People

first_img Previous Article Next Article KarenMorris has joined outsource telebusiness agency Telecom Express as head of HR.She comes from provider Internet connectivity Globix.com where she was EuropeanHR director. Her main role will be to work with the board to develop anddeliver the strategic and operational HR plans that will support the growingbusiness.VictoriaLowe joins international construction and management consultancy Turner &Townsend Group as group human resources manager. She has 13 years of experiencein HR. Her move to Leeds comes as a big change from her previous positioncarrying out voluntary work in Ghana, West Africa. She spent four months withRaleigh International helping with development projects in remote parts of thecountry. She will be responsible for personnel and training across all T&Tdivisions.PaulBrennan is leaving his position as project manager at RAF Cosford to freelanceas a trainer in the areas of personal and corporate development. Since April1998, he has been responsible for bringing distance learning into the RAF’score training programme for its engineering technicians. In November 1999, heformed the Personal Development Squadron at RAF Cosford. During this time healso delivered around 25 three-day courses to improve interpersonalrelationships among all staff. TopJobAtthe end of April, Elsie Akinsanya took over as human resources director ofMarket and Opinion Research International. She previously worked for contractresearch organisation Quintiles, where she was associate director, humanresources. Akinsanyahas an MA in human resources management and is a corporate member of the CIPD.At Mori, her main responsibility will be to direct the full range of HRactivities including recruitment, employee relations, performance managementand employee development. Her primary objective is to ensure that there is anholistic approach to the employee life cycle. Shesaid, “Mori is truly a ‘people business’ – one of its corporate objectivesis to provide a working environment that is satisfying to each member of staffin terms of job satisfaction, remuneration and recognition.”Thekey challenges of the role will involve employee development, performance andcareer management. She hopes to create a network of research agency HR professionalsto address specific industry issues. Shesaid, “One of the many attractions of the role was that it had a healthybalance of strategic and operational input.”PersonalProfileJoanMunro has been appointed assistant director of the People Skills andDevelopment section of the Employers OrganisationWhatis the most important lesson you have learnt in your career?To jump in at the deep end, taking on jobs you don’t feel confident about –it is the best way of learning.Whatis the strangest situation you have dealt with at work?Managing someone from an Army background. She didn’t respect consultationand discussion, only me giving orders.Ifyour house was on fire and you could save one object, what would it be?My photographs – most other things could be replaced.Ifyou had three wishes to change your organisation, what would they be?For the Local Government NTO to be more influential. To have more power toaffect change – we can only encourage more investment in staff development, notdemand it. And more resources to tackle the issues on a much larger scale.Whatis the best thing about working in HR?It’s an exciting time. There are many challenges, but plenty of enthusiasmfor working with us to develop ‘Learning Local Authorities’. Whatis the worst?The importance of workforce development not being fully appreciated. Youhave stumbled upon a time machine hidden in the vaults of your companybuilding. What time period would you visit and why?Fifteen years’ time, to see the impact of our Local Government WorkforceDevelopment Plan. Ifyou could adopt the management style of an historical character, who would youchoose?Simone De Beauvoir. She wasn’t afraid to challenge conventions. She stoodup for equality, and she lived her principles.Howdo you get to work?By Tube – it’s the worst part of my day. I arrive feeling I’ve done battle.Whatwould you do if you had more spare time?More walking in the mountains.Ifyou were to write a book, what would you write about?A mystery with a good plot, and lots of twists, turns and surprises.Whatis your greatest strength?Tenacity.Whatis your least appealing characteristic?Probably the same as my greatest strength – refusing to give up. Whatis the greatest risk you ever took?Revealing all to you. CV– Joan Munro2001Assistant Director (People and Skills Development), Local Government EmployersOrganisation and head of Local Government National Training Organisation1999-2001 Skills and standards manager, Improvement and Development Agency1990-1999 Training and development manager, London Borough of Islington1986-1990 Community training co-ordinator, London Borough of Haringey PeopleOn 5 Jun 2001 in Personnel Today Comments are closed. Related posts:No related photos.last_img read more

