% (Q2 2012) to 59% (Q1 2013) –
aided by initiatives such as the high profile
Department for Work Pensions advertising
4% 9% 12% 11% 9% 15% 12%
campaign.
Moderately familiar
By their own admission, 13% of employers
(23% - Q2 2012) and 41% of employees
(68% - Q2 2012) say they are not familiar with
automatic enrolment. Perhaps unsurprisingly,
17% of 22-24s have never heard of automatic 34% 42% 40% 41% 53% 50% 56%
enrolment, while just 8% of 55-64s say this,
which suggests that more age appropriate
Not familiar
education could be initiated for those who are
likely to derive the greatest long-term benefits
from the pension reforms.
27% 33% 30% 32% 27% 23% 24%
Never heard of it
35% 17% 17% 16% 12% 11% 8%
Working Lives Report 9
10. Employers confident about planning progress: Not surprisingly there are still some employers who have yet to progress
their plans: 13% of employers say they have not started discussing the
More than a third of employers (36%, the same as in Q2 2012) say they feel fully prepared for automatic enrolment and implications and 7% have made no plans at all. Small businesses (those
understand what they need to have in place, while 19% say their planning is well advanced (down 3 percentage points with between 0 and 49 employees), with automatic enrolment staging
from 22% - Q2 2012). dates further in the future, are more likely to have not started discussing
As only a relatively small number of employers have actually begun automatic enrolment, many of these companies may not yet automatic enrolment (22%) and to have not made any plans (20%).
have encountered the full complexities of planning for the long-term compliance requirements. However, only 2% of medium sized businesses (those with between
50 and 249 employees) and 1% of large businesses say they do not
Employers’ readiness for introducing auto-enrolment have any plans.
7% 2% Employees support automatic
2
13%
Need to start
1
1%
20% No plans enrolment changes:
START discussion 22%
Employees’ support for the pension reforms bodes well for the future.
13% Almost two-thirds (65%) of employees say automatic enrolment will
encourage saving and 59% agree with the decision to pass legislation to
6%
27% automatically enrol workers. With the advent of this new legislation and
increasing dialogue on the subject, more people (62%) see pensions as
16% 9%
the best way to fund their retirement (56% - Q2 2012).
19%
7% 21%
3 Started
planning
Not surprisingly, 61% see the state pension as a very important part of
funding for their retirement, which suggests that the culture of placing
4
some reliance on the State for old age may continue well into the future.
Well
advanced When asked what they think the potential impact of automatic
25% enrolment might be, those who have yet to be automatically enrolled
23% FINISH and are not contributing to a pension say they will receive less money in
21% their pay packet (35%) – a key consideration when 65% rate salaries as
36% 27%
the most important aspect of their job. This suggests that the notion of
5
‘free money’ from employers’ pension contributions needs to continue to
Fully 48% be a focus of communication campaigns.
prepared
All businesses Small businesses Medium businesses Large businesses
Working Lives Report 10
11. Will I stay or will I go – Expectations among employers and employees about automatic enrolment opt outs
employees remain uncertain: Employers’ view Employees’ view
Anticipated opt outs among employees Intentions regarding auto-enrolment
Employees can opt out of a compliant pension
scheme and those who feel they may struggle
I will stay in the
financially are likely to consider this option. 8% scheme and be
Despite the positive signs of increasing awareness, very pleased that
there is a huge amount of work still to be done if I have a pension 19%
8%
auto-enrolment is to prove a success. Central
13%
to this is translating employees’ awareness into
34% 9%
positive action to not only stay in a pension 28%
15% I will opt out
scheme, but save enough for their retirement. of the scheme
immediately as
Overall, 37% of employees who are currently 6% 17%
Business size
I cannot afford
not auto-enrolled say they will opt out, which to make the
47% Inner circle = small
is unchanged from Q2 2012. While this shows contributions
Middle circle = medium 11%
a stable and largely expected opt out rate, 22%
Outer circle = large
there is an increasing number of undecided I will opt out of the
3% scheme as I prefer
workers, which at 28% is up seven percentage 7% 16%
7% 20% to make my own
points on 21% - Q2 2012.
