Friday 11th October 2019

More than half of SMEs plan to expand benefits offering

a photo of the article author

Article By Dave Morman

More than half of SMEs plan to expand benefits offering

Global life assurance company MetLife’s recent survey of firms employing between 50 and 300 staff found that more than half (55%) are planning to increase the benefits they offer staff over the next two years.

It discovered that 7% will introduce benefits for the first time while another 46% will expand the benefits they offer. In fact, around 14% of firms plan to expand the benefits on offer to staff substantially.

Recruitment and retention are major issues. A key reason for expanding benefits is that SMEs are struggling to attract and retain staff in the face of competition from bigger firms.

Over a quarter of SMEs surveyed admitted their benefits package is not as strong as larger companies and that they are unable to pay the salaries prospective employees expect.

MetLife’s research suggests that the majority of SMEs are increasingly looking for support and strategies from employee benefit consultants within the next 12 months to help them with recruitment and retention. The study also found that 69% of SME owners and managers believe their firm should offer more than salary and pension to employees.

Brunsdon Employee Benefits Director Seb Merritt commented, “A well designed and executed benefits package has to be a key component in all recruitment and retention strategies these days.

And it need not be expensive. At Brunsdon we can help identify the benefits that staff value most and design an implementation and communications plan to ensure staff are happy and informed. This in turn will mean the company sees a return on its investment.”

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