Soon every company that has one employee or more will soon have to have a workplace pension whether they want to or not! As Theo Paphitis says "embrace it and #DonotIgnoreIt".
You can find out more information here.
I believe that it’s a great idea to make people think now about how they are going to provide for themselves when they are older. After all, how long is the State Pension going to be there? There isn’t a day goes by when a struggling company or one that has gone into administration is revealing that it has a massive pensions deficit.
Creating and managing a workplace pension for your company is a time and financial commitment however good the provider you choose is. I recently attended a focus group for a Workplace Pension provider looking to gain an insight into employer’s needs as they started to push their managed service in the U.K. It was a very revealing session and on reflection, a great way to get your brand and values known by the public.
Encouraging Staff Engagement
This provision of the Workplace Pension is a benefit to your staff whether they recognise that or not. One way to reinforce this commitment to your staff, in the same way when you provide them a uniform or other asset such as a mobile phone, is to have the details of the pension or assets on their Staff Access Portal. So they have access and can view it whenever they want to! Its another way of encouraging Staff Engagement. There are many benefits to an organisation if it can successfully engage with its staff and some time ago I did a couple of blogs - one on how to engage and one on the benefits.
Investment in Staff
At PARiM we always recommend that companies load up all the assets they provide staff, add the cost to them and then formally sign them out so that the staff can see part of the investment their employer makes in them. This way the staff can see and appreciate the actual cost of the uniform and it might mean they take more care of it.
We like to make life easy for you at PARiM and when you sign out an asset the system automatically issues an Asset Release Certificate for both parties to sign.