What will be the top challenges for HR Managers and employee benefits and reward specialists this year?
This was the subject of a debut roundtable event hosted by Punter Southall Aspire, the workplace pensions and savings experts.
HR, Reward and benefits experts from leading companies including Legal & General, Aberdeen Asset Management, THB Group, Columbia Threadneedle, Moody’s, Total Reward Group and Future Kings gathered at The Gherkin in the City of London on 25th January to share their views and air their concerns.
The wide-ranging discussion covered issues including pension inadequacy and whether the government’s approach to pensions is working; taxation changes affecting high earners, the battle to get employees engaged with pensions, pay equality and how to handle the new gender pay reporting regulations being introduced in April.
The number one concern highlighted by delegates was how they were managing the new pension threshold for higher earners introduced in 2016 and the level of support they should be providing for employees affected by these considerable changes to their personal tax status. A major challenge according to the delegates was the difficulty of balancing the need to support employees and provide them with information so they understand their options whilst not being seen to be giving financial advice on what is essentially a personal tax issue.
John Buttress, Managing Director, Sales and Marketing at Punter Southall Aspire said,
“Our debate highlighted the complex range of challenges HR and employee benefits professionals face in the months ahead. Many are still getting to grips with the taxation changes introduced last April, and yet in April this year more regulation in new areas such as gender pay reporting is being introduced so the pressure is on.
“We hope that bringing together HR experts from different companies to share their strategies and perspectives and by discussing these views, we will boost learning and knowledge in the sector. We hope this was the first in what will be a series of HR debates and we look forward to welcoming HR experts from a range of different industry sectors in the future.”
If you are interested in receiving Punter Southall Aspire’s white paper from this roundtable, or attending a future debate, please click here to email the authors