The SME gap is the biggest challenge for employee benefits

Adam Saville
clock • 1 min read

Flexible and voluntary benefits within small-to-medium enterprises offer most effective solution for closing employment benefit gap, MetLife UK research finds.

Sixty percent of employee benefit consultants (EBCs) believe better SME take-up of employee benefits is the biggest challenge for the industry over the next two years, with flexible and voluntary benefits offering most potential for growth. Small businesses account for 99.3% of all private sector companies - they employ 15.7m people and make up 60% of all private sector employment - with a combined annual turnover of £1.8tn in the UK. While a lack of HR and poor communication are holding many SMEs back, they represent a huge amount of potential for the employee benefit market. Acco...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Employee Benefits

Poor mental health cost UK economy £102b in 2023: AXA UK

Poor mental health cost UK economy £102b in 2023: AXA UK

£26b lost from workers taking sick days

Jaskeet Briah
clock 19 March 2024 • 2 min read
20% of employees rated workplace mental health services 'poor'

20% of employees rated workplace mental health services 'poor'

Third of UK workers have a ‘high’ mental health risk

Jaskeet Briah
clock 19 March 2024 • 3 min read
Healix launches skin cancer checks for employees

Healix launches skin cancer checks for employees

Dermatological assessments and referrals

Jaskeet Briah
clock 05 March 2024 • 2 min read