British businesses must improve benefits administration and communication in order to increase engagement and retention.
According to the Current and Future Trends: UK Employee Benefits Report by Jardine Lloyd Thompson (JLT) Benefits Solutions, 55% of businesses communicate benefits to staff less than once a month, while more than a quarter (26%) of employers admit that they communicate benefits on an annual or ad-hoc basis.
However the report also states that more than three-quarters (76%) of employers are looking to improve benefits administration and although only 29% of companies offer online access to benefits packages, two thirds (66%) are actively looking at ways to improve benefits communication.
Just 25% of employers, meanwhile, offer salary sacrifice arrangements for employee benefits, while 76% do not yet have a flexible benefits scheme in place.
Jon Bryant, regional director at JLT Benefits Solutions, said: “Addressing core services like administration marks an important first step towards improving the efficiencies of a company’s benefits portfolio. However, streamlining back office services and generating an improved return on investment is only half the story.
“Flexible benefit schemes and salary exchange programmes demonstrate that there is a great deal to be gained from corporate benefit programmes and in today’s uncertain economic climate, senior executives should ignore their benefits portfolio at their peril.”