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Reports

Pension pots may be rising, but the gender savings gap is widening

3 August, 2020 By WiC

changing trends of financial wellbeing

The average pension pot of UK employees in large firms is now £120k, a 35% increase on three years ago, according to new Changing Trends of Financial Wellbeing research undertaken by Close Brothers. However, outside of pensions, average savings and investments have fallen 3%, and delving into the detail reveals a widening gender savings gap.

The overall average pension savings pot, including all workplace pension schemes, has increased from £89k in 2017 to £120 in 2020.

Men have seen an increase of 35%, and whilst women have experienced a higher percentage increase of 38% over that time period, women’s retirement savings still lag significantly behind men’s at £73k compared to £162k.

uk employee savings

Figures from: Close Brothers Lifetime Savings Challenge 2017 and Changing Trends of Financial Wellbeing 2020

In the wake of the coronavirus crisis, Close Brothers found that 16% of workers are going to reduce the amount they save into their pensions, due to pressures on shorter term needs, despite the risk that this could affect their longer-term financial wellbeing. Female workers, however, are less likely to make this decision (12%) compared to nearly one in five (19%) of their male counterparts.

As well as more people having to draw on their savings during the coronavirus, there are some positives to have emerged when it comes to savings: 50% plan to make changes to their finances, with the top changes being to keep a closer eye on day to day spend and to put more into their rainy day fund.

All demographics have spent less in lockdown and all but 18-34 year olds have realised they can live happily on less, which bodes well for putting more aside into savings once the acute effects of the pandemic ease their finances.

 

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Visit our searchable Knowledge Bank for a range of reports and studies on gender diversity, leadership and related topics.

To discover more about the impact of lower pension provision on women watch this video produced by the Chartered Insurance Institute as part of its Insuring Women’s Futures programme.

 

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Filed Under: Reports Tagged With: diversity, finance, pensions

Virtual Inclusion in the City, Obstacles and Actions

15 July, 2020 By WiC

On March 16th 2020 the UK Prime Minister Boris Johnson started giving the nation daily updates urging its citizens to work from home as part of the COVID-19 response.

Even before that date, over in the City of London, many firms had introduced working from home for a large proportion of their workers, expecting that they would soon no longer be able to travel to site. Therefore, throughout March 2020, as part of the COVID-19 response, financial and professional services firms made the transition from physical workspaces to virtual ones, with limited or no planning time. Soon, save for those people nominated as key workers, such as certain traders and salespersons, the majority of employees from the City of London were working at home.

In order to understand the obstacles that stand in the way of virtual inclusion for the City of London’s workers, Dr Grace Lordan, Director of The Inclusion Initiative, at the LSE went on a virtual listening tour engaging 35 of its most senior leaders who work in financial and professional services in the City of London.

The aim was to identify their perceived obstacles to enhancing virtual inclusion in their firm during the COVID-19 response. Ten major obstacles were identified, each with a set of three independent actions that can be easily pursued to enhance virtual inclusion in the firm, with a view to benefiting business outcomes now.

The Ten Obstacles are:

  1. Physical distance can lead to psychological distance
  2. Presenteeism may be replaced by virtual presenteeism
  3. Communication
  4. In-groups
  5. Virtual group think
  6. Unfamiliar context
  7. Work is now home
  8. Maintaining motivation
  9. Beware of illusory correlation
  10. Re-start with inclusion

We’re publishing this report in retrospect and wonder how many of the actions have been implemented.

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Visit our searchable Knowledge Bank for a range of reports and studies on gender diversity, leadership and related topics.

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Filed Under: Reports Tagged With: Covid-19, diversity, inclusion, leadership

Engaging with Millennials – the future of retail banking

15 July, 2020 By WiC

The Millennials are the squeezed generation. Many find themselves adrift in a harsh world of low wage growth, increasing living costs, and an uncertain future influenced by climate change and the imminent automation of jobs.

