Employers struggle to deliver effective benefit plans – Thomsons Online Benefits

Almost three-quarters of employers are struggling to deliver effective benefit plans for local markets, according to benefits provider, Thomsons Online Benefits. Two major gaps in benefits strategy are highlighted: outmoded technology and benefits relevance.

Employers’ inability to overcome these hurdles is having a significant impact on employees’ appreciation of the benefit offer, with six in ten dissatisfied with their plan. Over a quarter are not happy with the funding level in their plan and around a fifth are dissatisfied with how they are required to interact with the benefit scheme.

Matthew Gregson, Consulting Director at the company, said:

‘Global employers spend a significant amount on benefits, on average 31% of employee salary, but there’s a real risk that they won’t see the full return on this investment.’

For example, almost half of HR and reward professionals do not use benefit analytics yet, so are unlikely to be fully realising their objectives and return on investment from schemes.

‘Global Employee Benefits Watch 2016/17’, Thomsons Online Benefits, September 2016. For more information, please visit: www2.thomsons.com/l/137371/2016-09-23/zvpvw