Category Archives: Boardroom News

Appointments, Boardroom News, Business

Change at the Helm: Swansea Building Society Welcomes New Chair

Swansea Building Society has signalled a significant transition in its leadership, as Ieuan Griffiths steps down after six years as Chair and nine years on the Board. Stephen Maddock will take over as the new Chair, bringing fresh perspectives to the role.

During his tenure, Griffiths has been instrumental in helping guide the Society through a period of sustained growth and development, leaving an indelible mark on its operations and strategic direction. His steadfast commitment and dedication to the Society’s mission have been deeply appreciated by colleagues, stakeholders, and the broader community alike.

Stepping into the role of Chair is Stephen Maddock, who brings with him a wealth of experience and expertise in finance and governance. Stephen joined the Society’s Board in May 2016 and has served with distinction ever since. His appointment as Chair, effective May 2024, underscores the Society’s commitment to maintaining the highest standards of leadership and governance.

A Chartered Accountant and a Fellow of ICAEW, Maddock’s professional journey is marked by a distinguished career in the financial sector. Beginning his career at the Swansea office of accountancy firm Deloitte Haskins & Sells, Maddock went on to join Coopers & Lybrand, now PwC, after qualifying. His career culminated in the role of Director of Financial Shared Services for Tata Steel Europe before embarking on early retirement.

In assuming the role of Chair, Maddock brings to bear a profound understanding of financial management, strategic planning, and corporate governance. His strategic vision, coupled with his deep-rooted commitment to the Society’s values, positions him as an ideal steward for the organisation as it continues its mission of serving its members and community.

Outgoing Chair, Ieuan Griffiths, said:

“It has been a privilege to serve as Chair of Swansea Building Society for the past six years. In fact, I’d have loved to have stayed longer but nine years is the maximum allowed on the Board, so it was time for me to step down. I’d like to thank my colleagues for all that they have done during my tenure, not only do they bring expertise, but they contribute – unstintingly – with their time. I’d especially like to thank Society Chief Executive, Alun Williams. Our working relationship has been uncannily good, and there is a culture in the Society that is very caring, which, I believe, underpins its success.

“I am immensely proud of all that we have achieved together during my time on the Board, and I have every confidence in Stephen’s ability to help lead the Society into its next chapter.”

New Chair, Stephen Maddock, said:

“I am honoured to take on the role of Chair at Swansea Building Society. In the six years of Ieuan’s Chair, the Society has changed and grown significantly. I now look forward to working closely with the Board, management team, and staff to build upon the strong foundation laid by my predecessor and help drive the Society forward.

“On behalf of my colleagues, Board, and the Society’s members, we would like to extend our heartfelt appreciation to Ieuan for his invaluable contributions and commitment to the Society.”

Boardroom News, Employee Benefits, HR, HR News, News

New study shows UK employers continue to prioritise employee benefits despite intense cost pressures

New research from REBA & Howden Employee Benefits & Wellbeing

26 April 2024 – A new research report, ‘Benefits Design Research 2024’ from Howden Employee Benefits & Wellbeing and the Reward & Employee Benefits Association (REBA) reveals that cost is the number one factor driving decisions around employee benefits and wellbeing strategies in UK businesses.

Yet, despite escalating concerns regarding costs, employers still place significant importance on employee benefits, with a majority vowing to maintain their existing benefits structures.

The research, conducted amongst REBA members and subscribers representing 1.5 million employees*, explores the impact of internal and external pressures on benefits and wellbeing strategies and design over the past year and key trends emerged:

 

  • Despite half of employers worrying about rising costs, a substantial 70% intend to maintain their current benefits offering.
  • Notably, among the confident third (31%) who anticipate absorbing cost increases, 32% intend to increase their investment in benefits.
  • One key challenge will be securing budget approval. 8 in 10 employers say it is a barrier to investment, highlighting the need for them to show investment ROI and measure benefits to demonstrate value.
  • Two major trends also emerged. 38% planning to allocate resources to financial wellbeing in 2024/25, witnessing a striking 217% surge from 2023 figures.
  • Investment in pension spend is also set to soar.  30% intending to increase their investment in 2024/25, a notable 233% increase from 9% in 2023.
  • Looking ahead, companies will focus on technology and financial wellbeing projects over the next two years.

