| Pensions as recruitment tool |
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| Employers must put greater emphasis on the attractiveness of their pensions schemes when looking to attract and retain employees, according to a new corporate service launched by Arthur Andersen in Dublin. |
The new ‘Corporate Pensions Review’ service attempts to aid companies in maximising the appeal of their pensions by performing a ‘health check’ on their systems and suggesting areas where greater efficiencies could lead to more attractive pensions schemes.
According to Joyce Brennan, senior manager in Arthur Andersen’s human capital unit, the prospective employees of today are keenly aware of the importance of pensions when choosing a job. ‘The question of pensions is always coming up at interview stage’, she says. ‘Twenty-five year olds are asking about pensions - younger people in their early twenties want to retire earlier and they want to be sure of pensions at job entry stage’.
Andersen’s service offers an objective cost-benefit analysis for pensions schemes by analysing costs, reviewing compliance requirements and benchmarking the benefits provided by peer group companies. Practical solutions are then suggested to create a more streamlined or efficient scheme.
Brennan says that the extent of the service can be tailored to individual companies’ needs. Average costs for the service range from £5,000 to £40,000. While the service can be a ‘one-off’ event, it is, says Brennan, more effective, if taken as part of a ‘continuous improvement’ programme which would be managed by Andersen. |
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| Article appeared in the October 1999 issue.
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