Report: Workplace pensions & wellbeing research 2018
This Lorica report summarises the views of 300 UK employers, with questions covering all aspects of employee benefits and workplace wellbeing.
- 61 per cent of employers now offer specific employee support with mental health issues.
- 41 per cent of employers do not provide employees with regular updates about their benefits. Of the 59 per cent that do provide regular updates, 39 per cent do so annually.
- Although the majority of employers are concerned that their employees are not saving enough for retirement, only 13 per cent believe that they are responsible for providing financial education for employees.
- 28 per cent of employers do not currently use any criteria to measure the effectiveness of their benefits package. Of those that do measure effectiveness, 35 per cent use staff satisfaction as their key benchmark, while 16 per cent use a cost threshold.
- 18 per cent of employers have not reviewed their pension scheme for more than two years, while more than half have not reviewed their scheme since starting auto-enrolment.
- Only 22 per cent of employers currently offer pre-retirement guidance or courses. For those not currently offering this type of support, cost is cited as the biggest reason (34 per cent).
- Just under one-third of employers plan to improve their benefits package in the next 12 months.
The report finds that, over recent years, there has been a distinct shift in mentality – employers are no longer offering benefits simply to meet statutory requirements or be competitive in their industry. The focus is now firmly on employee wellbeing.