PENSIONS: Incentive for recruitment
Five years on from the introduction of auto-enrolment, almost nine in 10 people, 89 per cent, in the North East think it was a good idea, but local employers might be missing a trick by underestimating how valuable pension contributions can be for the recruitment and retention of staff.
While a surprising majority of people, 59 per cent, in the North East consider pension contributions as important when looking for a new job, a third of local employers aren’t bothering to promote their scheme as a benefit, and almost half don’t think it makes a difference to recruitment.
At a time when 52 per cent of UK adults, who are planning on retiring, think they won’t be able to afford their desired lifestyle in retirement, and with employees highly valuing their pension contributions, employers can play a significant role in helping staff maximise their potential pension pots.
By promoting their pension contributions when recruiting, reminding staff about the importance of saving for retirement, and where possible increasing employer contributions above the minimum requirements, they’ll not only help their staff plan for the retirement they deserve, but also benefit their business by helping them to recruit and retain staff.
Director of Policy And Market Engagement
The People’s Pension