in brief

first_img Comments are closed. Previous Article Next Article in briefOn 1 Feb 2002 in Personnel Today This month’s news in briefNew rules for HSE prosecutions The Health and Safety Executive has launched new criteria for deciding whenemployers should be prosecuted for health and safety breaches. The policystates this will normally happen when a breach results in death; when there hasbeen “reckless disregard” for health and safety requirements; andwhere the standard of health and safety management is “far below” therequired level. Arbitration reaps rewards for unions Unions won three times more recognition agreements in 2001 than they did in2000, according to the TUC. Twenty of the 470 new agreements came after ballotsthrough the Central Arbitration Committee, set up to police the new recognitionlaws ushered in by the Employment Relations Act 1999. See next month’s employers’ Law for an update on the union recognitionlaws in practice TA specialists on call-up for war against terror Up to 140 Territorial Army intelligence specialists are to be mobilised forup to six months to aid the war on terrorism. Employers affected by thecall-out can appeal under the Reserve Forces Act 1996 – three have appealed sofar. They can also claim payments under the act to cover recruitment ofreplacement staff, agency fees, overtime pay and retraining. Unfair dismissal compensation rises The maximum compensation for unfair dismissal has risen from £51,7000 to£52,600 as of February 1. Tribunals will be able to award it to individualseffectively dismissed on or after that date. Parental leave extended Eligibility for parental leave has now been extended to parents of childrenwho were under five as at 15 December 1999. The newly eligible have three yearsand three months from January 15 to take the leave. Parents of disabledchildren have seen their leave entitlement increase from 13 to 18 weeks, andthis can be taken up until the child’s 18th birthday. Related posts:No related photos.last_img read more

ISS aiming to build from within

first_img Previous Article Next Article Related posts:No related photos. ISS aiming to build from withinOn 23 Apr 2002 in Personnel Today Facilities services company ISS aims to promote 1,600 staff to managerialpositions by 2005 through a programme of training and development. The organisation, which employs 40,000 staff in the UK and 265,000worldwide, needs 4,000 new managers in the next three years to keep up withexpansion plans and wants 40 per cent to come from internal promotions. Peter Spinney, group HR director at ISS UK, speaking at the CIPD’s HRDconference, said: “Finding these future managers is not a ‘nice to do’, itis a business imperative. To make this successful it is important that we areable to find the right people for the right jobs. If we are able to get theselection right then we are half way there.” The company will use its annual appraisal system to identify 350 potentialmanagers in the UK and then chart their development needs. ISS aims to develop this next generation of managers by fast-tracking themto challenging positions in all areas of the business, to give them a crashcourse in management. Once on the scheme, the company will monitor theirprogress and help fill in any skills gaps. Prospective managers will be able to sign up to study for a managementdegree at the company’s university in Copenhagen, where all the organisation’sstrategic management courses take place. Aspiring managers will also shadow existing company managers for up to threeweeks at a time to learn about different parts of the business as well asadditional management skills. Comments are closed. last_img read more

