Seemingly, nothing has really changed. Yet at the same time, it feels like everything has changed.
Why? Because employee expectations have undergone a huge shift, driven primarily by millennials and Generation Z, who together are predicted to dominate the UK workforce by 2020.
A job for life, followed by retirement at state retirement age on a comfortable Defined Benefit pension is now so far removed from reality, it’s rendered pretty much obsolete.
Employees want more from their workplace than the daily commute, the 9–5 and the monthly pay cheque. They want work-life balance, flexibility, an employer that cares about individual physical, emotional, financial and career needs, and an organisation that lives and breathes its brand promise, that not only supports its people but also the local communities in which it operates. In short, an organisation that is authentic.
Leaders need to get to grips with all of this and more. They also need to pay heed to the push for fairness and distributive justice: a trend not only in the workplace, but also in society.
In this edition of Your People | In Focus, we delve deeper into the subject of fairness, focusing on some immediate priorities facing organisations:
- What you need to be doing now prior to CEO pay ratio reporting next year.
- How and why you need to focus on financial education in the workplace: it doesn’t have to be big, shiny and expensive to be effective.
- Why the shift from defined benefit to defined contribution, for all the cost savings associated, still leaves the door open for big, future ill health early retirement liabilities.We investigate an innovative new way that has the potential to fully mitigate the risk while maximising organisational wellbeing.
If you’d like to learn how we can help your business bring out its better with anything from analysis and diagnostics, to benefits audits and communications please contact us and we can schedule a meeting.