It has been a busy start to 2018! We kicked of the year with bringing some of Mercer’s global thinking back home to New Zealand and celebrated commitment of our people to their communities.
In 2017, globally Mercer’s people spent 92,607 hours volunteering and in New Zealand our team spent a total of 2,896 hours supporting local communities and fund raising for charities. Our people cleaned beaches, volunteered in hospitals, supported schools and sports teams, we got involved in helping maintain gardens in local parks and fundraised for charities such as the Breast Cancer Foundation, Ronald McDonald and others. The team’s excited about 2018!
Globally Mercer’s team attended the World Economic Forum in Davos. Our global commitment to helping women thrive again featured at Davos, Mercer hosted a When Women Thrive: Turning Opportunity Into Action breakfast event, attracting over 150 guests, including CEOs, board members, academics and influencers from global organisations representing more than 60 countries.
Locally there is also a lot of talk about the gap in retirement savings and what individuals, companies and the Government can do to close the gap. In New Zealand, the gender pay gap can be as much as 20%* for the same type of work.
But there are things that women can do to reduce the impact of this in retirement, for example invest in funds appropriate to your age and circumstances, contribute extra into KiwiSaver when you can and get advice from one of our financial advisers when circumstances change. No doubt more focus will be given to this during the rest of 2018.
Back at Davos, Mercer also shared what leaders believe will be the biggest advancements affecting how people live, work and save in its report Healthy, Wealthy and Work-wise: New Imperatives for Financial Security.
Action items for organisations and Governments ranged from addressing inequality, to committing to lifelong learning and embracing technology particularly to improve savings, to recognising that maintaining health is vital to wealth. “It might be time to retire the word ‘retire’,” said Julio Portalatin, CEO & President. You can read more about the findings in the local news on stuff.co.nz.
In New Zealand, the team hosted Wolfram Hedrich, from Mercer’s Singapore office, who talked about global and NZ risks. In New Zealand these are natural catastrophe, extreme weather events, large cyber-attacks, assets bubbles and urban planning. You can watch Wolfram’s interview with the NZ Herald Business Editor, Liam Dann here.
And of course we can’t finish this quarterly update without mentioning what’s going on in the markets. In our video update, hear what Mercer’s New Zealand investment experts, Russell Garrett and Rob Kavanagh had to say about 2017 and what might be instore this year. The world volatility was mentioned, but don’t panic, simply read an update to help you navigate through this period. And of course, we’ll keep you updated with quarterly video updates – Investment Insights and at www.mercermagazine.co.nz.
*Source: Ministry for Women, Empirical evidence of the gender pay gap in New Zealand http://women.govt.nz/work-skills/income/gender-pay-gap/research,