Faith-fuelled learning

first_imgFaith-fuelled learningOn 4 Jun 2002 in Personnel Today Author Martyn Sloman says it is far too early to judge the impact ofe-learning.  With training set to betransformed, the best is yet to comeOver the past 18 months, scepticism has grown about the impact of e-learning– defined by the Chartered Institute of Personnel and Development as”learning that is delivered, enabled or mediated by electronic technologyfor the explicit purpose of training in organisations”. So far, e-learning has been inextricably linked with dotcom mania. Investorswill not need to be reminded that just over two years ago, in April 2000, theUS Nasdaq index began a fall that cut its value by two-thirds and had acalamitous short-term effect on every other market. Inevitably, a more measuredview of the growth and profitability of e-learning has followed as more maturejudgments are being made on investments in new technology. Investor reaction is short term and notoriously fickle. What is moreimportant is the progress of e-learning in corporate organisations. What is themessage from those who are implementing e-learning? Here the news is not goodand adds fuel to the growing doubts. However, to inject a positive note, mostthoughtful commentators agree that the long-term rise of e-learning isinevitable. Over time it will transform training in organisations. Let’s start with this bad news. Every year the American Society of Trainingand Development (ASTD) publishes a survey based on comments made at itsbenchmark forum. The latest survey shows that little movement has occurred inthe amount of training delivered through learning technology (or e-learning).It has remained steady at less than 10 per cent. Our recent CIPD annualtraining survey of training managers showed no evidence of an e-learningexplosion in the UK. Less than one-third of UK training managers had introducede-learning and of those almost three-quarters described their use as ‘a little’.Dig a little deeper and there is evidence of considerable progress. What hashappened is that many early adopters have had unfortunate experiences. For themthe learning curve has been sharp. However, the potential contribution frome-learning to business performance remains immense. The same sample in the ASTDsurvey who reported a plateau in their use of e-learning are confidentlypredicting future growth. Their best estimate is that more than 20 per cent oftraining time will be delivered by e-learning in 2003. But a clear idea of what can be achieved through e-learning is essential.Under the right circumstances it is possible to save costs: this particularlyapplies where there is a geographically spread workplace, high motivation (orcompulsion!) for the learner to participate, and a heavy information orknowledge content to the learning. Obvious examples are modules concerned withinformation technology and all the evidence suggests that this is wheree-learning has had its early impact. When we move beyond this advance, e-learning is more difficult to chart.Much progress is taking place in global organisations that need to distributeinformation to a large workforce. Ernst & Young is introducing a system it has developed in-house: the EY LearningConnection. Over time this will give 80,000 staff worldwide the opportunity toaccess current information on changes in the tax system and developments inaudit methodology. The ability to deliver a similar service anywhere in theworld to its global clients could give the firm a significant businessadvantage. Other large organisations are beginning to integrate e-learning with theircritical business activities and think beyond organisational boundaries indelivering training. They are working across their supply chain. Cisco is generally accepted as one of the more advanced in its commitment toe-learning. It aims to make 80 per cent of its training available throughe-learning and 20 per cent through instruction, as part of a general strategywhere managers and staff can obtain all human services through similar screensor portals. Most interestingly, in 1997, Cisco established a ‘NetworkingAcademy’. This makes instructor-led, web-based training available throughinstitutions to individuals and will address the shortage of networkengineering specialists. Ingenious minds will find ingenious solutions and, in time, e-learning willovercome barriers that have become evident. One further caveat is necessary,however, before concluding that all will be well. It is simply this: e-learningis about learning, not technology. We must never forget that it is thelearners’ acceptance of new methods of gaining knowledge and skill in theworkplace that will determine progress. This is the real learning curve that all organisations must negotiate.However, all the underlying indications are that e-learning will pass through aturbulent adolescence and enter a new age of maturity. It is hard to say whoand what will succeed. Martyn Sloman is an adviser on learning, training and development to theChartered Institute of Personnel and Development and is author of TheE-Learning Revolution )CIPD 201).  He willspeak at the ASTD conference, New Orleans, 3-6 June.  www.astd.org Previous Article Next Article Comments are closed. Related posts:No related photos.last_img read more

Fixed-term regulations… at a glance

first_imgRelated posts:No related photos. Fixed-term regulations… at a glanceOn 1 Oct 2002 in Personnel Today Previous Article Next Article The Fixed-Term Employees (Prevention of Less Favourable TreatmentRegulations) 2002 come into force today. Marcus Rowland provides an overviewThe Fixed-Term Employees (Prevention of Less Favourable Treatment)Regulations 2002 come into force on 1 October 2002. the regulations thatprohibit the less favourable treatment of employees on fixed-term contracts Which employees are covered by the regulations? Unlike the regulations relating to part-time workers, these regulations onlyapply to employees. Agency workers, employees on apprenticeships or governmenttraining schemes and students on work placements of up to one year, arespecifically excluded. The individual must also be employed on a contract for a specific term orwhich terminates automatically on the completion of a specific task, or uponthe occurrence or non-occurrence of a specific event. Who is a comparable permanent employee? When deciding whether a fixed-term employee has been treated lessfavourably, it is necessary to compare their treatment with that applied to acomparable, permanent employee. This is defined as an individual employed on a permanent contract by thesame employer who works or is based at the same establishment as the fixed-termemployee, and is engaged in the same or broadly similar work having regard,where relevant, to whether they have a similar level of qualification, skillsand experience. Are remuneration and pensions covered? It was initially thought that the regulations would not apply to pay andpensions on the basis that these fell outside the scope of the EC Fixed-TermWork Directive. However, the Government decided that the regulations will go beyond therequirements of the directive and prohibit pay and pensions discrimination. Therefore, a fixed-term employee will be able to bring a claim under theregulations if he or she receives inferior terms – such as a lower rate of payor less generous benefits – than a comparable permanent employee unless theemployer is able to justify the difference in treatment on objective grounds. What constitutes ‘less favourable treatment’? The regulations provide the following specific examples of what constitutesless favourable treatment: – Requiring fixed-term employees to accrue a longer period of service toqualify for benefits – Not providing fixed-term employees with the same training and permanentemployment opportunities Can less favourable treatment ever be justified? Importantly, the fixed term regulations state that when questioning ofwhether a fixed-term employee has been treated less favourably with regard toany term of their contract, it is necessary to look at the package as a whole,rather than the individual terms. Therefore, it will be permissible to deny a fixed-term employee certainbenefits as long as the overall package is just as good. Although this provision is sensible, there is scope for dispute over whetherthe overall package is comparable, in the event that fixed-term employees areoffered different benefits to permanent employees. Information about available vacancies Since one of the aims is to make it easier for fixed-term employees to moveinto permanent jobs, the regulations contain a provision requiring employers toinform all fixed-term employees of ‘available vacancies’. Key points From 1 October 2002, unless different treatment can be justified, ensurefixed-term employees receive: – the same overall package as comparable permanent staff – access to the same training and permanent employment opportunities – information about available vacancies Marcus Rowland is a partner at law firm Kemp Little Comments are closed. last_img read more

