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23 May 2023

In today’s fast-paced and demanding work environment, prioritising employee health and wellness is no longer just a trend but a necessity. Employers who invest in comprehensive wellness programs and initiatives can reap numerous benefits, including increased productivity, enhanced job satisfaction, and improved overall employee well-being. As a pension and benefits consultancy, we work with a wide range of businesses, many of whom want to prioritise not only the financial well-being of their employees but also the mental and physical well-being of them also.

Boosting Productivity and Performance

All the evidence confirms – employee health and wellness directly impact productivity and performance levels within an organisation. By offering wellness programs, employers provide opportunities for employees to take care of their physical and mental well-being. Wellness initiatives, such as fitness programs, gym memberships, and health screenings, can improve employees’ physical health, leading to increased energy levels, better focus, and reduced absenteeism. Additionally, mental health support and resources can help employees manage stress, enhance resilience, and maintain optimal cognitive function, resulting in improved job performance.

Enhancing Job Satisfaction and Employee Engagement

A focus on employee health and wellness contributes significantly to job satisfaction and overall employee engagement. When employees feel that their well-being is a priority for their employer, it fosters a sense of value and care. Wellness programs demonstrate an organisation’s commitment to creating a positive work environment that supports employees’ physical and mental health needs. This, in turn, leads to greater job satisfaction, increased loyalty, and higher levels of employee engagement.

Attracting and Retaining Top Talent

In today’s competitive job market, attracting and retaining top talent is a significant challenge for employers. Offering comprehensive health and wellness programs can give organisations a competitive edge. Prospective employees actively seek employers who prioritise employee well-being, knowing that their health needs will be supported. By providing wellness programs that go beyond traditional healthcare benefits, such as gym memberships or yoga classes, employers can position themselves as attractive employers of choice, resulting in higher talent acquisition and retention rates.

Reducing Healthcare Costs

Investing in employee health and wellness programs can lead to long-term cost savings for employers. By promoting preventive measures, such as health screenings and wellness education, employers can identify potential health risks early on and support employees in taking necessary actions to prevent or manage chronic conditions. This proactive approach helps reduce healthcare costs associated with expensive medical treatments and long-term absenteeism, ultimately contributing to a healthier and more cost-effective workforce.

Fostering a Positive Organisational Culture

Wellness programs play a significant role in shaping a positive organisational culture. When employers prioritise employee health and wellness, it sends a clear message that the organisation values the holistic well-being of its workforce. This culture of care, supported by wellness initiatives, can foster camaraderie, teamwork, and a sense of community among employees. It creates an environment where individuals feel supported and encouraged to take care of their well-being, resulting in a happier and more engaged workforce.

Prioritising employee health and wellness through comprehensive wellness programs is a powerful investment for employers. By offering a range of initiatives, including wellness education, fitness programs, mental health support, and health screenings, organisations can create an environment that promotes physical and mental well-being. The benefits extend beyond individual employees to include increased productivity, enhanced job satisfaction, improved employee engagement, and cost savings. In a world where the well-being of employees is paramount, investing in employee health and wellness is a strategic and compassionate approach that yields positive outcomes for both employees and the organisation as a whole.

If you would like to find out more about how our team at Corinthian, can support you with your pension and benefits offering – drop us a line at [email protected]

As companies around the world increasingly recognise the significance of environmental, social, and governance (ESG) factors, integrating sustainability into their operations has become a key priority. This focus on responsible business practices extends to employee benefits, particularly pension schemes. In this blog post, we will delve into the importance of ESG green pensions in the workplace and how they can positively impact both employees and the environment.

Supporting Sustainable Investing

ESG green pensions provide employees with an opportunity to align their retirement savings with their values. These pension schemes promote sustainable investing practices by incorporating ESG criteria into investment decisions. This means that the funds are directed towards companies that demonstrate strong environmental stewardship, social responsibility, and effective governance practices. By opting for an ESG green pension, employees can actively contribute to positive environmental and social change while securing their financial future.

Attracting and Retaining Talented Employees

In today’s competitive job market, talented individuals seek more than just a paycheck; they want to work for companies that share their values and demonstrate a commitment to sustainability. Offering ESG green pensions as part of your employee benefits package can give your organisation a competitive edge in attracting and retaining top talent. By providing an option that aligns with employees’ sustainability goals, you send a powerful message that your company values social and environmental responsibility.

