The reinvention of work: A tale in 3 surveys

Pension schemes don’t exist in isolation - the pension strategy always has to be looked at in the joint contexts of the wider employee benefit, engagement and wellbeing strategies. ‘Better outcomes for pension scheme members’ takes joined up thinking that incorporates the evolving employee experience.

In our own work with employers, Barnett Waddingham approach employee wellbeing based on six key pillars - job security, financial security, health, support, protection and work/life balance – designed to help employers identify their own workforce’s specific issues and priorities, and how these evolve over time. We also regularly survey key stakeholders for in-depth views on employment and benefit issues.

• The Covid-19 pandemic was the biggest crisis that the UK has had to deal with since World War Two, resulting in a seismic impact on the public, government, economy, employment and education. For many employers and large sections of the UK workforce, financial confidence and wellbeing were shaken to the core.
• In the early to mid-pandemic, our research showed that job security and financial health were coming into laser sharp focus. The incredible uncertainty around Covid meant that, as a population, we were all primarily focused on the fear of losing what we already had.
• Two years on and, while financial health is still a key priority in these turbulent times, the UK workforce is much less satisfied by the employment status quo. The meaning of work is undergoing a fundamental reassessment and shifting employment dynamics mean that the relationship between employers and employees has never been more important.

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