arrangements
10%
However, 36% (43% - Q2 2012) of employees
13%
who are currently not auto-enrolled say they will 6% I will stay in the
13%
stay in an automatic enrolment scheme. This 11% scheme as I wouldn’t
breaks down into: 19% say they will be pleased bother to opt out
9% I will stay in the
to have a pension, 6% will contribute more 11%
scheme and
6%
than the basic amount and 11% will stay in the None contribute more
1% - 9% Leave the scheme
scheme as they cannot be bothered to opt out. than the basic 4%
10% - 24% when I get around
amount
25% - 49% to it
Employers have mixed views on potential
50% - 74%
opt out rates, with 38% undecided on the 75% - 100%
percentage of their employees likely to opt out Don’t know
and 10% saying no one will opt out. A quarter Don’t know 28%
(25%) of employers think that more than 25%
of employees could opt out, and 27% say
under 25% may opt out.
Working Lives Report 11
12. Beyond pensions – the value of workplace benefits
While automatic enrolment has put the focus Reviewing benefits packages:
on workplace pensions, many UK private
sector employers realise the value of offering With 39% of employees saying that their employer does not offer any of the traditional benefits (such as annual bonus, health insurance or a
a ‘well rounded’ benefits package. Almost half company share scheme), the advent of automatic enrolment may well be the catalyst for change or increased communication. The fact that 38%
(44%) offer benefits as they believe it helps of employers say that they are likely to review their companies’ benefits packages at the same time as reviewing their automatic enrolment pension
with recruitment and retention, 43% do so as provision is positive news. Medium and large employers are more likely than small businesses to say they will review their benefits package.
they want the best for their employees, 28% However, 39% of all employers say they will not be reviewing their benefits at the same time as their automatic enrolment provision.
believe it helps them to keep pace with their How often employers review their employee benefits packages
competitors and 24% say it is more
cost-effective than a salary equivalent. Small businesses Medium businesses Large businesses
55%
Excluding pensions, the top four most common 49%
benefits are:
Health
Annual/ Insurance
36%
performance
related bonus 36% Company car/
car scheme
26%
52% 28%
Life insurance/
19% 19%
death in service 17%
16%
36% 10%
14%
10% 11%
7%
Of those types of risk-related products that can 6%
3%
be linked to a pension, employees say by far
the most valued is income protection (58%),
Every 6 months Every year Every 2 years Less often Never
providing monthly payments to cover costs in
the event of ill health. About a third (34%) of
Two-thirds (62%) of businesses say that the benefits/reward package they offer employees is a key part of their annual strategic planning process,
employers say they currently offer some or all
rising to 71% in large businesses, and 60% seek feedback from their employees at least once a year. There are still a significant number of employers
of their employees life cover, linked to their
who are not as engaged with their employees in seeking feedback. For instance, 13% say they never ask for feedback from employees as to how
pension, rising to 52% in large businesses.
appropriate the package is, and 27% only discuss this every two or more years.
And 41% of employers say they ‘will’ or ‘may’
A contributing factor to this lack of dialogue is likely to be the fact that despite 56% reviewing their benefits offering at least once a year, there are
consider linking an employee benefit such
still 32% who say they do this every two years at most, and 12% who say they never do it.
as a group life cover in this way – creating
a potentially powerful way of encouraging As automatic enrolment prompts more employers to review their benefits package, driven also by the need to find cost-effective ways to enhance their overall
employees to stay in pension schemes. reward package, it will be essential that they enter into a two-way conversation with their employees about the types of benefits that will best suit them.
Working Lives Report 12
13. Awareness does not equal ‘engaged’ – the WEBS Index
As part of the Working Lives report, a new Employer WEBS Index by size of employer
corporate benefits tracker – called the
Workplace Engagement in Benefits and Savings
(WEBS) Index – has been developed to assess
the overall level of engagement in workplace
pensions and benefits: including awareness
levels, ownership and enthusiasm on the part
of UK private sector employers and employees.
