The administrative inefficiencies built into many pensions/benefits systems are often hidden and represent a significant tax on the business. Frequently, they are covered up by manual, paper-based processes that are both inefficient and ineffective.
The recent auto enrolment legislation is placing a potentially vast administrative burden onto employers as government seeks to off-load its responsibilities for retirement savings to them. Frequent legislative changes simply make this worse and threaten to make the long-term position unsustainable.
Employees’ expectations are rising all the time. They increasingly want better, more flexible, more accessible benefits packages. On the one hand, this has become critical to employee attraction and retention. On the other, HR departments and their providers struggle to keep up with the demands.
Total Reward Statements
Many companies continue to work with out-dated and poorly integrated systems that fail to give employees a full and easily accessible picture of their overall reward and benefits package. And many such systems require frequent manual intervention to update.