EMPLOYEE BENEFITS
Employers unaware of level of spend on benefits
Almost six in ten organisations do not have a clear idea of what proportion of the payroll they spend on their benefits package. That is one of the most startling conclusions to emerge from a survey by Jardine Lloyd Thompson in association with Professional Pensions.
"This makes it very difficult for employers to convey the overall value of their benefits package to employees," says Alex Tullett, JLT's head of benefit communications. "An employer who is able to effectively demonstrate the overall value and breadth of their reward and benefits package is more likely to attract and retain the right calibre of staff."
The 261-employer survey found that almost three-quarters of respondents did not have a defined reward strategy. "It would appear that tactics are primarily driven by reacting to market forces and costs, particularly in relation to pay," says Tullett.
Other key survey results
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Title: Reward and Benefits Strategy, Jardine Lloyd Thompson in association with Professional Pensions.
Survey methodology: Questionnaire responses were invited online and via postal entries at the end of 2004. The survey was aimed at small to medium-sized businesses.
Survey sample: The results are based on 261 responses. Over half the survey respondents had a UK workforce below 250 employees, while a third fell in the 250 to 1,500-employee bracket.
Availability: The 26-page survey findings are available free of charge in PDF format at www.jltgroup.com/mediaPub.shtml
Jardine Lloyd Thompson is one of the world's leading international insurance and reinsurance brokers. JLT also has a substantial employee benefits business which provides pension administration, outsourcing and employee reward and benefits consultancy. To find out more visit www.jltgroup.com
Posted 19 April 2005