The employee benefits market will continue to grow despite major challenges from the introduction of new data regulations and the impact of Brexit, according to research from MetLife Employee Benefits. More than 40% of benefit consultants surveyed expect their business to grow over the next year and a further 41% are planning to recruit more staff to help address the rising tide of regulatory and economic issues facing the industry.
Almost 70% highlight the ongoing impact of making preparations for the UK’s withdrawal from the EU as a major challenge. However, domestic issues are an even bigger challenge, the survey suggests, with 84% of consultants warning that the continuing growth of the ‘gig economy’ threatens the provision of benefits as workplaces and employment arrangements shift. Consultants recognise that they need to up their game in the face of these challenges; 58% admit they should do more to outline the link between increased productivity and employee benefits to employers and almost three-quarters say the rising cost of benefits needs better explaining.
Adrian Matthews, employee benefits director at MetLife UK, said:
‘Employee benefits consultants are admirably resilient in the face of a growing list of challenges as demonstrated by their commitment to grow and maintain their businesses.’