More than half (52%) of respondents would support an initiative to auto-enrol employees into group risk protection products alongside pensions auto-enrolment, according to research by Group Risk Development (Grid).
Its Group risk employer research, which surveyed 500 UK employers, found that 38% would consider implementing these products alongside auto-enrolment.
The research also found that one in four (24%) respondents have increased, or will increase, their spend on the employee benefits package in line with auto-enrolment.
Two in five (40%) respondents said pensions auto-enrolment has had a positive impact on their business, such as encouraging employee loyalty and encouraging staff to take an active interest in their finances.
The research also found:
- 32% of respondents would consider more flexible working initiatives to improve the benefits package they provide for their staff.
- 20% of respondents would include a separate health and wellness programme.
- 62% of respondents would be encouraged to offer group risk protection products to their staff if government were to incentivise them to do so.
Katharine Moxham (pictured), spokesperson for Grid, said: “I am heartened to see that employers are broadly positive about pensions auto-enrolment and are receptive to the potential for extending auto-enrolment into other areas of the benefits package.
“With employers upping their spend on employee benefits, it is encouraging to see that they are still looking to further improve their offering by introducing group risk protection products, flexible working initiatives, and health and wellness programmes.
“Employers are coming to recognise that they are the ones to facilitate greater personal financial responsibility and resilience prior to retirement, as well as afterwards, and group risk protection benefits have a major role to play in ensuring that the UK workforce is adequately protected from the financial devastation that death or disability can bring.”