These factors were given different weightings
to produce a score out of 100 that will be
tracked over the coming months and years.
The initial mean WEBS Index scores are:
employees (38 out of 100) and employers
(37 out of 100), suggesting there is plenty
of room for improvement. Of the various
employees tracked, the most engaged are
those earning more than £50,000 (57 out
of 100), and engagement rises in employers
if they have 1,000-plus employees (51 out
of 100).
While the primary aim will be to see how
engagement varies as auto-enrolment comes
into play in the coming years, there are some
early interesting results. Engagement in
benefits increases as employees earn more,
men are typically more engaged than women,
and more engaged employees tend to enjoy
their jobs more. In terms of employers, there is
a clear link between the size of the company
and level of engagement, illustrated here.
Large businesses
Medium businesses
Small businesses
Working Lives Report 13
14. The critical lever – communications and engagement
How employers communicate with their employees about workplace benefits will be instrumental How often employees want to hear about workplace savings
to the success of automatic enrolment as well as the take up of wider benefits.
Employers say they speak to their employees about pensions when they join the company (38%),
when changes are made to the scheme (29%) or when legislation changes (26%). Nearly a quarter
(21%) use an annual statement as the basis for additional communications about workplace
24% 7%
Once a year is When something
benefits, 20% have an intranet site with regularly updated information, 15% have a dedicated enough in my 19% 15% changes (e.g. I
point of contact so people can ask questions and 17% hold discussions using their line managers. annual statement On a regular basis, Accessible at all get promoted)
similar to my times via a secure
While this may not seem frequent enough, some employees do not demonstrate strong opinions
payslip details intranet site
about communications as 14% say they don’t know when they want to receive communications,
and 11% ‘don’t care’. However, 24% of employees say they are happy with communications 6% 11%
As part of an
about their savings and options via their annual statement, a further 5% are happy with speaking 5% I don’t want to
about their pensions less often than annually, 6% as part of an on-going discussion with their
on-going discussion
Less than 14% know (I’m not
with my employer Don’t know interested)
employer, and 7% only ‘when something changes’. once a year
about what is
(2-3 years)
available and why I
Some employees indicate a desire to have more frequent communications, with 19% saying they should save
would like to hear about workplace savings on a regular basis, similar to their payslip, and 15%
saying they would like information accessible at all times via a secure intranet site.
When employers communicate with workers about their pensions How employers communicate with workers about their pensions
All businesses Small businesses Medium businesses Large businesses
49% We have an intranet site with regularly updated 2% 12% 37%
20%
information available
45%
We have a query point (e.g. a nominated person 15% 8% 16% 21%
38% 38% 38%
36% or intranet site) so people can raise questions
33% 34% 34%
29% As part of regular line manager conversations 17% 14% 17% 20%
28%
23% 26%
When people are promoted or have salary increases 10% 8% 11% 10%
19% 22% 21% 18%
17% 16%
14%
10% On a regular basis via email 18% 9% 14% 26%
8%
4% 5%
We use social media to encourage discussion 1% 0% 2% 2%
The benefits are The pension When we make Along with the When legislative We tend not to
explained when provider/trustee changes to the annual statement changes happen communicate
staff join the communicates scheme of the fund’s value with people about All businesses Small businesses Medium businesses Large businesses
company with them their pensions
Working Lives Report 14
15. The communication drum-beat: Engagement point:
As we move more into automatic enrolment, it is likely that a regular drum-beat of relevant information and news will Automatic enrolment provides employers with a real opportunity to not
prove more effective in engaging employees, as will self-serve planning tools that help employees make practical, personal only enhance their benefits offering but also to start the dialogue with
choices about benefits, including pensions. employees on this topic, and 62% of companies have started providing
information.
