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As we step into 2024, the landscape of employeebenefits and perks is continuously evolving. These programs go beyond the traditional healthcare and retirement plans, incorporating elements that cater to employees’ holistic well-being. What are Employee Perks?
Now more than ever, employeebenefit packages are considered important for the unwieldy terrain of today's job market. Only those organizations that understand how to use this most powerful approach to their advantage by including comprehensive benefits in kind do well in the market for acquiring and retaining key brainpower.
These examples tie employee success to company growth, fostering loyalty. Work-Life Balance Perks Paid time off, flexible schedules, remote work options, and parentalleave fall here. Well-designed benefits package boost morale, productivity, and retention. 401(k) matching), stock options, or performance bonuses.
RSA Insurance is to introduce equal parentalleave from January 2024 in order to add to its family-friendly provision. The new policy will offer all parents up to 52 weeks of equal leave, 26 of which will be fully paid. It
Credit: DELBO ANDREA / Shutterstock.com Cables, energy and telecoms firm Prysmian Group has enhanced its minimum global parentalleave and reinforced a full-circle support programme for primary caregivers. Meanwhile, the group has recommunicated its Leave and Back-to-Work Programme to staff.
EmployeeBenefits poll: More than half (57%) of organisations revealed that enhanced maternity, paternity and adoption leave and pay is the most valued family-friendly benefit by their workforces, according to a survey of EmployeeBenefits readers.
The 4 best benefits in 2024, according to employees. Your benefits choices go a long way toward attracting the right employees. Here are the 4 best benefits in 2024, according to employees. To evolve your benefits strategy, you need to understand what will help your employees the most.
Image credit: Konektus Photo / Shutterstock.com Global beauty firm Coty is to extend its global parentalleave policy which will allow all employees to take a minimum of 14 weeks, fully paid, regardless of gender. Coty believes its parentalleave policy champions gender equality in pay and workplace advancement worldwide.
Banking organisation HSBC has extended its parentalleavebenefits for Hong Kong-based staff to foster a family-friendly and inclusive culture. From 1 January 2024, maternity leave for full-time employees will increase from 16 to 20 weeks, while paternity, or secondary caregiver, leave will rise from 10 to 40 days.
The Irish government has announced that it will extend its parent’sleavebenefit allowance from seven weeks to nine weeks as of next month. The act increases parent’sleave for children born or adopted after 1 August.
The Paternity Leave (Bereavement) Act 2024 has been passed into law to give working fathers and non-birthing partners automatic rights to immediate paternity leave if the mother dies. The post Paternity leave for bereaved partners bill passed into law appeared first on EmployeeBenefits.
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More employers could introduce gender inclusive paid parentalleave to prevent and try to close gender pension gaps. 2) Bill will remove the lower earnings limit, enabling more employees to pay into a pension. appeared first on EmployeeBenefits. The Pensions (Extension of Automatic-Enrolment) (No.
Several new family-friendly regulations, including the right to request flexible working from day one of employment, carer’s leave and extended redundancy protections for new parents, will come into effect on 6 April 2024 in England, Scotland and Wales. All the regulations were laid before Parliament on 11 December.
From 2024, employees will be able to request flexible working hours and patterns twice in a 12-month period and will not have to explain any potential effect on their employer. Being able to request flexible working should eliminate any stress, anxiety or worry for employees trying to balance work with caring responsibilities.
mean gender pay gap for 2023 Netflix UK, Writers’ Guild of Great Britain and Personal Managers’ Association agree pay deal Cadent reports 7.89% mean gender pay gap for 2023 The post The top 10 most-read articles between 8 – 14 March 2024 appeared first on EmployeeBenefits.
for 2023 The post The top 10 most-read articles between 16 – 22 February 2024 appeared first on EmployeeBenefits. for 2023 The post The top 10 most-read articles between 16 – 22 February 2024 appeared first on EmployeeBenefits. The top 10 most-read articles on employeebenefits.co.uk
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Based on the current target path of the UK’s minimum wage, this is expected to surpass France and Korea’s minimum wage levels by 2024. In addition, the retailer has introduced a raft of initiatives to support new and prospective parents during their fertility journey. appeared first on EmployeeBenefits.
Employers nationwide are responding to the employee mental health crisis by expanding their leave programs. In 2024, over 50% of organizations plan to add paid parentalleave, paid mental health days and flexible time off programs.
