Independent schools which have already taken action to leave the Teachers’ Pension Scheme (TPS) could be forgiven for breathing a sigh of relief.
More private schools leave TPS
As more schools continue to leave, (our latest Freedom of Information request found the number of schools remaining in the scheme has now fallen below 1,000 ), they have done so to manage a risk largely beyond their control and gain more certainty on future costs.
Reimagining staff benefits beyond a pension
But having taken this step, schools can find themselves having to create a new benefit strategy which will need to be promoted to existing staff as well as potential new teaching recruits.
Incorporating healthcare and wellbeing
Any new approach should no longer focus solely on pension and the replacement death-in-service and ill health policies but also ought to consider private healthcare and wellbeing packages by way of demonstrating the breadth of what can be offered.
Moving beyond traditional options can help differentiate your school in the private education sector, as well as supporting retention and recruitment.
The importance of effective communication
Whatever your situation, it’s critically important you communicate effectively to help your teachers see clearly what they stand to gain by bringing their benefits to life. We often find that even the most generous offerings are not adequately valued without a well-designed communications strategy.
It’s a far cry from the world of the TPS, where it’s commonplace for benefits to be almost entirely ignored during recruitment. Post-TPS, it couldn’t be more different, with potential colleagues scrutinising closely what they stand to gain.
Understanding teachers’ benefit expectations
Understandably, it’s not unusual for independent schools to lack detailed knowledge of what a teacher leaving the state sector may expect in terms of a benefits package.
It’s one of the reasons we’re called in to help, to talk to their new recruits both before and after they’ve been appointed so they can really see clearly the value their employer is creating for them.
The value of expert guidance
Imagine being offered a one-to-one meeting with a pension and benefit specialist as part of your induction process. Surely a good first impression for any prospective employee and a clear demonstration of the regard in which they will be held?
Whether or not you are still considering your options in terms of the TPS or have already left, we firmly believe in the importance of not only the best benefits you can reasonably offer but, equally, finding the best way to bring them to life.
Get in touch if you want to find out more. We’re happy to share our experience with you and your team.