Management bodies merge

first_imgNational efforts to boost the profile of managers got a push last month withthe official launch of the Institute of Leadership and Management. “The institute has nailed its colours firmly to its mast by includingthe word ‘leadership’ in its title,” said Gary Ince, ILM’s chiefexecutive. “Our pledge to our current and future members, stakeholders andpartners is that the ILM will uphold the highest standards of integrity andservice in providing those skills upon which the UK’s social and economicwellbeing depends.” The ILM hopes to play a key role in creating a clear and concise careerpathway for individuals from supervisory roles through to senior management byoffering a practical range of opportunities, qualifications and advice forcontinuing professional development. The launch coincides with the creation of a new suite of managementqualifications linked to the national framework at levels 2 to 5, which willreplace qualifications for the existing National Examination Board forSupervision & Management (NEBS) and Institute for Supervision andManagement (ISM) Created principally by the merger of these two organisations, ILM has alsosecured close links and partnerships with other players in the qualificationsand development arena, including City & Guilds and Investors in People. “Creating strategic partnerships is far better than working inisolation,” said IIP’s chief executive Ruth Spell-man, who introduced itsnew management and leadership model at the launch event. “We all need tofocus on the real needs of the workforce if our organisations are to be anyhelp.” www.i-l-m.comBy Simon Kent Previous Article Next Article Comments are closed. Management bodies mergeOn 1 Nov 2002 in Personnel Today Related posts:No related photos.last_img read more

