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HR Connect New Zealand – Volume 4, Issue 2, 2015
The best do change better
Aon Hewitt's 2015 Best Employers. were announced on 2 June, with five New Zealand organisations gaining Best Employer accreditation and Chorus New Zealand Ltd. being named as this year's Best of the Best.
The overwhelming insight from the 2015 Best Employers study is once again, that organisations with high engagement are better at navigating change and delivering results in spite of tumultuous times. In fact, as additional 22% of employees at Best Employers believe that changes within their organisations are well managed and help to deliver a better performing company.
"A highly engaged workforce allows you to get through tough times together"
Most employees at Best Employers and other organisations agree that there is the need for organisations to continue to evolve and adapt to changing market forces. And that’s a great thing because the pace of change is constantly quickening. Technology continues to change the way every business connects with its customers, suppliers and employees. Political and regulatory changes continue, and talent management is evolving, with different skill sets now in high demand. An upward trend in employee engagement means that what employees expect from their organisation is also changing, and employers must raise the bar when it comes to shaping the workplace experience.
Aon Hewitt research consistently proves that having a highly engaged workforce gives organisations a head-start when it comes to successfully navigating change. Mark Ratcliffe, Chief Executive Officer of Chorus New Zealand Ltd agrees: “When you have an engaged workforce, you can ask them to do things that unengaged employees won’t do. A highly engaged workforce allows you to get through tough times together”. Chorus is a case-in-point for this, having recently faced major legislative change which was highly disruptive to its business.
Check out three key learning’s from the 2015 Best Employers, to help you improve engagement and prepare for positive change:
- Don't put engagement on the back burner - Making engagement happen in the face of change must be central to the talent agenda of all organisations. It is during challenging times that having an engaged workforce delivers return on investment to your business.
- Start from the top - most organisations need to do a better job of ensuring senior management are on board with and leading from the front during organisational change. Senior management need to align middle managers and their direct reports to build buy-in and positive participation in change.
- Stay focussed on the big 4 - Aon Hewitt data shows that employees value the following regardless of the nature or amount of change taking place in the organisation:
For more information on participating in the 2016 Best Employers program, or to find out how Aon Hewitt can help your organisation improve engagement and better manage change contact Alison Cooper on 09 362 9292 or by email at [email protected].
Leadership assessment - the backbone of a strong leadership pipeline
Leadership assessment is the backbone of a sustainable leadership pipeline. However, organisations often struggle with determining how to identify leaders with potential, which assessment approach to use, and how to apply assessment results
The Aon Hewitt Top Companies for Leaders® research reveals that companies known for strong leadership differentiate themselves through a pervasive focus on assessment for every leadership stage, from front-line through executive levels. They also employ a wide range of assessment measures and strategically integrate assessment with other talent practices.
Aon Hewitt Top Companies for Leaders® Incorporate Assessment at Every Leadership Level
These top companies possess an acute awareness that the need to acquire and develop outstanding talent is rapidly intensifying. A key differentiator is an exceptional focus on creating an extensive and integrated leadership pipeline that incorporates formal assessment strategies for every leadership level, a variety of rigorous assessment techniques, and integration of assessment into multiple talent practices.
Using information gleaned from top companies’ practices, scientific research, and Aon Hewitt’s extensive practical experience, organisations can dramatically strengthen their leadership pipeline by considering six Guiding Principles for leadership assessment.
Guiding Principles for Leadership Assessment
Clearly, assessment plays a principal role in leadership pipeline development. However, the way in which organisations approach assessment, as well as the methods and tools they utilise, significantly impact the effectiveness of assessment in powering a strong and sustainable leadership bench. Keeping in mind some fundamental guiding principles can help in developing an assessment approach that is both effective and sustainable. Aon Hewitt’s point of view on leadership assessment is based on the scientific literature, extensive experience with thousands of organisations, and exposure to the practices of the Top Companies for Leaders since 2002.
