Is your pension scheme attracting a diverse workforce?
Workplaces worldwide are witnessing a seismic shift toward diversity and inclusion.
This shouldn’t be a surprise, as companies that prioritise diversity and inclusion reap numerous benefits, from enhanced innovation and creativity to improved employee morale and productivity.
As your organisation strives to build a more inclusive culture, one area that deserves careful attention is your pension scheme.
However, nearly 48% of pension providers claim to have no specific objectives around diversity. So, how can you make sure your pension appeals to a diverse workforce?
In this blog, we'll explore why attracting a diverse workforce is crucial and how reviewing your pension provision can help achieve this goal.
What do we mean by a diverse workforce?
Creating a diverse workforce involves actively seeking out and embracing individuals from a wide range of backgrounds and perspectives. This includes:
- Different races, ethnicities, and cultures.
- Varying genders and sexual orientations.
- Diverse ages, generations, and life stages.
- Individuals with disabilities or different abilities (such as people with neurodivergent minds).
- Varying religious beliefs and socioeconomic statuses.
- Diverse educational and professional backgrounds.
Embracing diversity fosters inclusivity, creativity, and innovation within organisations.
Why diversity matters
Diversity isn't just about meeting quotas or ticking boxes - it's about harnessing the power of different perspectives, experiences, and backgrounds.
A diverse workforce brings together individuals with unique insights and ideas, fostering innovation and driving business success.
Companies with diverse teams are better equipped to navigate complex challenges, adapt to changing market dynamics, and outperform their competitors delivering 60% better results.
In short, diversity isn't just a nice-to-have - it's a strategic imperative for organisational growth and sustainability.
The benefits of building a diverse workforce
Building a diverse workforce isn't just about compliance - it's about tapping into a wealth of talent and potential.
Diverse teams are more creative, collaborative, and innovative, enabling organisations to thrive in today's fast-paced and ever-changing landscape.
91% of pension providers in the UK agree that diversity improves decision-making and helps to attract top talent.
Creating a diverse workplace where everyone feels valued and respected, improving workplace morale and stimulating productivity.
In short, diversity isn't just a buzzword. It's a competitive advantage that can set your organisation apart.
Attracting a diverse workforce
To attract a diverse workforce, reviewing and optimising your pension scheme to meet the needs of employees from all backgrounds is essential.
Your benefits package, including your pension provision, plays a crucial role in attracting and retaining talent.
Employees want to work for companies that value diversity and offer inclusive benefits that cater to their individual needs.
An inclusive pension scheme, one that allows employees to:
- Choose their level of investment
- Choose their level of risk
- Enjoy a competitive default option
- Allow them to make voluntary contributions
…will help everyone get the most out of their scheme, regardless of their circumstances. It will help you attract a diverse pool of candidates, retain top talent and position your organisation as an employer of choice.
Daunted by workplace pensions?
Understanding workplace pensions can be tricky.
Here at Bravo Benefits, we want your workplace pension to work for you, so we have created this employer’s guide to workplace pensions to help you on your way.
In this employer’s guide to workplace pensions you will find:
- A description of the typical lifecycle of a pension scheme.
- Information on the different issues you need to consider at each stage of your lifecycle.
- Information about the different types of pension schemes available
- Ideas on how to get your employees to engage with their scheme
- Advice about administration and record-keeping
- and much, much more…
Talk to us
If you would like to find out more about our solutions, get in touch.
Why pension review services matter
Creating an inclusive pension scheme involves more than just offering a competitive contribution level.
It requires a comprehensive review of your current provision and a commitment to addressing any gaps or disparities.
Our dedicated pension review service aims to ensure that pension schemes cater to the diverse needs of all employees, regardless of background or circumstance.
By conducting thorough assessments, we identify opportunities to make pensions more accessible and equitable for everyone.
From evaluating contribution structures to offering differing levels of risk, we strive to create pension plans that empower every employee to build a secure financial future.
Learn more about our Pension Review Service here.
Developing a diverse workforce through pension provision
Developing a diverse workforce requires ongoing effort and investment in initiatives that promote inclusion and equality.
Your pension provision can play a vital role in this process by serving as a tool for financial empowerment and stability.
Offer financial education programmes and resources to help employees from all backgrounds make informed decisions about their retirement planning.
By empowering employees to take control of their financial futures, you can create a more diverse and resilient workforce.
Embracing diversity: A key to competitive advantage
Attracting a diverse workforce isn't just a moral imperative - it's a strategic business decision.
As workplaces become increasingly diverse, organisations prioritising diversity and inclusion will gain a competitive edge in the marketplace.
By reviewing your pension provision with our pension review service, you can ensure that your benefits package is appealing and inclusive to all employees.
Together, we can build a more diverse and equitable workplace for the future.
