Over half of human resource professionals are unsatisfied at the strategic performance of their organisation's employee benefit package, LCP research finds.
As part of its research, the employee benefit consultant interviewed 100 senior HR professionals across a range of business sectors and sizes.
It found that, while 90% of respondents believed making sure employee benefit packages were aligned with the overall business strategy was one of their most important objectives, only 48% were satisfied with their organisation's performance on this measure.
In addition, just 44% were satisfied that employee benefit packages were properly future proofed and only 22% said they were happy with their ability to measure the contribution to the business made by employee benefit packages and initiatives.
Commenting on the research, LCP said: "Clearly most organisations believe there is more they needto achieve in order to meet their objectives in the provision of employee benefits.
"However not many we spoke to felt that measurables had been agreed before setting out on changes to employee benefits packages."
LCP's research also looked at what is holding HR professionals back from making the changes they believe are necessary to improve their organisations' approach to employee benefits provision.
At the top of the list is budget - 67% of respondents cited lack of budget to fund development work for making changes and 64% cited lack of budget for funding the required contribution levels to the benefits package.
LCP said four further issues stand out:
- HR bandwidth - lack of management/manpower within the HR/benefits team
- Technology - IT/infrastructure constraints
- Senior buy-in - lack of senior management buy-in for change
- Business case - the difficulty of putting together - or successfully making - the business case for change
Unprompted, interviewees also mentioned other obstacles and challenges. These include:
- No-one having sole responsibility for employee benefits (especially in smaller HR teams)
- The organisation's lack of appetite for change
- Trying to find/source new benefits
- Dealing with the challenge from management of why change is needed
- Prioritisation of change
- Diversity of workforce
- Whether employees really take on board what they are told
Here they are - the winners of the Workplace Savings and Benefits Awards 2020...
Here they are. The finalist lists for the WSB Awards 2020.
Almost all (92%) employers would consider setting up a workplace savings scheme in addition to a pension in light of recent market turmoil caused by Covid-19, Cushon finds.
There are just a few weeks left to enter this year's Workplace Savings and Benefits Awards.
Norfolk County Council will lead a multi-provider framework agreement that will see 14 Local Government Pension Scheme (LGPS) funds share actuarial services, benefits and governance consultancy services.