The biggest expense for most businesses is staff. And, after wages, one of the biggest staff costs is their workplace pension. How can you get the most out of this investment, rather than seeing it as a sunk cost?
We’ve partnered with the CBI to find out just that.
CBI members tell us the workplace pension is highly valued by employees. And with auto-enrolment minimum contributions rising - and an expectation that workplace contributions will total £133 billion in 2019/20, it’s never been more important that businesses engage their employees to make the most of the opportunities that presents.
The research shows a significant number of businesses believe that their workplace pension contributions should be helping to attract, retain and develop their people.
The report highlights how some employers are leading the way, and hopefully more employers will follow in their footsteps. You can find out more by reading the full report(Opens new window).
We've also created some top tips to help you(Opens new window) support your employees.
For Aegon, this is a continuation of the work we are doing with employers to ensure their workplace is working well and sharing best practice ideas, showing how and when engagement can unlock value. Our partnership with the CBI looks at how we can quantify the value of engagement, identify the support employers need, and how the potential value in investing more than the statutory minimum can be understood by both employers and employees; and create competitive advantage to attract talent.
- Strategies for engaging employees with their pensions.
- How to plan initiatives to improve engagement with pensions around key times in their employees’ working lives.
- Government’s responsibility to address levels of pension engagement.
The CBI(Opens new window) is the UK's premier business organisation, providing a voice for firms at a regional, national and international level to policymakers.
The CBI speaks on behalf of 190,000 businesses of all sizes and sectors. Together they employ nearly 7 million people, about one third of the private sector-employed workforce.