Auto-enrolment catalyst for employee benefit reviews

clock • 1 min read

The introduction of auto-enrolment is being used by companies to review their employee benefits package or introduce new benefits, a survey has found.

Of companies surveyed by MetLife Employee Benefits, 21% were planning to review or introduce new benefits in the wake of auto-enrolment.

A lack of knowledge of how to go about making changes was revealed, 41% of firms said they did not know how best to review their benefits packages, what they should look at changing or what to offer staff.

Among employers who were certain of what they wanted, 32% planned to either review or introduce group income protection cover.

Private medical insurance was being considered by 18% of those companies surveyed for either review or introduction.

Tom Gaynor, employee benefits director at 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."

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