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John Wrighthouse Group Human Resources Director Nationwide Building Society

Retirement at Nationwide. John Wrighthouse Group Human Resources Director Nationwide Building Society. Introduction. Introduction to Nationwide Background of flexible retirement at Nationwide Actions to support flexible retirement Our current position Looking ahead.

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John Wrighthouse Group Human Resources Director Nationwide Building Society

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  1. Retirement at Nationwide John Wrighthouse GroupHuman Resources Director Nationwide Building Society

  2. Introduction • Introduction to Nationwide • Background of flexible retirement at Nationwide • Actions to support flexible retirement • Our current position • Looking ahead

  3. Nationwide Building Society • World’s largest building society - £200 billion assets • UK’s 3rd largest mortgage lender, 2nd largest savings provider • Mutual Status, owned by our members • Founder members of the EFA

  4. Our people • 13.67%employees aged50 • Almost300employees over60 • Oldest employee is78youngest is16 • Branch Managers range from age20to62 • Customer Representatives range from age17to74

  5. Reflecting our customers Our customers tell us they want to do business with people they can relate to and share experiences with

  6. We saw what was coming… • Pre 2000 - retirement age – 60 • 2001 – part flexible retirement to age 70 • 2005 – full flexible retirement to age 75 • 2010 – move to 75+

  7. Things to do… Issues to overcome to allow flexible retirement to work • Performance Management • Recognition and Reward • Training and Development • Absence Management • Pensions

  8. Performance Management • There is no difference in dealing with performance management for older workers than for any other group • Performance Plans • Calibration meetings to ensure fairness • Review the ‘what’ and the ‘how’ • Train managers

  9. Reward and Recognition • Strong and robust rewards policy – not aligned to age or length of service • We have enhanced our approach further with “Future Reward” – linking pay to new performance management policy. • We have engaged employees by involving them in the process e.g. “Have Your Say Cafes” on bonus schemes • You can use other methods to reward loyalty • Long service awards • Extended holiday entitlement

  10. Training and Development • Ensure access to learning is open to all employees • Provide multiple learning delivery to suit individual’s preferred styles • Enhance equitable approach to career development by discussing talent & potential at calibration meetings

  11. Absence Management and Time Off • Understand the impact that a more diverse workforce will have upon absence • Use effective absence policies and occupational health support • Create policies to support your aging workforce • We provide – unpaid leave breaks, carers leave, flexible working process for all

  12. Pensions – A Day 2006 • Flexible pensions can improve retention of older workers • Ability to draw pension & continue working • Our flexible working process compliments changing lifestyle for over 55s looking to draw pensions and work fewer hours

  13. What we have seen so far… • More employees working beyond 60 • Only 10 employees over 70 – this will increase at a slow pace • Retirement Process used once a year (on average) • c5% of job applications from over 50s

  14. What our people think… ‘I enjoy using my experience to solve complex queries to satisfy our customers – a benefit for both me and the business’ ‘Where youth is increasingly predominant in society, Nationwide continue to value me as an older worker’ ‘Working at Nationwide keeps me motivated and my brain ticking over’ ‘I still lead an active social life, being able to draw my salary and pension pays for my holidays’

  15. Creating a Modern Mutual • HR People Plan – transformation to enhance performance • Engaged people  Flexible Workforce  High performing and agile organisation • The role of leadership is critical

  16. Creating a modern mutual Things have moved on from what we thought in 2005… • Demographic projections • Impact of the economic downturn • More people need to working for longer • 1 in 5 young people are out of work • Age is an issue for every organisation!

  17. Our next challenge… The reality of removing our retirement age altogether… • Can we continue to provide benefits indefinitely? • What are the costs? • What’s the impact as our workforce ages? • Can we find a more creative way of providing benefits? • What are the legal risks?

  18. Summary • Recognised market leader by removing 60 as retirement age prior to legislation • Robust policies and process are key • We have retained high performers • Market conditions have changed the age debate • We need to be honest about the costs of removing retirement age altogether • It’s time to think differently!

  19. Any questions?

  20. Summary Enjoy the remainder of the conference

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