 

Matthew Gregson, Executive Director at Howden Employee Benefits & Wellbeing said: “Despite increasing costs, employers continue to invest in employee benefits, reinforcing their value both to the business and employees.  Employers recognise prioritising benefits supports business and HR goals such as improving diversity, equity, and inclusion, attracting talent and retaining employees with key skills.

“However, a pressing business concern is risk mitigation. People risk is a growing issue, particularly when it comes to employee health. Annual insurance cost increases can be considerable and are unlikely to significantly reduce in the years ahead. Therefore, ensuring the workforce remains healthy and productive has never been more important.”

 

Top spending areas

Benefit strategies are evolving with adjustments to spending seen in 2023 continuing in 2024/25, as employers adapt to cost pressures from medical inflation and insurance price rises, through to rises in national minimum wage and pension burdens.

To control costs nearly half (49%) plan to review current suppliers to remove duplication and streamline spend in 2024/25; whilst 40% plan to increase spend on benefits technology and 38% on financial wellbeing.

Around a third of employers will increase investment in healthcare benefits, as well as spending on mental wellbeing and enhancing the pension offering.

Of note are the projects and strategic transformations employers are planning for 2024/25 with technology and financial wellbeing projects being the major focus, followed by pensions and retirement adequacy. These are often complex and costly areas, highlighting the seriousness with which employers are taking benefits, despite the tough economic environment.

 

Where improvement is most needed

The top three areas earmarked by employers for improvement this year include communication of benefits (54%); financial wellbeing (47%) and benefits technology (45%).

With more than eight in ten stating that budget approval will be a barrier to change, the ability for companies to demonstrate value and return on investment will be key to future investments.

Gregson says, “Companies must prioritise measuring the impact of benefits to demonstrate value and secure budget. Currently, significant numbers are failing to measure the impact of their benefits on key strategic business objectives, such as employee absenteeism; Diversity, Equity, and Inclusion initiatives; employee wellbeing; retaining and recruiting employees, and employee engagement.”

 

Pensions must be a priority.

Almost one in three (30%) employers plan to enhance their pension offering in the next two years, highlighting that employers increasingly recognise that pensions must be given priority to prevent their employees sleepwalking into a retirement nightmare.

Gregson concludes: “Despite increasing costs, employers continue to invest in employee benefits, reinforcing their value both to the business and employees.  However, moving forwards companies will need to run their programmes more effectively, benchmarking their existing benefits, using data-driven insights to inform their strategies, and ensure they measure the value of their benefits, and manage their stakeholders well.

“Strategic priorities will involve ensuring pension are better funded and performing well, financial wellbeing support is provided for employees and that healthcare and protection benefits are universally available and more effective. Businesses will also need to make better use technology and improve benefits communications to drive value and to measure and demonstrate the value of their benefits programmes to secure support and ensure their aspirations become a reality.”

 

Howden recommends employers take these actions to improve their future benefits strategies and programme design:

  • Baseline their current benefits programme.
  • Understand what to measure and start measuring it.
  • Get a better handle of spending and forecasting of costs.
  • Keep pace with the scale of transformation happening in reward.
  • Don’t forget about the workplace pension.
  • Next steps – create an actionable plan.

To read the report in full click here.

 

*The research was carried out by the Reward & Employee Benefits Association among its approximately 4,400 professional members and 20,000 subscribers during January and February 2024. The survey had 230 responses from employers representing an estimated total of approximately 1.5 million employees.

For more information, please visit www.howdengroup.co.uk

Boardroom News, News, Wellbeing, Wellbeing at Work

Aon and Britain’s Healthiest Workplace UK data shows what organisations can learn from leaders’ wellbeing to support other employees

  • Levels of depression are significantly lower among C-Suite than among line managers and employees in non-supervisory roles
  • Leaders are more physically active and achieve better quality sleep
  • However, they are likely to drink more and be less aware of their ‘health numbers’

Analysis of UK employee research from Britain’s Healthiest Workplace, in collaboration with Aon plc (NYSE: AON), shows how the C-Suite can lead the way in employee wellbeing to support organisational goals. Of the 8,500 employees in organisations across the UK who took part in Britain’s Healthiest Workplace Survey, leaders – in comparison to others in the organisation – self reported that they are less likely to feel depression, have more productive time and higher levels of job satisfaction. The survey also highlighted what leaders are likely to be doing differently.