Additionally, when asked what would most likely encourage them to save more for their retirement through the
workplace, different styles of communication are favoured by employees. Almost a quarter (23%) of employees say being Many companies say they have begun the dialogue on automatic
shown ‘personally’ what they need to save would encourage them to save more, while 14% say being shown the benefits enrolment with their employees, covering a range of subjects:
of saving and 12% being shown how to manage their money better would have this effect. This personalisation of
information, making it wholly relevant to the individual employee possibly through face-to-face conversations, is therefore • 33% have covered the contribution levels that employees will make,
likely to become increasingly important as an engagement lever. Regardless of communication styles, more than half of and 35% the contributions by the employer.
employees (55%) admit an increase in pay would encourage them to save more. • 35% say they have discussed what automatic enrolment means for
their employees and the options open to them.
How different communications approaches would encourage employees to save more
However, with financial advice being a heavily regulated and complex
9% If someone showed me how to save more area, 25% worry about communicating the right messages to their
employees and 19% are concerned about correctly outlining the
benefits of their pension scheme. Less than half (47%) say they have
If someone showed me not experienced any communication issues relating to pensions and
what I personally need
automatic enrolment.
to save for retirement 23%
Companies are right to be concerned as 18% of employees currently
feel that they understand little about the benefits their employer offers,
If someone showed me what
14% the benefits of saving are
and only half (53%) say they understand them ‘reasonably’ or ‘very well’.
However, knowledge increases as people age from 38% (22-24 year olds)
who understand their benefits package well to 64% (55-64 year olds).
This seems to highlight the fact that employers need to carefully consider
how they engage with the different age groups, yet 18% say they
currently will not adapt their communications for the under-35s and
14% do not feel it is the employer’s role to encourage saving.
Thankfully, these percentages are relatively low. The typical employer
says they will adapt their communication methods for younger workers
If someone showed me what with 26% explaining the tax and employer contribution benefits, 21%
I might lose if I didn’t save 12% 12%
If someone showed me how
to manage my money better highlighting how they are giving away ‘free money’ and 18% saying
they will talk less about retirement and more about long-term savings.
Working Lives Report 15
16. Workers under pressure
Automatic enrolment stands to benefit those millions of employees in the UK who do Lack of current benefits:
not have any savings for their retirement. To ascertain the challenges that they may
face, the Working Lives report looks at a sub-group of the total sample: people who While arguably, this ‘workers under pressure’ group comprises people who could use workplace benefits to
earn less than £35,000 a year and save less than 5% of their income. They are help them make the most of their money, 53% say they work for an employer that does not offer traditional
all also supporting children under 21 or elderly relatives, and pay rent or a mortgage. benefits, such as an annual bonus or life insurance (39% - UK).
Most importantly, the employees in our ‘workers under pressure’ group say They are also typically less likely to be saving into a workplace pension with 50% saying that their employer
they lack confidence in their financial situation. does not offer a pension (35% - UK) and just 29% paying into a workplace pension their employer also pays
All this comes at a time when the Office for National Statistics (ONS) and Eurostat4 into (36% - UK). Of those who have a workplace pension, they pay in just 3.86% of their salary (5.50% - UK)
have released figures which show that in 2011 the standard of living in the UK and their employers contribute 5.49% of their salary (6.22% - UK).
dropped two places to sixth highest in Europe. This lack of workplace benefits may well be due to the fact that 50% of those under pressure work for companies
The differing fortunes of workers under pressure with fewer than 100 employees and are therefore less likely to have access to a workplace pension, particularly as
their employer is unlikely to have reached their automatic enrolment staging date.
Work for an employer that does
39% 53%
not offer traditional benefits Juggling priorities and increasingly worried:
Work for an employer that While some of this group earn more than the typical full-time UK salary (£26,500)5, they spend more of their
35% 50%
does not offer a pension income on basic expenses such as housing (36.16% vs. 30.86% - UK) and food (19.72% vs. 18.46% - UK)
but less on items such as entertainment (5.98% vs. 9.50% - UK) and even less of their income goes towards
Paying into a workplace pension savings, including pensions (3.52% vs. 14.88% - UK).
