Cost key reason for EBC benefits recommendations

clock

Just over half (54%) of employee benefits consultants (EBCs) say they always recommend their clients to take employee benefits offered by their employer, research reveals.

Findings from Metlife showed that cost was a key factor when advising clients on benefits as 42% of EBCs said they made their recommendation based on the price of the benefits.

The research highlighted that over a third (35%) of EBCs were not offered an employee benefits package by their own employers in addition to a company pension scheme.

However, around 31% of the employee benefits consultants surveyed were sole traders or self-employed and did not have access to employee benefits - bringing the actual amount of EBCs who were eligible but did not have access to just 4%.

Around 33% of respondents were offered employee benefits in addition to a company pension.

MetLife UK employee benefits sales director Tom Gaynor said: "There is general acceptance that a well-designed employee benefits package increases staff loyalty and helps retain talented employees.

"Clearly however cost is an issue for both employers providing employee benefit packages and for the consultants who advise clients on whether to take up the benefits offered."

He added: "The ongoing introduction of auto-enrolment is acting as a trigger for companies of all sizes to review employee benefits in line with pension provision and is proving to be positive for the market as a whole."

More on Employee Benefits

Partner Insight: The Importance of Inclusive Health Benefits at Pivotal Moments

Partner Insight: The Importance of Inclusive Health Benefits at Pivotal Moments

A Conversation with Wendy Sherry, CEO, Global Health Benefits within International Health, Cigna Healthcare and Tammy Sun, Founder and CEO of Carrot Fertility.

Wendy Sherry, International Health and Tammy Sun, Carrot Fertility
clock 10 December 2024 • 7 min read
Lime Health to consult on NHS plan

Lime Health to consult on NHS plan

Collaboration with ministers

Cameron Roberts
clock 02 December 2024 • 2 min read
Standard Life sells employee benefits business

Standard Life sells employee benefits business

More than 140,000 employees join Benefex

Jaskeet Briah
clock 28 November 2024 • 1 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read