In the short term, auto enrolment will impact on business expansion, however in the long term it will help
I think there’s no doubt that auto-enrolment will have a big impact on business expansion in the future. In the early stages of the auto-enrolment project what companies are focused on is getting compliant, working out how much more money they’re going to have to spend to meet the requirements that the government have imposed and then find out that that they’re doing the right things for their staff.
But taking a longer term view, I think they should also focus on how they demonstrate to their employees what a great thing it is to be part of a workplace saving scheme and how a workplace saving scheme can be right at the heart of an employee benefits package.
An employee benefits package sounds like a very complicated thing. It’s not. It’s just offering staff all the things that they may need to really value what the employer offers. It may be gym membership. It may be discounts on general insurance products. It may be other savings vehicles. It could be discounts at supermarkets, but employee benefits are really important to staff and they are no longer the preserve of large companies. Every company who chooses to do so, can offer employee benefits to their staff and by offering them they stand a much better chance of retaining and recruiting the very best people to drive their businesses forward.
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