Leadership Assessment Guiding Principles
1. Assess potential to “make the curve” at each leadership level.
2. Align assessment practices with organisational strategy and context.
3. Use a variety of valid, objective assessment techniques.
4. Integrate assessments across talent management practices, with competencies as the common denominator.
5. Aim to make assessments realistic and engaging.
6. Ensure assessment processes are practical and sustainable.
Organisations that align their assessment strategies with the Guiding Principles outlined above are poised to excel in leadership assessment. The development and implementation of a strong assessment plan that spans organisational levels, is compatible with organisational strategy and culture, and operates in tandem with other talent practices will enable organisations to build and fortify a durable leadership pipeline.
To download a full copy of our white paper on leadership assessment click here. For more information on how Aon Hewitt can help your organisation attract and retain talent through assessment, contact Jocelyn Anso on 09 362 9296 or by email at [email protected].
Talking to your teens about KiwiSaver
Your child’s first proper job is almost as important a milestone for you as it is for them. After years of doling out pocket money and arguing over bed making and dishwashing styles, you get to see them starting out into a world where they’re accountable for their own success and are building their own future, including their financial future.
One way to help them do this is to talk to them about joining a KiwiSaver scheme. KiwiSaver membership is open to most New Zealanders – including children. If your teen is aged 18 years or over and starting their first job where they have PAYE deducted, they will automatically be enrolled in a KiwiSaver Scheme, and need to make KiwiSaver contributions of at least 3%. Their employer has to contribute as well – at least 3% of their gross salary. Those auto-enrolled in KiwiSaver will either be enrolled in their employer’s chosen scheme or a default KiwiSaver Scheme, which will be allocated to them by Inland Revenue, If they would prefer to join another KiwiSaver scheme, they have the option to do so by contacting their chosen scheme and completing an enrolment form to join.
Children under 18 can also join KiwiSaver, but will need to have at least one parent or guardian give their consent. Until they start their first job, they don’t need to contribute to KiwiSaver, but once they are employed, they will need to contribute at least 3% of their earnings. Contribution holidays are available but only from twelve months after the first contribution to their scheme.
So how can you help to equip your child to make the best decision when choosing a KiwiSaver scheme and set themselves up for a bright future?
Very few young people understand the importance of KiwiSaver and the difference that it can make in later life. When your kids hit their teens and start their first proper job, talk to them about KiwiSaver and help them select a scheme that makes sense to them. Here are a few tips on how to have a super conversation about KiwiSaver:
1. Do some research – jump on a site like sorted.org.nz. and read up on KiwiSaver and why you should consider joining.
2. Compare – sorted.org.nz also offers a great KiwiSaver comparison tool. – talk to your teens about the different investment options available.
3. Find a calculator – play around with a retirement calculator.. This can really help your teen to understand the impact of KiwiSaver contributions down the track.
4. Decide what sort of investor you are with Aon KiwiSaver Scheme’s Risk Profile form..
5. You may want to consider taking your teen to see an Authorised Financial Adviser to get professional financial advice if you believe it is necessary to do so.
6. If they have decided on a KiwiSaver Scheme, read the paperwork with them – rather than just letting them sign on the dotted line.
Don’t forget these important KiwiSaver benefits that your child should be aware of:
· The government pays into KiwiSaver accounts as well – an annual ‘member tax credit’ (for most contributing members aged 18 or over) of up to $521.
· As well as saving for retirement, KiwiSaver is a great option to help them save for their first home – they might be eligible for a KiwiSaver HomeStart grant and /or first home purchase withdrawal.
Engaging your children with their financial future at a young age can be one of the best gifts you give them. It will help them to make important life decisions and maintain a healthy perspective on the value of employment.
If signing up to KiwiSaver is the right choice, your teenager can join the Aon KiwiSaver Scheme. Contact us by email. or call 0800 266 463 to find out more about the Aon KiwiSaver Scheme..