COMPANIES increasingly see it as their role to help employees make better decisions about retirement, according to a major new survey. Fifty-eight per cent of those quizzed said they would assist staff to make more informed choices in preparation for leaving the workplace.
And almost half pledged to pay for professional advice to help them plan, fresh research commissioned by Mattioli Woods plc has revealed. With both insight questions and benchmarking data, the Mattioli Woods 2017 Employee Benefits Insight report involved interviews with 300 key decision-makers and data gathered from 2,692 companies across the UK.
Unveiling it today Alan Fergusson, managing director- employee benefits at Mattioli Woods, said: “The market has never seen so much change. “We are now nearing the end of the initial auto-enrolment legislation that started as far back as 2012. With taxation changing, legislation targeting higher earners and news ways of saving being launched, it is an exciting time to be in the reward space.”
The survey’s headline findings include:
- No clear understanding among bosses about providing financial education for employees, although an overwhelming majority (85 per cent) felt it was needed
- A spike in those planning to review their existing auto-enrolment arrangements in the next year, with many setting aside budgets for the task
- Four out of 10 employers expecting to enhance benefits packages for their workforce – with staff popularity/satisfaction the main drivers
- Only 12 per cent had fully flexible benefits platforms which use technology to help manage and communicate employee benefits
- More than 60 per cent of firms felt their package represented value for money, but fewer than 15 per cent knew whether staff shared the view
Mr Fergusson said: “Employers increasingly want to see a return on investment around their benefit spend, and benefits communication must improve to assist employers in achieving this. We believe four key words are at the heart of a good benefits package – attract, retain, motivate and engage. Hopefully, this research will allow companies to work towards a benefits strategy that delivers them all.”
The survey is available by visiting the Mattioli Woods’ website, mattioliwoods.com, or by emailing firstname.lastname@example.org