PwC's Superannuation Matters explores current and future sector trends from Australia and across our global network.
Pursuing productivity and a for-purpose agenda is entirely possible, if you take a people-based approach.
Productivity is well and truly in the spotlight for the superannuation industry. A raft of regulatory reforms including Your Future, Your Super, best financial interest duty, APRA heatmaps and performance tests and the ATO’s comparison tool are all designed to put a focus on fund performance and the outcomes achieved for members.
At the same time, the war for talent, remote working and increasing regulatory change and complexity come at a cost. This is putting pressure on funds and service providers to achieve scale and transform their businesses through more efficient and effective operating models.
But we all know that achieving scale and transforming a business takes time and costs more in the short term. Also, a focus on productivity, scale and transformation are not mutually exclusive, in fact they are entirely consistent objectives. In simple terms a productive organisation is a well run organisation.
However, productivity is a word often associated with cost reduction and a leaner headcount which can negatively impact staff morale and customer experience. Approached in the right way, a focus on productivity has the potential to deliver benefits earlier than achieving scale or transforming your business model and it can elevate your member experience – it all comes down to taking a people-based approach to productivity.
Pursuing productivity and a for-purpose agenda is entirely possible for funds who take a people-based approach.
The best way for funds to support employees in an increasingly complex environment is to address common challenges when embedding employee experiences.
Research shows that what employees want right now is a focus on wellbeing. Prioritising mental health and wellbeing provides vital support for employees, at the same time as it boosts engagement and productivity.
Employees increasingly expect organisations to reflect their values. An employer that speaks out and takes action on social issues can attract and retain the very best people.
PwC's Superannuation Matters explores current and future sector issues and trends, addressing important industry opportunities and imperatives including regulatory reform, remediation, transformation, competition, simplification, workforce, technology, executive accountability, governance, strategy, operating models and culture.
At the same time, we bring together the right mix of advisers and contributors from inside and outside of PwC demonstrating that important problems are better solved together. PwC is a powerful multiplier of connections and innovation, we bring passionate people together so that insights become impact, opportunities become outcomes and society benefits.
Superannuation and Asset Management Leader, PwC Australia
Tel: +61 2 8266 7937
Partner, People and Organisation, PwC Australia
Tel: +61 3 8603 5797
Partner, PwC Australia
Tel: +61 3 8603 5230
Partner - Digital Transformation, PwC Australia
Tel: +61 3 8603 0337