29% 36%
their employer also pays into
If they were offered a 20% increase in their salary, the largest proportion say they would use it to repay debt (52%
Would spend a 20% salary vs. 33% - UK), and pay household bills (31% vs. 14% - UK) rather than to save into a pension (21% vs. 26% - UK).
33% 52%
increase on debt repayments
Would spend a 20% salary
14% 31%
Interested in automatic enrolment:
increase on household bills
While ‘workers under pressure’ are less familiar with the new pensions legislation, with 52% saying they have
Would put a 20% salary increase never heard of it (41% - UK), they do express an interest when it is clearly explained. More than half (63%)
21% 26% say it will help people to save for the future and 56% agree with the Government introducing automatic
towards pension contributions
enrolment legislation.
Key workplace concern is their level
65% 80% Those under pressure are more likely to opt out immediately as they can’t afford it (25%), than the average
of pay compared to their cost of living
UK employee (17% - UK). The overall automatic enrolment opt out rate for ‘workers under pressure’ (36%)
Not at all/not very confident remains similar to the UK average (37% - UK) – due mainly to 16% of UK employees saying they will actively
60% 85%
in the UK economy choose to opt out as they prefer to make their own individual pension arrangements (compared to 2% -
workers under pressure).
Workers under pressure UK average
Working Lives Report 16
17. Big business – the experience of very large companies
(1,000-plus employees)
Among companies with 1,000 or more employees there are significant differences in their experience Communicating change:
of workplace savings and benefits compared to the average UK employer. The majority of these
companies (59%) have multiple UK and international sites (22% - UK), with more sophisticated online As they have the resource, these employers are more likely to communicate with their employees
communication infrastructures, for example, an intranet site. regularly about pensions, and show a high degree of diligence in conveying the benefits and
options with automatic enrolment.
They are also more confident about their companies’ financial situation (76%, up eight percentage
points on the UK average of 68%), and less concerned about their ability to survive the economic Asked about the types of information provided to employees about their
downturn (16%, down 13 percentage points on the UK - 29%). auto-enrolment scheme, very large employers focus on:
These very large employers are generally more confident about the UK economy (27%, up two Levels of contribution
percentage points on 25% - UK), and more so than small businesses (19%). However, with their the employer will make
large workforces they indicate more concern about cutting jobs (30%, up 11 percentage points on
the UK - 19%). At a time when they are leading the charge on automatic enrolment, big businesses 53%
are no more inclined than others to increase their spend on benefits in the coming year. (vs. 35% - UK)
Leading the way on automatic enrolment 39% 51%
(vs. 23% - UK) (vs. 35% - UK) What automatic
As might be expected, these larger employers are further along in understanding, not just the Fund choices enrolment means
practicalities, but the impact and benefits of automatic enrolment. Therefore, it is very positive for employees
that companies with 1,000-plus employees agree with the Government’s decision to make the
workplace the focus for automatic pension saving (73% vs. 58% of all UK businesses).
Most difficult and challenging aspects of automatic enrolment
for very large employers 42% 49% Levels of
(vs. 26% - UK) (vs. 33% - UK)
Very large employers Total UK employers Charges contribution
that apply the employee
to their pension will make
Managing the cost 43% 42% 44%
(vs. 28% - UK)
On-going compliance management 33% 25%
Tax benefits
Communicating automatic enrolment to employees 32% 23%
However, they indicate that due to their size they can have issues around communicating with employees
Updating the existing pension 30% 24% across multiple sites (28% vs. 14% - UK) and reaching those who don’t have email access (15% vs. 9% - UK).
Working Lives Report 17
18. In conclusion
Aviva’s Working Lives report shows that there is still significant work to do before automatic enrolment can be called a success,
and there are still a number of uncertainties – not least the interplay between workplace pensions and the wider benefits on offer.
What role a choice of wider benefits will play in engaging employees in workplace saving is yet to be fully seen. It is likely though, that
the more employers understand the needs and attitudes of their employees and match these to relevant benefits packages, the stronger
engagement is likely to be.