It’s not all doom and gloom however… Millennials may actually be on the cusp of the greatest inter-generational transfer of wealth in modern times. This looming inheritance boom, not to mention the buying power of one of the biggest generations ever, means banks inevitably spend a lot of time thinking about how to engage with Millennials. The question is, are they getting it right?

MoneyLIVE recently surveyed over 200 senior banking executives to understand more about the role of trust, loyalty, customer co-creation, ethics and environmental change for effective engagement with the Millennial demographic.

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Filed Under: Reports Tagged With: financial services

Missing Millions – the training gap in the UK workforce

11 March, 2020 By WiC

  • only 33% of working age people in the UK feel positive about their future career prospects
  • 34% of respondents have either not received workplace training in the last five years or have never had any such training – equating to 17.8 million people with outdated skills.
  • 31.3 million people (60% of respondents) feel their skills are underutilised

In its latest research report, Missing Millions, City & Guilds shines a light on the worrying reality of the UK’s skills and productivity crisis.

As productivity continues to decline, it’s widely understood that businesses and Government need to prepare to meet the demands of the workplace of the future and ensure the country has the skilled workforce it will need over the next decade. However, the research reveals that people across the nation are being denied access to training and opportunities to upskill that would enable them to be more productive.

According to the report – which is based on findings from labour market economists Emsi and a poll of 5,000 working age people – only half (53%) have received workplace training in the last three years, and a third (34%) have either never received training, or did so more than five years ago. The lack of opportunity for skills development leads to only a third (33%) of the UK working age population feeling positive about their future career prospects.

In addition to this, 60% of respondents stated that they felt the skills they did have were underutilised at least 50% of the time, suggesting that employers are not fully capitalising on the skills they already have within their businesses.

Kirstie Donnelly, Interim CEO at City & Guilds Group, commented:

Today we are fortunate that unemployment sits at its lowest level since 1975, but this masks the fact that many people in the country are in fact underemployed and could contribute far more to society if given the opportunity. By unlocking more people’s full potential, we can both increase opportunities for social mobility and help to drive up productivity.

Over the last decade, we have witnessed continued cuts to adult education funding, which has meant that certain groups of people have effectively been ‘left behind’. As the impact of Artificial Intelligence and the fourth industrial revolution continues to totally reshape the labour market, we need to see urgent action from the Government to reverse the decline of the lifelong learning sector – ensuring people in all areas have access to critical skills development and employers have access to the talent they so desperately need.

The research found:

  • Those from lower socio-economic groups were much less likely to have received training in the last five years (44% vs 68%) and were less satisfied with their career prospects (22% vs 39%) than those from higher socio-economic groups;
  • Those living in the North East of England faced a significant disadvantage in access to training and opportunities for progression when compared with other regions. Only 21% of people in the North East felt positive about the jobs market in their local area, compared to 45% in London;
  • Those working part-time – significantly more women than men – were also less likely to have received training in the last five years than those working full-time (61% vs 72%). Part-time workers were additionally far less likely to believe there was opportunity to progress than their full-time counterparts (22% vs 36%);
  • People highly value the training they do receive – 77% of those who had received workplace training stated that it had enabled them to be more effective at their job.

Kirstie continued:

From better provision of training and education across regions of the UK to better access to childcare giving more part-time workers the chance to upskill, we need to see immediate action from government and policy makers. We are already lagging behind the other G7 countries when it comes to productivity so it’s critical that we address this challenge head on if we are to retain our status as a leading global economy post Brexit. Harnessing the full potential of the people that are already in work – and are yearning to learn – would be a significant step in the right direction.

As a result of the findings in the report, City & Guilds is calling for government and policy makers, employers and individuals to take action:

  • Employers need to invest in skills development for people at all ages and levels of their career. They also need to get better at recognising and utilising people’s full skillsets.
  • Individuals need to start looking for more opportunities to upskill themselves outside of the workplace or put themselves forward for training at work, as well as showcasing their full range of skills to employers, both current and potential.
  • Government and policy makers need to urgently review adult education and create a system that encourages lifelong learning, retraining and reskilling. They need to provide better careers guidance and advice to people at all stages of their career.