The Protection from Redundancy (Pregnancy and Family Leave) Act 2023 introduces extended protection and the Maternity, Adoption Leave and Shared ParentalLeave (Amendment) Regulations 2024 amends the Employment Rights Act 1996 to bring that protection into force.
As of 6 April, draft regulations extend further the current right of employees on maternity, adoption and shared parentalleave who are at risk of redundancy, to be offered suitable available employment in preference to other employees who are also at risk, but not on such leave.
While salary is important, employees increasingly value benefits that improve their work-life balance and financial security. According to WTW’s 2024 Global Benefits Attitudes Survey , 75% of employees are likelier to stay with an employer offering a strong benefits program.
An organisation should regularly communicate its benefits to current and potential employees if it wants to promote itself as an employer of choice. With this in mind, what impact can employers’ reward and benefits strategies have on recruitment and retention? “The appeared first on EmployeeBenefits.
Telecommunications business Vodafone UK, law firm Linklaters and HSBC are among the employers that have made the top 10 of Stonewall’s 2024 Workplace Equality Ranking. The LGBT+ rights charity compiles the list from the highest-scoring Workplace Equality Index submissions, based on anonymous employee surveys. Linklaters 2. Vodafone 7.
Its We Care programme aims to provide employees with time, support and resources regarding their health and wellbeing. It will be deployed across all of Axa’s operating countries by the end of 2024 in compliance with local practices and legislation. The programme consists of four policies.
Through the employer’s Employee TimeOut initiative, employees without an assignment from March to August 2024 can leave their role for between four and 12 weeks. In order to be eligible, employees must be graded as at least “performing as expected” by their line manager.
We package these improvements into releases that bring together our most meaningful product updates, and for drivers, our Early 2024 Release is the biggest one yet.” The post Lyft rolls out new pay standard for drivers appeared first on EmployeeBenefits.
From 1 April, fully paid UK paternity leave will be extended from two to six weeks to give partners of primary caregivers the chance to spend more time with their families and parental transition coaching will be introduced for Europe, Middle East and Africa (EMEA) employees taking maternity or parentalleave of at least six months.
Allied Irish Banks (AIB) is to introduce healthcare benefits and a bonus worth up to €12,700 for all employees. From 1 January 2024, it will introduce healthcare benefits for the first time for all employees in the Republic of Ireland and Northern Ireland.
It has additionally introduced equal parentalleave as of this year, offering all parents up to 52 weeks’ equal leave, 26 of which will be fully paid. The post RSA Insurance provides flexible working to support employee childcare needs appeared first on EmployeeBenefits.
Law firm Osborne Clarke has announced that in order to be considered for a bonus from 2024, employees will need to come into the workplace at least three times a week. The post Osborne Clarke links bonus eligibility to working location appeared first on EmployeeBenefits.
And competition will only grow; according to the Bureau of Labor Statistics , employment in engineering is expected to grow 4 percent between 2014 and 2024, with higher growth rates in biomedical, environmental and civil engineering. Fluor offers a flexible time off with pay program that accrues time off and can roll over into the next year.
2023 marks the year when we expect the political parties to be drafting their manifestos for a likely 2024 General Election,” he says. “As There is also movement in organisations’ diversity, equity and inclusion approaches, with fewer offering statutory-only shared parentalleave compared to last year.
UAE has implemented changes in its employment labour law, which will take effect in 2024. So, the law covers various topics, from including new work models to matters like leaves and vacations. Note : UAE labour card is integral when it comes to annual leaves. They ensure the employers can sort employee’s benefits easily.
Employers stand on the edge of a major shift in employeebenefits. Put simply, outdated benefits just don't cut it. The right tech can solve these challenges and take benefits to the next level. So, how can emerging benefits trends give organisations insight to shape their next move?
With new technology, evolving workforce demographics, and UK legal reforms shaking up the employment landscape, HR leaders have a golden opportunity to reshape their employeebenefits strategy. One in four (23%) ran out of money before their pay day (or equivalent) at least once in 2024. Employees who feel supported are 3.4
BoA’s wage increase in 2024 takes the bank one step closer to its ambitions to raise wages to $25 USD by 2025. In continuation, 97% of Bank of America employees have already received awards through restricted common stock with “more than $4.8 Bank of America has announced a $1 USD hourly wage raise for workers in the U.S.,
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