UK - Anxiety over pensions is reducing workers' commitment to their firms, Aon Consulting claims.
The pension consultant’s ‘[email protected] 2002’ survey paints a disturbing picture of work life, with 40% of workers believing that their combined company and state pension provision will not provide an adequate income in retirement.
And it says many in the UK workforce are also deeply concerned about job prospects for the year ahead.
This, it says, indicates there is increasing stress at work.
Aon Consulting director of organisational measurement Craig Lydiate said: “If your workforce is worried about a pension shortfall, stress at work, and increasing pressure to perform for seemingly little reward, you have little hope in building the commitment which is so crucial for competitiveness.”
The survey also shows that many employees are dissatisfied with the level of benefit communication they receive, which means few workers understand the value of their benefits – a key factor in retaining staff.
Current benefit packages do not meet the needs of over 30% of the workers surveyed. But it says this is something that could be overcome if companies listened more to their staff.
UMIST’s Manchester School of Management senior lecturer in organisational psychology Susan Cartwright added: “Employers need to start listening more to their employees about the issues that are most important to them and working on the issues over which they have most control.
“This means issues like being more communicative, creating more dignity and respect in the workplace and building elements of flexibility to remuneration and benefits schemes.”
The study was the result of 1502 telephone interviews with workers, 86% of whom are offered an occupational pension scheme.
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