In order for organizations to attract the right talent and keep them for the right length of time, pension decision making processes need to be future proof. Companies need to adapt to the future expectations that employees have for their workforces. The challenge is that, given what researchers now know about the next generation of workers and what they want out of a pension, this may not take the form that we expect.
How we can create better targets and objectives for pensions based on expectations about the future of work? The hunt for talent, and tapping into the right pension strategy, can be as simple as talking to that talent. Collaboration is a key part of getting the data organizations need to make decisions that will work for them. But the challenge is more complex than that: organizations need to look at the big picture. In order to develop healthy, well-performing pensions that work for future employees, it is necessary to look at pension planning from a number of different angles, in terms of psychological safety, portability, ethical standards and more.
In our new paper on pension management for the future of work in 2019, we’ll discuss what future employees will want in pension terms and how we can create better targets and objectives for pensions based on expectations about the future of work. We’ll talk about what the responsibilities in pension management are, not just in the sense of compliance, but in terms of impact on the future, people’s lives and economic development.
Organizations have to act decisively to determine the future boundaries of its pension practices and strategies. You can align your business, talent and pension management strategies to maximize available opportunities, and adapt to transformational trends in our shifting workforces. At Marris Miller, we’ll help your team navigate the new world of work, and plan the best future pension for your business and your team.