As we move into 2018 and welcome in the New Year, it’s valuable to look ahead at the upcoming year and its potential challenges. With this in mind, here are 7 financial resolutions your organisation can consider going into the next 12 months:
- GDPR – Make sure your business is ready for the up-coming changes to data protection regulation coming into effect this May. Also, take into consideration your benefit providers and how they are protecting your employees and company data.
- Auto-Enrolment – Be mindful of the increase in minimum contribution levels for employees whom are auto-enrolled.
- Health & Wellbeing – Offer support to your employees in terms of their financial and health concerns. Providing solutions and investing in the support of your employees can reap organisational health and productivity rewards.
- Communication – Build stronger, more meaningful relationships with your employees going into the New Year. Understand what makes them ‘tick’ and recognise how they want to be rewarded for their hard work.
- Look to Technology – We all know it’s the future. So, why do so many companies utilise spreadsheets as their HR tool, communicate benefit by sending letters and ask for employees to sign forms. Automation of your processes and employee communications, with a small increase in investment, can enhance your employee engagement substantially.
- Childcare Arrangements – Review your childcare arrangements for 2018, new changes mean employer childcare vouchers will no longer be available. These are being replaced by the new Tax-Free Childcare Scheme.
- Workplace pensions – Now that Auto-Enrolment is embedded, it’s an ideal time to review changes to the group pension arrangements you offer employees. As duty of care, employers should review the charges and default fund arrangements that may now be outdated in a fast moving market.
If you would like any further information on any of the above, please contact an LEBC adviser.
Head of Employee Benefit Consulting, LEBC
Please remember, no news or research item is a recommendation or advice to buy. LEBC Group Ltd is not responsible for accuracy and may not share the author’s views. If you are unsure of the suitability of any investment please contact an adviser.
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