Two fifths of firms with between ten and a hundred staff do not plan to review the benefits they offer their staff for the foreseeable future, research conducted on behalf of Legal & General has found. By contrast amongst firms of over 1,000 staff, over half review the benefits they offer staff each year.
The findings suggest that many small firms are struggling to review their employee benefits policies. Reviewing employee benefits regularly is important because offering the right employee benefits package plays an important role in attracting and retaining staff. The research found that whilst nearly four fifths of small firms say they offer only the bare minimum of employee benefits or just enough to attract and retain valued staff, over half of employers with more than 250 staff say they offer ‘above average’ employee benefits to attract staff. This suggests that small firms are disadvantaged by irregularly reviewing their employee offer.
Diane Buckley, Managing Director of Legal & General Group Income Protection said:
“These figures show that employers should ensure that good quality support is available in the workplace to help employees. It is concerning that nearly two fifths of small firms aren’t reviewing their employee benefits regularly, as employee benefits are critical to attract and retain staff. Legal & General have developed an effective Group Income Protection package that offers support to small firms with as few as 50 employees.”
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