Barclays is launching a workplace offering combining consultancy services, benefits, financial education and banking services.
The bank claims its Barclays Beyond Benefit offering offers unparalleled financial education tools, with more than 50 videos and more than 50 interactive tools, compared to competitors’ offerings that only include a handful of these features.
Barclays is also offering bespoke banking solutions through the workplace. It recently launched a savings plan to Anglian Water’s 4,000 staff that pays monthly interest and gives a loyalty bonus linked to company performance.
Consultancy services are provided by Barclays Corporate & Employer Solutions. The offering has been designed in recognition of what Barclays identifies as up to five generations in today’s workplace. It says ‘one-size-fits-all’ employee benefits packages, designed by the Baby Boomer generation for Baby Boomers, are failing to meet the increasingly disparate financial and lifestyle needs of today’s multigenerational workforce and are missing the mark in particular for younger employees.
In addition to the financial education portal, Barclays can deliver a learning programme in the workplace comprising a suite of educational seminars tailored to employees across the different generations. The seminars cover a wide range of topics including saving and investing, getting on the housing ladder and will writing.
Corporate pensions platform provided through Aegon and Zurich as well as giving access to Barclays’ funds.
Clients also have to access to Aegon and Zurich’s auto-enrolment hubs as well as the independent auto-enrolment hub provided by Benefex, which uses its Enroller technology and surrounding service to support employers through the pensions auto-enrolment process.
Barclays is also working with Solium Capital Inc. to provide a white-label version of the Solium Shareworks platform and administration services which include stock and cash plan administration; trustee services; participant dealing and nominee services; corporate dealing and custody; and financial and regulatory reporting.
Full banking aggregation services are not available yet but will be delivered in the future says Barclays.
Barclays C&ES Head of Workplace Savings Katharine Photiou says: “In terms of financial education there is no competition to what we are offering here. We’ve got 50-plus videos, 50-plus tools and loads of content from across Barclays and from independent journalists. Most other financial education systems have three or four videos and one or two tools.
“Employee benefits have reached a tipping point. Our research shows that today’s workforce is made up of five different generations – each with different financial and lifestyle needs – and that current benefits packages are missing the mark, in particular for younger employees. If HR professionals (often part of the Baby Boomer and Gen X cohorts) do not have the needs and priorities of Generation Y in their sights, they run the risk of losing top talent and future leaders. However, the HR community holds the key – it needs to look in the mirror, recognise that packages must break out of the ‘built by baby boomers for baby boomers’ mould and then get into the minds of Gen Y employees. By doing this, packages can then be designed and structured to meet the needs of the future generations of talent.”