Organisations in dark over cost of benefits

More than half of the UK’s employers do not know what proportion of their paybill is spent on benefits for staff, according to a survey from employee benefits consultancy Jardine Lloyd Thompson.

The survey of 261 small and medium-sized businesses found that 59% of respondents did not know their benefits spend as a percentage of their payroll costs.

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The authors of the report suggested that, without this information, it would be “very difficult for employers to convey the overall value of the benefits packages to employees”.

Just over a quarter (28%) of respondents reported that their organisation had a defined reward and benefits strategy. When asked to cite the key influences on this, the link to market rates, attracting staff and employee consultation came out top.

www.jltgroup.com

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