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Filed Under: Reports Tagged With: personal development, workplace

Internal politics are biggest workplace struggle say study respondents

31 January, 2020 By WiC

office-politics

Earlier this month, Roar Training asked nearly 400 people to reflect on their biggest workplace struggles of 2019. What came out of this exercise was the realisation that huge numbers of people are genuinely unhappy at work, for reasons that are easily managed.

  • Scenarios that require collaboration and navigating interpersonal relationships are some of our biggest struggles
  • Over half (54%) struggle with feeling bored, unfulfilled or demotivated
  • For some work is somewhere they “dread going to”, with “toxic bosses”, “sexist cultures” and “political sociopaths”

Relationships with bosses also scored highly, though relationships with co-workers less so. Considerations around productivity, such as managing workload and handling emails, are less challenging.

What do employees want?

Roar Training also asked people ‘If you felt completely professionally fulfilled, what would be different?’ to gauge the changes that participants wanted to see within their professional lives.

More autonomy

Professional autonomy and the ability manage one’s own workload was a common theme, with respondents stating:

“I’d have total autonomy over how I worked my day/hours.”, “I’d like more autonomy and opportunity to manage my own work.” and “A manager that trusted my decisions and my ability to do the right thing, without always needing to check on me. I know what I am doing, I would like to be able to just get on.”
“I would be happier if I was able to use my initiative more and work independently.”

Less stress

The majority of what would make respondents feel professionally fulfilled were emotional, rather than financial. (Only 8% of respondents mentioned money or salary specifically) and feeling less stressed and worried was a huge part of that.

“I’d be in a better place mentally and emotionally and it would help me in all other aspects of my life. I’d truly be working to live, not living to work which is how it feels at the moment.”

“I wouldn’t be dreading coming into work. I wouldn’t be stressed the second I open my emails. “

“I wouldn’t feel so stressed and I’d be able to focus on the parts of my job that add real value”

Focus and clarity

For many participants, a desire for professional clairty and focus was a recurring theme. Interestingly there was a correlation between this sentiment and wanting to feel valued and supported, suggesting a lack of direction or objectives, making employees feel lost and consequently uncertain of whether they were doing the right thing.

“Sit down and create more plans, structure is key!”
Clarity on what I do and my role within the business, especially how it can develop.
“A clearer understanding of what my job is and what exactly is expected of me”
“Have the time to focus on projects that will really move the needle and make a difference without distractions.”
“I’d feel motivated and have clarity in what I actually do.”

Feeling heard

The ability to feel as though you are being heard, believed and listened to is significant in developing professional fulfillment. Interestingly, this notion featured heavily in our research on creating gender parity in the workplace. Without feeling heard, people can feel ignored, undervalued and underappreciated.

“Bosses need to believe me”
“Understanding of how to be heard when you know you’ve got a company changing idea, a good one”
“I would be able to bring forward issues and solutions”
“Have the confidence to suggest changes or discuss them without fear of being fobbed off or ignored.”

Flexible working

Unsurprisingly, a desire to work remotely or flexibly features regularly in professional fulfillment.

“Flexible working would be key. I work full time and I have a small child. I wish my employer would recognise that sometimes doing the standard 9-5 isn’t possible, but it doesn’t mean that I can’t still achieve as much working around that.”

“I recently took on a remote role that offers flexible working in a department I love.
Previous to this I worked in an office in a role I wasn’t at all passionate about.
I can already feel the difference in both my professional and working life.”

“Freedom with working hours (not feeling like I have to stay until 5, even though I’ve tied my tasks up by 4.30 for example).”

What are your thoughts and main workplace challenges? Perhaps these are familiar, maybe yours are different.

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Filed Under: Latest, Reports Tagged With: career, motivating, personal development

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