More than two-thirds (69%) of respondents do not think pensions auto-enrolment will be beneficial for their organisation in the long term, according to research by Hargreaves Lansdown.
Its HL Employer attitudes survey, which questioned 100 employers, found that 76% of respondents think they should get more recognition for implementing auto-enrolment.
The research also found that respondents think almost half (46%) of employees do not appreciate the money their employer pays into their pension. Around 70% of respondents think this is because employees prioritise more immediate financial needs.
Almost three-quarters (73%) of respondents think financial education in the workplace could help, while 47% think more workplace savings options, such as individual savings accounts (Isas), could help.
Laith Khalaf (pictured), head of corporate research, said: “Employers already pay huge sums of money into pensions for their staff, and auto-enrolment will only add to the bill.
“Getting recognition for this should be a top priority, to maximise the benefit [employers] get from that expenditure.
“The only way to do this is to get employees engaged in their pension planning, which has the added advantage that it helps them to make better savings decisions.
“If employers help their staff understand the need to save for retirement they can kill two birds with one stone: getting them to recognise the money the organisation pays in, and to consider whether their own personal contributions are adequate.
“Offering workplace Isas is one way to get staff thinking about saving in a way that appeals to their more short-term goals; this bridges the gap to considering long-term retirement savings.”