The basics of online recruitment

first_imgFinding job candidates online need not fill you with fear or cost you theearth. Our six-point guide by leading authority on online recruitment AlanWhitford outlines whyThe use of the internet in recruitment has grown hugely in the last twoyears, but it is often difficult to get beyond the hype and the jargon thatsurrounds internet recruitment to gain an understanding of how it works inpractice. There is little to be afraid of as long as you follow the six basicsteps that any organisation must take to fully exploit e-recruitment’s benefitsand prevent competitors from netting all the best talent in the industry orregion. Step 1 Assess your current progress You need to find out how ‘web savvy’ your company is right now. Have you onlygot the basics of online recruitment in place – for example, e-mail, acorporate website, a registered domain name and contact details on every pageof your website? Or are you leading edge? If you are the latter, you will knowwho is visiting your site (through registration or log analysis), use e-mail tokeep in contact with a network of candidates and recruitment agencies, post jobsearches on other websites and search internet CV databases for candidates.Once you have established your level of online recruitment sophistication, thenyou’ll know where to start. Step 2 Identify the right processes Next you need to look at the recruitment process itself. Do you have aWorkflow diagram of your current processes? Are there different processes fordifferent hires? Have you diagrammed the candidate process? How adaptable andflexible are these processes for the changes that internet recruitment andcommunications entail? Keep these key points in mind: First, ensure recruitment is integrated withbusiness goals for workforce planning. One approach is to use internal tools toassess the demographics, skills and workload of existing employees to developkey indicators for future workforce requirements. Another is to establish andstick to hiring timeline objectives and performance measures for yourrecruitment team and for line managers, and to make sure that you have adedicated communications budget. Making effective use of matching and databasetechnologies is also advisable. You need to be able to measure theeffectiveness of online recruitment so set up the metrics for measuringrecruitment spending. Step 3 Identify the skills you need in your recruitment function Recruiters need to become business and relationship managers. In otherwords, the new breed of recruiter needs to use sales and marketing skills in abroader way. It is no longer enough for the recruiter to advertise/post a jobad and wait for the ideal candidate to walk through the door. Today’srecruiters must create an image and brand for their organisation. Step 4 Plan and research your online strategy After thoroughly assessing your employer brand, or what differentiates youfrom organisations competing with you for staff, you are ready to develop yourmarketing plan. Develop a ‘recruitment brand’ – a clear, concise, consistentand targeted message about your organisation. Use this to underpin your entirerecruitment activity, which we look at later on in discussions on branding andcandidate attraction. Based on your candidate research, target your message,advertising medium and location to reach the online job seeker. Ensure that all approaches are linked to and centred on your own recruitmentsite. Integrate e-recruitment into your overall recruitment strategy. You can now take the information on candidates you have gathered and yourmarketing plan to build a complete recruitment strategy. Step 5 Understand the technology infrastructure for recruiting online The basic framework can be broken into two broad areas: internal systems andcandidate management systems. The internal system is your primary HR management system. Many of thesesystems are adding online recruitment functionality, but it should beremembered that recruitment is not the core competency of these companies ortheir systems. The candidate management/applicant tracking system is crucial because if youdo not put in place an efficient, technically capable and integratedback-office capability, all the good work you have done to locate, attract andinterview those great candidates will be lost. Step 6 Develop your corporate website The corporate website is the most important communication vehicle to receiveand process job applications whether through direct, offline or onlineadvertising. Your goals are to source and process candidates, project theemployer brand and build relationships. Corporate sites are developing from joblistings to using functionality to develop relationships with jobseekers. This means usability is vital. However much a jobseeker wants to work foryour company, if they can’t find what they need they will quickly give up andgo elsewhere. A first principle is to ensure the content of your website offers thevisitor value. Important factors in site promotion include: – Make sure the content is relevant to the site – Code ‘meta tags’ into the site – Promote your site to the search engines – List your site with all the directories and lists where job seekers mightgo. Check list…– Market and sell the organisation and the functions within it– Become masters of identifying and tapping diverse sources oftalent– Understand the power of competitive intelligence– Focus on the relationships and candidate experience to buildtalent pools or communities for the future– Measure the impact of what you doAction points…– Press advertising should reflect online advertising and beused to drive traffic to your site– Enhance your referral scheme and feed the resultinginformation into your candidate management system– Set up an internal search capability and become leads driven,rather than CV-centric– Develop re-hiring programmes by using your candidatemanagement system to maintain contact with talented leavers– Integrate the internet with your intranet to increase yourinternal recruitmentManage your recruitment suppliers via the internet and yourrecruitment siteThis article is adapted fromPersonnel today’s one stop guide to Online Recruitment. Online Recruitment is designed to – Save you hours of research time by pulling together all youneed to know in one place– Cut through the jargon and answer all your questions in plainEnglishOnline Recruitment is the first in aseries of One Stop Guides from Personnel Today Management Resources.To order call Caron Berry on 01371 810433e-mail: [email protected] at only £95 & p+p Comments are closed. Previous Article Next Article Related posts:No related photos. The basics of online recruitmentOn 18 Feb 2003 in Personnel Todaylast_img read more

