Nearly a third (29%) of companies have made no changes to their employee benefits during the recession despite the almost complete collapse in the war for talent in the face of rising unemployment, according to research by Aon Consulting.
According to Aon’s survey of 70 leading firms, of those that have made changes, the majority (38%) have reviewed their DB provision, 11% have reassessed their DC scheme and 19% have reviewed their other employee benefits.
Commenting on the research, Helen Dowsey, principal at Aon Consulting, said: “Employers are missing a trick when it comes to getting best value from their benefits programme. Pension schemes and employee benefits programmes, for example, offer a range of opportunities to save money, both in terms of short-term fixes and long-term solutions.
“Whether via a simple re-broking exercise for group health insurance while rates are currently low, or a major overhaul of pension scheme set-up, or any number of routes in between, there is money that can be saved while still offering a competitive and effective benefit programme.
“Aon Consulting is offering a free ‘Benefits Healthcheck’ to employers wanting to improve the return on investment (ROI) of their benefits spend. Businesses looking to capitalise on an economic recovery need to be fighting fit and well prepared: ensuring their benefits programme is delivering value for money is key to this. We would encourage all employers to review their benefits programmes to make sure they are achieving maximum ROI.”