In responding to the survey, organisational leaders showed key differences to managers and those in non-supervisory positions, including:

  • The C-Suite has a lower average amount of productive time lost per individual per year due to absence and presenteeism. C-Suite executives reported losing 36.3 days to absence or presenteeism, while line managers with more than 10 employees say they lost 45.5 days and employees in a non-supervisory role reported they lost the most days at 53.6 days.
  • Levels of depression are significantly lower among C-Suite leaders. No C-Suite respondents self-reported that they suffer from depression, in comparison to 11.9 per cent of non-supervisors and 7.3 per cent for managers.
  • 7 per cent of C-Suite executives say they have experienced burnout, in comparison to 24.5 per cent of managers and 18.7 per cent in non-supervisory roles.
  • Leaders also reported higher levels of job satisfaction. Just 19.7 per cent of the C-Suite are dissatisfied with their roles, while 26.5 per cent of line managers and 30.4 per cent of employees in a non-supervisory role stated this was the case.
Dr. Jeanette Cook, principal strategic consultant for Health Solutions at Aon in the UK, said:

“Companies across the UK are struggling to combat absenteeism and presenteeism, yet, interestingly, data from The Britain’s Healthiest Workplace survey found that days lost to these were much lower among the C-suite in comparison to other groups.

“We looked at this data with a lens of understanding what C-suite executives are doing differently, and whether that provided guidance for organisations to better inform their decisions on the health and wellbeing of their overall employee population.”

The survey also identified what C-Suite leaders are doing differently, including:

  • The C-Suite is more active. Just 28.8 per cent of leaders stated they are physically inactive, defined as less than 150 minutes of activity per week. Line managers, on the other hand, showed that 36.8 per cent are physically inactive, while 39.7 per cent of people in non-supervisory roles said the same. This is also reflected in the percentage of employees who are obese, defined as a body mass index greater than or equal to 30, with 18.2 per cent reported by the C-Suite, compared with 28.0 per cent and 24.8 per cent for line managers with more than 10 employees and those in non-supervisory roles, respectively.
  • Leaders also achieved a better quality of sleep. Only 13.6 per cent of leaders self-reported having problems with their quality of sleep, in comparison to 22.1 per cent of line managers and 23.8 per cent of employees in a non-supervisory role.
  • Increased community/social interactions were reported by 47 per cent of the C-Suite, compared with 24.7 per cent for line managers with more than 10 employees and 19.9 per cent of those in a non-supervisory role.
  • The percentage of people reporting having a lot of financial concerns was lowest for C-suite (1.5 per cent), and highest for non-supervisory employees (11.3 per cent).

However, there is room for improvement among the C-Suite:

  • The C-Suite reported drinking more alcohol: 34.8 per cent of C-Suite employees drink more than 14 units of alcohol per week, compared to 22.9 per cent of non-supervisors.
  • The C-Suite was less aware of their health numbers1. Just 13.6 per cent of leaders have measured their blood pressure, glucose or cholesterol in the past 12 months, in comparison to 25.5 per cent of employees in a non-supervisory role.

Dr Jeanette Cook continued:

“It’s important to remember that the C-Suite likely has more autonomy, which can impact their outlook and health and wellbeing actions, but there’s also a story here that if they recognise how their actions help their own health and wellbeing, they will have a better understanding of how to lead the employee wellbeing charge.

“Having leadership that can ‘walk the talk’ on health and wellbeing has been shown2 to be impactful in creating a sustainable and resilient workforce. This is beyond a necessary duty of care. This is about leadership endorsements, such as showing that it’s OK to take a lunch break, or that meetings need to be held within office hours. Sharing best practices can improve the workplace environment for all and go some way to improve employee wellbeing.”

Aon is the consulting partner to Britain’s Healthiest Workplace survey, which is available here.

More information about how Aon helps businesses build resilient workforces is available here.