Before long you’ll have increased your staff costs by at least 3% of payroll. That’ s a significant outlay so what do you get for it?
If your staff don’t see the benefit of saving for retirement; if they don’t see and value what you’re doing to deliver a high value savings opportunity at low cost, then the return on your outlay is likely to be zip, zero, zilch, nothing. So, it’s just a tax. And who likes paying taxes?
Your staff need to be saving from a young age. After all, on average they’re likely to live much longer than their forebears. And that means that there will be too many retired people to be supported by the number of people still working, through the state pension system. In extremis, there may not even be a state pension in a few years’ time. So, they’re going to really rely on their workplace pension.
Most successful businesses recognise that your staff are your most important asset. They often take time to learn your ways, your values, your business and once you’ve invested in that journey, you don’t want to lose them.
Bring these things together and the lightbulb is lit.
Being a good employer means taking care of your staff and showing that you care. And given the importance of your workplace pension scheme, it’s going to be one of the key issues with which to make that point.
So, how do you do it? What do you do?
It’s up to you. You don’t have to do the same as everyone else. That difference might be the key to making the point.
Technology improves every day. You can get messages to your staff through posters, payslips, leaflets the internet, mobile apps and more. Some of the tools that your pension provider delivers may be important tools in your strategy. Somewhere in the process raising awareness through presentations and workshops should certainly figure. And having them delivered by an independent professional will demonstrate that you’re committed to what you’re doing. That it’s information not sales.
Your workplace pension is a benefit, not a tax. But only if you say it is!
Get in touch to find out more.