Three quarters (75%) of employees would value more help on financial planning matters from their employers, according to a recent survey by Standard Life. Meanwhile, two thirds (64%) of employers said that they thought they could become more attractive to potential future employees by offering help through financial planning – and eight out of 10 employers said that they felt responsible for their employees’ financial security. Almost a quarter (22%) said that this was their primary responsibility.
When it comes to employer-employee relations, though, the figures indicate something of an impasse. While 64% of employees feel that the clarity of communication from their bosses has either stayed the same or deteriorated over the past five years, 65% of companies claimed that their employee-related communication skills have markedly improved.
Standard Life Corporate Solutions managing director Gerry O'Neill said that the figures provide new and meaningful insights into the employer-employee relationship and its influence on financial behaviour. ‘Employers seem to think they are doing a good job when it comes to communicating with staff. This isn't the view of many employees and shows that more needs to be done to increase volume and improve quality of communication, in particular around financial issues and the benefits available.
‘Against the backdrop of a reduction in government support and the closure of final-salary schemes,’ he added, ‘it is critical that employers take on a new active role in helping their staff plan for the future.’
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