Time to make a contribution

first_img Comments are closed. Why should HR care about pensions? Because events of the past two years havemade it a key recruitment tool, as well as a potential problem area when itcomes to staff retention. In the first of a two-part analysis, Sarah Balloutlines why HR should be involvedThe prediction that pensions would become a huge hot potato for HR to handlewould have seemed like some kind of ridiculous send-up five years ago. Few HRprofessionals would have seriously believed that hitherto disinterestedemployees might one day threaten direct action – not merely over changes totheir own pension arrangements, but over the rights of future recruits. Butthis is precisely what happened at Prudential a few months ago when the newsthat it had closed its final salary pensions scheme – more correctly known as adirect benefit (DB) scheme, as opposed to a defined contribution (DC) or moneypurchase scheme – was splashed all over the newspapers. The press now serves up a daily diet of pension scheme closures, fundingdeficits and government reports. Like it or not, pensions have rapidly becomestaple boardroom fodder that HR professionals need to get their teeth into. Thecost implications for many employers have been so serious that for some,dividend policies and credit ratings have even been affected. But despite all the bad news in the press, which frequently peddles asimplistic ‘DB good, DC bad’ line, there are currently genuine opportunitiesfor HR professionals to come up with tailored solutions which match the overallreward strategy of their particular organisations. Publishing company Emap, for instance, has just raised the employercontribution level of its DC scheme for employees with five or more years’service, bucking the perceived trend of pension benefits reduction. RalphTurner, head of group reward, says: “In the media industry it’s hard tocompete over pay, but I convinced the board that pensions was an area whereEmap could differentiate itself. The cost of recruitment is a real issue, andthis new move particularly rewards those who are here for the long haul.” Boardrooms have begun to feel the heat over pensions because the cost ofdefined benefit schemes has risen rapidly, principally because pensioners areliving longer. Furthermore, as inflation has reduced, expected futureinvestment returns have fallen. Schemes that had surpluses until relativelyrecently now have deficits due to falls in the stock markets. Governmentlegislation in response to various pensions scandals has saddled schemes withever-higher guarantees to their members, so there is no flexibility when timesget tough. And they certainly are at the moment. The new accounting standard for pensions – FRS17 – can have a dramaticimpact on the appearance of the bottom-lineprofits of the sponsoring company,and this may be the catalyst that prompts your financial director to close thescheme to new members. Tim Keogh, a European Partner at Mercer HR Consulting, says: “Thiswon’t solve your financial director’s real problem because you are stuck withthe liabilities you have got.” And Colin Singer, a senior consultant at Watson Wyatt, adds: “This iswhere HR needs to step in to make sure the board knows there are a range ofoptions in addition to DC, such as CARE (career average revalued benefits)schemes or DB/DC hybrids, and that it considers which will best fit youroverall reward strategy.” The Nationwide building society opted for a CARE scheme two years ago andemployees can choose to top up their pension inside a flexible benefits plan.Retail giant Tesco also chose a CARE scheme when it extended its pensionprovision to its part-time employees. Tesco’s HR director Clare Chapman says:”Our staff tell us they want flexible work arrangements and a pension thatmatches this lifestyle. We designed ‘Pension Builder’ around their needs.”Consulting with staff over pension changes, although not yet a legalrequirement, can avoid bruising battles in the press and improve your return oninvestment through greater employee appreciation of the benefits offered. Someemployers, such as aerospace giant BAE and energy company Centrica, havemanaged to keep their DB schemes open through employees agreeing to increasecontributions. Some unions have begun to factor pensions into pay bargaining. RobMacGregor, the national secretary at finance sector union Unifi who works withthe Royal Bank of Scotland, says: “It is our responsibility to remindstaff of how valuable their DB pension is. In the past it had been taken forgranted.” This sensitivity worked the other way for Lloyds TSB, which Unifi criticisedin the press last month when it discovered that the new chief executive, EricDaniels, would be in a DB scheme despite joining the bank in 2001 – four yearsafter the scheme was withdrawn for new staff. A spokeswoman at Lloyds TSB says the bank offers a final salary option atthis level to attract the high calibre of staff it needs. “Some[directors] do negotiate a package that the remuneration committee must agreeon… we have to continue to look attractive in terms of benefits to attractpeople of such calibre,” she adds. Although many employers have voluntary consultations with their staff overpension scheme changes, whether they should legally be obliged