Enhancing Employee Engagement and Well-being

Employee engagement and well-being are crucial for a thriving workplace. ESG green pensions can positively impact both. When employees are aware that their retirement savings are being invested in companies that prioritise ESG factors, it fosters a sense of pride and purpose. This knowledge can improve employee engagement and overall job satisfaction. Moreover, contributing to a sustainable future through their pension investments can enhance employees’ sense of well-being, knowing that they are making a positive difference in the world.

Mitigating Financial Risks

Integrating ESG factors into pension investments goes beyond ethical considerations; it also helps mitigate financial risks. As the world transitions to a low-carbon economy, companies that fail to adapt may face significant financial challenges. ESG green pensions strategically allocate funds to companies that are proactively managing ESG risks and capitalising on emerging sustainable opportunities. By investing in these forward-thinking organisations, employees can potentially minimise their exposure to financial risks associated with climate change, resource scarcity, and regulatory changes.

Meeting Regulatory Requirements

Governments worldwide are increasingly implementing regulations that emphasise the importance of ESG factors in pension schemes. By offering ESG green pensions, your organisation demonstrates compliance with evolving regulatory requirements, positioning itself as a responsible corporate citizen. Staying ahead of these regulatory shifts not only protects your organisation from potential penalties but also helps build trust among employees, investors, and other stakeholders.

Final thoughts

ESG green pensions represent an impactful way for companies to demonstrate their commitment to sustainability, attract top talent, and align employee retirement savings with their values. By embracing these pension schemes, organisations can contribute to a greener future, enhance employee engagement and well-being, and mitigate financial risks associated with ESG factors. As the importance of sustainable practices continues to grow, ESG green pensions will play a vital role in shaping a more sustainable and responsible workplace.

If you are interested in finding out more about ESG pensions – reach out to our team [email protected]

17 February 2022

In April 2022 National Insurance contributions will increase as part of the Governments plans to resuscitate the NHS post Covid-19. The 1.25% rise in contributions has been labelled the Health and Social Care Levy and is forecast to raise an additional £11.4bn in revenue for the NHS and social care.

But how will this increase affect employees? And what are the benefits, or lack of, for salary exchange schemes?     

What is salary exchange?

Salary Exchange schemes allow employees to use some of their gross salary (before tax) to pay for a number of approved benefits – including childcare, pensions, cycle to work schemes and low emission vehicles. Certain benefits come with additional caveats; for example, if a car emits more than 75g/km CO2 then they are taxed as a benefit in kind and exchange schemes must not reduce an employee’s cash earnings below the National Minimum Wage (More information can be found on the website here). 

What do the April changes mean? 

Currently employees pay NICs at 12% for income between £184 and £967 per week. Everything over £967 is at 2%. This is increasing to 13.25% and 3.25% respectively. 

It isn’t just employees who will be affected by the rate change. The Employers contribution rate will also rise from 13.8% for income over £170 per week to 15.05%.  

In simple terms someone earning the average basic rate salary of £24,100 will pay £180 a year more whilst the average higher rate earner on £67,100 will pay £715 more. 

What are the negative sides to salary exchange?

A lower salary can also affect future entitlements to things like maternity or paternity pay, some state allowances and potentially, mortgage applications. 

Other employee benefits linked to your salary (such as life insurance) may be affected. 

Your employer or benefit provider should be able to explain the effects based on your personal circumstances. 

What can you do about the increase?

Unfortunately, nothing can be done to avoid the increase as it is implicated by Parliament and applies to everyone who is paid a salary. Even Directors who pay themselves in dividends will be affected as the rate on dividends taken is also due to rise. 

Whilst you can’t avoid the increase the best way to counter it is to look at using your gross salary to its maximum effect.  

Whilst you can’t avoid the increase this could be the time to consider using a salary exchange scheme towards an electric or plug-in hybrid car with lower emissions (under 50g/km) that fall into the ultra-low vehicle tax bands introduced in 2021. 

If you would like to discuss any aspect of salary exchange and employee benefits we would be happy to hear from you. 

*Referred to as salary sacrifice by HMRC 

30 November 2021

We have a range of tools to help you address staff turnover.

Many will not cost you a penny, but could save you thousands of pounds.

Read part one of our two part series on Staff turnover, with our latest article “Let’s talk about The Great Resignation” available now!

22 October 2021

(S)Caring Employers are introducing new benefits to support their employees’ wellbeing.

Health plans can provide a whole range of affordable benefits.

The options for your employees are freakishly good!