Benefits Shifts 2016: Benefits communication highest priority for increased spend in 2016
Almost 60% of respondents plan to increase spend on benefits communication in 2016. This is largely in response to pension changes – such as pensions freedoms which have been available since April 2015; the start of auto-enrollment and the reductions in the annual and lifetime allowances which come into force in April of this year.
The report found that many respondents are investing in heavily personalised communication campaigns in order to ensure that they get the message across to their employees. By contrast just over a third (37.6%) plan to go back to previous levels of spending on benefits consultancy and advice this year.
The study also showed that 52.3% of respondents want to increase their spending on pensions and 50.4% on HR technology in 2016.
Debi O’Donovan, partner at REBA, said the increased spend in communication came as no surprise given the amount of changes the market must embrace. “There are a number of changes that employees must understand and it is the job of the employer to ensure they do this in the best way possible.
“Ironically the anticipated fall in spending on benefits advice and consultancy is also a result of the raft of pension changes. Such companies invested heavily in pensions advice and consultancy in the previous years so it’s only natural that such investment will now tail off as projects complete."
Download the REBA/JLT Employee Benefits Shift Research 2016