to do so is oneof the proposals in the recent Department of Work and Pensions Green PaperSimplicity, Security and Choice. Next week we look at the implications of this issue for HR, along with theGreen Paper by the Treasury and the Inland Revenue, ‘Simplifying the taxationof pensions: increasing choice and flexibility for all’. Types of pension scheme designDefined benefit (DB) or finalsalary schemesTraditionally considered the Rolls-Royce of schemes, these arestill the main type provided by large UK employers. They are typically relatedto the employee’s final salary at retirement. The employer promises theemployee a certain proportion of salary at retirement and takes on the risk andcost of providing it. Contributions from both employer and employees are putinto a fund entirely separate from the employer, and managed by trustees. Theamount of pension paid depends on:– The number of years served as a member – Final salary at retirement – The ‘accrual rate’ (often a 1/60th of final pay for each yearof service). So if the employee does 40 years of service they might get40/60ths (or 2/3rds) of final pay, the maximum currently allowed. Employees themselves normally pay contributions to meet part ofthe cost – 5 per cent of pay being typical. Many employers are currently having to put extra into their DBschemes to plug deficits (and sometimes are seeking extra from employees too). Career average revalued earnings(Care) These schemes are another form of DB scheme, but are based onaverage salary (adjusted for inflation) over the whole career, rather than onfinal salary at retirement. The employer still takes on the risk and cost inthe same way as for final salary schemes. CARE schemes are normally slightlyless generous and less costly than final salary ones. Defined contribution (DC)or moneypurchase schemesDC schemes are the fastest growing type of company scheme inthe UK (and elsewhere). The amount of pension the employee eventually getsdepends on: – The amount of money paid in by them and their employer – How well the chosen investment funds perform – The ‘annuity rate’ at the date of retirement. The annuityturns the pot of money into an annual pension for life and at presentconversion rates are very poor. The company can set up its DC scheme under a separate trust,managed by trustees (as for DB schemes), or can pay into a contract with aninsurance company (see Personal and Stakeholder Pensions below). Unions often prefer the trust route because it is a‘collective’ institution, like the unions themselves, and they can sometimesexert more influence over how trusts are run (by a rep being elected onto thetrustee board). Hybrid schemes These combine DB and DC in a variety of ways – for example, aDB scheme might guarantee some modest level of final pay, but pays out thevalue of an underlying DC pot if greater.Stakeholder Under stakeholder legislation the saver is guaranteed 1 percent maximum charges by the provider. These special DC schemes came in during2001, and in broad terms employers who did not then have an occupational schemehad to designate a stakeholder provider for their employees. The specific legislation around this was highly complex, butthe Government’s aim (which has not really been achieved as yet) is to increaseprivate pension provision for below-average earners. Stakeholder contributions from both employers and employees areentirely voluntary, despite union pressure for employer ones to be compulsory. Personal pensionsNot usually used by employers for their own schemes, these areindividual insurance contracts, and are more or less the same as stakeholderschemes, but without the cap on the insurer’s charges. Group personal pensionsThis is the version of personal pensions (see above) used bysome employers. The provider bundles the individual personal pensions together(on enhanced terms normally), and presents them as an employer scheme usingpayroll deduction and worksite marketing. Stakeholder pensions run by employersare also normally grouped in a similar way. Pensions – How HR can contributeThe cost of defined benefit (DB)pension schemes is rising fast, and your financial director and chief executiveare probably already exploring the options to contain cost and risk.Make sure they both factor employee relations issues into theirdecisions and alert them to the range of pension schemes.Take a close look at your pension and retirement policy to seeif it fits with your business and reward strategy, and whether it aids therecruitment and retention of employees. Staff are often confused and worried about pensions. Any helpand education you can give them will help them to understand and really valuewhat you provide. They need to feel good about what you are spending onpensions, not confused and apathetic. Pensions need to be viewed as a part of your wider rewardstrategy. This means you need to display leadership and ensure consistency overintegrated HR solutions. Because of the interdependency of these activities,you need to make sure your internal reward, pension and payroll specialistswork together under your guidance within a clear set of guidelines andobjectives. Previous Article Next Article Time to make a contributionOn 3 Jun 2003 in Personnel Today Related posts:No related photos.last_img read more

