Around 21% of companies say they are planning to review or introduce new benefits in the wake of the introduction of auto-enrolment at their company, research from MetLife Employee Benefits shows.
However 41% of firms admit they do not know how best to go about reviewing their wider benefits packages, what they should look at changing or what to offer to staff for the first time.
MetLife Employee Benefits believes the research demonstrates a clear opportunity for advisers and employee benefit consultants to help employers overcome their uncertainty and the inertia this can bring.
Tom Gaynor, Employee Benefits Director, MetLife UK, said:
“Auto-enrolment is the biggest catalyst in decades for changing the relationship between employers and employees in the workplace and is having a major impact on employee benefits”.
“Confusion among employers about what they should be doing when it comes to benefit reviews is a huge opportunity for advisers and providers such as MetLife need to support in meeting the growing demand for employee benefits.
“It is important that the industry steps up to the plate and helps employers confront their uncertainties. Until this happens we risk employee benefits in many organisations being determined on the custom and practice of the past rather than the needs of employers and the workforce of the future.”
MetLife Employee Benefits research shows that, where employers know what they want to review or introduce, Group Income Protection is the winner with 32% planning to review existing cover or introduce it for the first time. Around 18% are looking to review or introduce private medical insurance.
