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.
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.