Ivanka and Jared’s rumored Indian Creek Island purchase closes for $32M

first_imgEmail Address* Jared Kushner, Ivanka Trump and Julio Iglesias with the Indian Creek Island property (Getty, Lifestyle Production Group)Award-winning singer and songwriter Julio Iglesias closed on the sale of a waterfront Indian Creek lot that was reportedly purchased by Ivanka Trump and Jared Kushner.Cabana Love LLC sold 4 Indian Creek Island Road to Top Line Ventures Limited, a British Virgin Islands company that lists a Dubai address, for $32.2 million. Iglesias transferred ownership of the lot in November to Cabana Love LLC, which is managed by his attorney, Russell L. King.Page Six reported earlier this month that Trump and Kushner were set to pay $30 million for the 1.8-acre property, and that the couple was looking at private schools in the area for their children once their time in the White House ends in January.The Indian Creek deal was expected to close Dec. 17, which is the same date listed on the newly recorded deed. Jill Eber of The Jills Zeder Group at Coldwell Banker represented Iglesias.Representatives for Ivanka Trump and The Jills Zeder Group did not immediately respond to requests for comment.Iglesias listed the land earlier this year for $31.8 million. It has about 200 feet of water frontage. He originally planned to build homes for his children on the four Indian Creek lots he owned; two remain. In November, Iglesias sold 7 Indian Creek Island Road for $30 million to Dr. Aaron Rollins, the founder of Elite Body Sculpture.Indian Creek, a guarded and gated island north of Miami Beach, is also home to billionaire hedge funder Eddie Lampert, Hotels.com co-founder Bob Diener, Carl Icahn and developer Jeffrey Soffer. The late Don Shula also lived on Indian Creek.Tampa Bay Buccaneers quarterback Tom Brady and supermodel Gisele Bündchen recently picked up their own property on the island, spending $17 million for the lot at 26 Indian Creek Island Road, next to Soffer’s house.Trump and Kushner are also expanding their “cottage” by the Trump National Golf Club in Bedminster, according to the New York Times.Contact Katherine Kallergis Message* Share via Shortlink Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Full Name* TagsCelebrity Real Estateindian creekIvanka TrumpJared Kushnerlast_img read more

Tommy Hilfiger’s Greenwich estate sells for $45M

first_imgTommy Hilfiger and his recently sold estate in Greenwich, CT. (Getty, Janet Milligan)When Greenwich real estate broker Janet Milligan stopped for an ice cream more than 40 years ago, she didn’t expect she would meet two of her most high-profile clients.At that time, Tommy and Susie Hilfiger were married and “just normal people,” who approached Milligan as she was reviewing listings at Friendly’s to ask if she would show them some homes in the area.Fast forward and the Sotheby’s International Realty agent has handled numerous transactions for the two, who are now divorced but remain friends. And now, Milligan is helping them both leave the tony Connecticut town they’ve lived in for years.Susie Hilfiger and her $40 million Greenwich house. (Getty, Sotheby’s Realty)On Friday, the fashion mogul’s sprawling estate sold for $45 million and he and his current wife, Dee Ocleppo Hilfiger, are now bound for Palm Beach. The same day the deed for his estate was filed, Milligan listed Susie Hilfiger’s home, known as Denbigh Farm, where the couple’s children grew up, for $40 million. She is heading to California where all the children live. The Wall Street Journal first reported the sale and the listing.Tommy Hilfiger’s 22-acre property with a more than 13,000-square-foot mansion was asking $47.5 million, and Milligan said it had three buyers vying for it after she showed the home four times.Read moreTommy Hilfiger finds buyer for historic Greenwich estateTommy Hilfiger lists Greenwich estate for $48M; calls it “very strong” marketHFZ’s Ziel Feldman sells Hamptons home for $50M Message* Full Name* TagsCelebrity Real EstateResidential Real Estate Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlinkcenter_img Sally Slater of Douglas Elliman represented the buyers who purchased the estate through a limited liability company.“They’re not showy people. They’re just looking to start their life in Greenwich as opposed to where they were,” Slater said of her unnamed clients. A staffer at the Greenwich Country Clerk’s office confirmed the estate was bought without a mortgage.Meanwhile, Susie Hilfiger’s just-listed property spans 17 acres and is an equestrian estate that was previously owned by diplomat Joseph Verner Reed, Jr. The grounds also include a pool and tennis courts.The farm comes online as demand in the town continues to grow. Last month, Greenwich saw the number of contracts signed for single-family homes triple compared to December 2019, though there were no contracts penned above $10 million, according to Douglas Elliman’s monthly report. The number of homes on the market in Greenwich are also increasing, albeit at a slower pace than buyers are willing to purchase.Contact Erin Hudson Email Address* Share via Shortlinklast_img read more