That is not to say that every employer should offer a multitude of benefits; more important is the recognition that when it comes to
employees ‘one size does not fit all.’ A number of carefully selected benefits, offered by an employer which has taken the time to
understand its workforce, along with a straightforward and modern auto-enrolment scheme are likely to be highly valued by employees.
Insights from this report give some strong indications for consideration, particular in relation to automatic enrolment:
Employers should By reviewing their entire benefits offering, In challenging economic times – when
begin their planning including their pension, employers can many employers are looking to attract
process early, at least better match what their employees want and retain employees – relevant and
18 months ahead of and need with what works best for their attractive benefits choices could grow
their staging date. business. in significance.
Communicating with employees Communication and engagement will Focus needs to remain on
in a way that is relevant and be critical to the success of automatic building on the stronger
based on a deep understanding enrolment, and creating a way of awareness levels among
of the characteristics of the personalising savings and benefits options employees to encourage
workforce is vital. may encourage employees to save. saving for the longer term.
Working Lives Report 18
19. Appendix 1 Methodology
Case study: Aviva’s journey to automatic enrolment The Aviva Working Lives Report was designed and produced by Aviva and Wriglesworth Research
in association with ICM.
Aviva’s staging date was 1st February 2013. Aviva is using its existing employee money
purchase scheme as the core pension for automatic enrolment. Almost all employees *4,012 private sector employees and 760 private sector employers were interviewed in two
(approaching 99%) already take part in the scheme, with minimum contribution rates waves, producing the first report in Q2 2012, and this second report in Q1 2013. All interviews
of 2% employee, 8% employer, rising to 8% employee, 14% employer. An innovative were conducted online and the sample targeted to:
communication policy with members has helped put the scheme on a strong footing. l Ensure there was a comprehensive cross-section of the UK working population
By the time the staging for automatic enrolment arrived, the project team had been l To capture similar people as those interviewed in wave one
working directly with the administrators and trustees over an extensive period of time. l This data was combined with additional information from the sources listed below and used
At staging, Aviva only needed to auto-enrol approximately 332 employees, and invited to form the basis of the Working Lives Report in February 2013.
an additional 78 people to join the scheme despite not qualifying automatically because
of their age or earnings. **For the purposes of this report, a ‘small business’ is a company with 0-49 employees, a ‘medium
company’ is 50-249, and a ‘large business’ is 250 or more employees. A subset of the large business
The project team established the best way to work with the legislation and guidance to category, called ‘very large business’, is included and comprises businesses of 1,000-plus employees.
maintain continuity for members and auto-enrol all new Aviva recruits in line with the
existing process. Contribution rate requirements were measured against qualifying earnings, Additional data sources/information includes:
ensuring Aviva comfortably met the initial phased requirements. 1. Automatic enrolment into a workplace pension, key facts, Department for Work Pensions,
September 2012.
Having made the key decisions about automatic enrolment, Aviva ensured its systems and
processes were compliant with the legislation – noting any risks and acting accordingly. 2. Department for Work Pensions – Automatic enrolment announcement – October 2012.
This was a considerable task, involving a range of departments including recruitment, 3. Bryan, M et al. – Who Saves for Retirement? Institute for Economic and Social Research
payroll, legal, tax, human resources, staff pensions and the trustee. (ISER) Strategic Society Centre – 2011.
4. Office for National Statistics - News Release - UK standard of living drops to sixth highest in
What has Aviva learned from auto-enrolment? Europe – December 2012.
l
5. Office for National Statistics – Average UK Salary for Full-time Workers – November 2012.
Engaging early with stakeholders has been fundamental to a successful outcome.
l
For further information on the report or for a comment, please contact:
Auto-enrolment requires a keen focus on managing a clear, end-to-end process,
which takes account of every step from assessing the best pension provision, to Diane Mangan
on-going compliance around enrolments and opt outs. Senior Media Relations Manager
l The Aviva scheme is in excellent shape, with high participation and attractive Aviva
contribution rates. 01904 684164
07800 691714
diane.mangan@aviva.co.uk
Working Lives Report 19