Running a small or medium-sized business comes with many responsibilities, and employee pensions often get overlooked. But National Pension Awareness Week, isa great time to prioritise this important part of your employee benefits package.
National Pension Awareness Week, which goes from 9th to 13th September this year, offers an excellent opportunity for small business owners to get involved. By hosting small events or activities, you can help your employees better understand their pensions and the importance of planning for their financial future.
You could host a pension Q&A session, bring in a financial advisor for a short talk, or share helpful resources that break down the basics. These small actions can increase awareness, boost employee engagement, and show your team that you care about their future well-being.
This week serves as a reminder to both employers and employees about the importance of pension contributions. And, if you’re a business owner or manager with less than 75 employees, you might be wondering, “What’s in it for me?”
Well, let us help you understand why your business should get involved—and how doing so can benefit both your business and your employees.
1. Boost Employee Engagement and Retention
One of the most practical reasons to promote pensions is employee engagement. Did you know that 67% of employees say they are more likely to stay with a company if it offers a good pension scheme? By actively participating in National Pension Awareness Week, you show your team that you care about their financial future, not just their current role in your company.
Pensions may not be the most exciting topic, but they’re a cornerstone of long-term financial security. Raising awareness within your business not only supports your employees but also improves job satisfaction, making them more likely to stay loyal to your company.
2. Comply with Auto-Enrolment Regulations
If your business employs people in the UK, you’re already required by law to auto-enrol eligible workers into a workplace pension. Participating in National Pension Awareness Week is a perfect opportunity to ensure that your pension scheme is compliant with current UK laws.
It's not just about following the basic legal requirements. Actively managing pensions shows that your business is forward-thinking, which can give you an advantage when hiring new employees. People are more likely to choose a company that takes pensions seriously, and it helps you stay prepared for any changes in the law.
3. Strengthen Your Employer Brand
Today, job seekers want more than just high pay—they’re looking for good benefits too. A strong pension plan can make your business stand out.
Joining Pension Awareness Week is a chance to highlight your pension plan to both your current team and future recruits. This shows that you care about your employees' future, helping you attract top talent and build a strong reputation.
4. Attract a Diverse Workforce
A good pension plan can help attract a mix of employees that fit your business needs. Showing you care about their long-term financial security appeals to candidates who value retirement benefits.
Including pension awareness in your business strategy, you can attract candidates across various maturity profiles, from younger employees who want financial stability for the future to more experienced workers who prioritise strong retirement plans.
5. Educational Opportunities for Employees
A big part of National Pension Awareness Week is educating employees. Many don’t know how pensions work, how much they should contribute, or how to plan for retirement.
Use this week to offer pension workshops or provide easy-to-understand resources. You could invite a financial advisor to come in and do a “lunch and learn” session, or hold a relaxed Q&A session where employees can ask questions and learn more about their pensions.
When employees understand their pensions better, they’re more likely to make the most of it, which helps them feel more secure and gives you peace of mind.
6. Long-term Financial Benefits for Your Business
Although pension contributions might seem like an extra cost, they’re really an investment in your business’s long-term success. A good pension plan can lower turnover, saving you money on recruiting and training new employees.
Plus, companies that care about their employees’ well-being, including their financial security, often see happier, more productive workers. When your team feels supported, they’re more excited and motivated to do their best, which is great for your business!
Get Involved, Reap the Rewards
National Pension Awareness Week is a great chance for small business owners to improve employee engagement, meet legal requirements, and build a stronger employer brand. By joining in, you’ll make your employees happier and set your business up for future success.
Want to learn more about how to promote your pension scheme or enhance your employee benefits? Call us at +44 (0) 1233 627 275 or send an email to hello@dakotablueconsulting.com.