(PR in) HR Pulse | HR News Round-up: 22nd – 28th January 2024
Photo by Hatice Yardım on Unsplash
Employees want their organisations to choose their pension provider
New research from the Pensions and Lifetime Savings Association (PLSA) has found that, on average, more than two-thirds (69%) of employees want their organisations to choose a workplace pension provider.
This comes after the government’s decision to allow employees to select their own pension provider for the duration of their career.
PLSA’s research shows that three-quarters (75%) of women, nearly two-thirds (63%) of men, two-thirds (66%) of 18 to 54 year olds and the majority (85%) of 55 and above would prefer for their organisations to choose a pension provider.
Of the 1,631 working-age adults surveyed, more than half (55%) said they are not or slightly confident in choosing a pension provider - only 19% said they are extremely or quite confident.
Joe Dabrowski, Deputy Policy Director at the PLSA, says that although the government’s decision sounds interesting, it is important to understand that it requires employees to be financially literate with a good comprehension of pensions.
Dabrowski adds that the financial literacy of employees has been an ongoing and continuous concern for organisations - employers need to protect employees who don’t have the knowledge to make such choices.
Source: Employee Benefits.
Individuals under 25 can’t afford the cost of being employed
The Prince’s Trust’s new study shows that the cost of living is causing one in ten unemployed young people to decline job offers due to the cost of appropriate clothing and transportation.
The trust’s annual NatWest Youth Index 2024, conducted by YouGov, reveals that a third (33%) of 16 to 25 year olds are unable to afford the necessary qualifications for their desired job.
Of the 2,239 young people surveyed, nearly a fifth (20%) intend to finish school early to start earning money - c5% said they have missed school or work in the past 12 months because they couldn’t afford the commute, with this figure increasing to almost one in ten among individuals from less affluent backgrounds.
Over two-fifths (40%) of respondents said that money-related concerns significantly impacted their ability to concentrate at school.
The study also found that c10% have been bullied in the past year because they couldn’t afford everyday costs - rising to c20% for those from less affluent backgrounds.
A fifth (20%) of respondents have missed meals because of a lack of money and a third (33%) haven’t been able to afford to see family in the past year.
Jonathan Townsend, the UK CEO of the Prince’s Trust, says that the cost of living crisis has severely impacted the education, employment and wellbeing of young people - threatening the aspirations of an entire generation.
He adds that this is even worse for those from disadvantaged backgrounds, significantly hindering their ability to pursue new job opportunities and attain the necessary skills and qualifications for their career ambitions.
Barry Fletcher, CEO of the Youth Futures Foundation, says that the cost of living crisis and the cost of a job or staying in education have forced young people to become or stay NEET - not in education, employment or training.
He says that the lasting consequences of being NEET, mean an increased likelihood of future unemployment and developing mental and physical health issues.
Source: The Guardian.
Gen Z’s are 224% more likely to experience depression, losing 151% more days of productivity per year
Vitality’s new Britain’s Healthiest Workplace report reveals that, on average, employees under 30 lose over a day a week (59.7 days per year) of productivity to poor health.
Gen Z workers experience a higher loss (64%) in productivity days when compared to those aged over 50 (c36%) per year due to health issues.
Of the 4,700 employees and employers, Gen Z employees were found to be 224% more likely to experience depression than those over 50.
More than half (c56%) of Gen Z say they are fatigued, 17% are dealing with burnout and c15% are living with depression.
The report found that mental illness had the most significant impact on productivity - living with depression causes individuals to lose 151% more days of productivity per year when compared to those who haven’t reported mental health struggles.
Dannielle Haig, Director and Principal Business Psychologist at DH Consulting, says that younger workers aren’t just lazy - this presence of lower productivity stems from the unique challenges they face in the modern workplace and isn’t a reflection of a lack of effort or motivation.
She adds that younger workers are under intense pressure to prove their worth in the competitive world of work, made more difficult as they don’t have the experience and support to handle such stress.
Karl Bennett, Wellbeing Director of Vivup and Chair of the Employee Assistance Programme Association, says that Gen Z workers communicated differently due to their access to mobiles and social media.
He adds that their lack of in-person work experience has also meant that they haven’t built the coping mechanisms and resilience workers over 50 have had the opportunity to develop.
Lisa Seagroatt, Managing Director of HR Fit for Purpose, says that Gen Z employees show greater self-awareness regarding burnout, depression and fatigue when compared to those over 50.
She adds that this awareness is a positive step toward understanding mental illness and its impact on overall health.
Emily Bennett, HR Technical Consultant at AdviserPlus, says the key to combating this is building an emotional connection between employees and managers - allowing managers to understand how mental illness affects their employees.
She adds that proactive wellbeing support is crucial to creating a productive workforce.
Source: People Management.
And here are links to other really interesting news stories this week:
HR Magazine: HR viewed as the least productive department by employees
HR Review: Brits prefer hybrid working over office or remote, study reveals
People Management: How can you make your workplace a period-friendly environment?
WorkLife: WTF is a psychological contract?