MetLife UK have done some research and they have found that half of small and medium companies are going to introduce benefits. They are also going to focus on both retention and recruitment too. A study has been done and it shows that companies who employ between 50 and 300 staff are going to increase the benefits that they have to offer. Small businesses like this account for 53% of the workforce.

7% of small businesses are going to introduce benefits for the first time, and another 46% are going to focus on expanding the benefits that they have right now. One key reason for expanding these benefits is because SMEs have stated that they are struggling to attract and retain staff. They are facing competition from much bigger forms and this could cause major issues for them. One in four SMEs have admitted that their benefits packages are not as strong when compared to bigger companies and some of them can’t even afford to pay the salaries that employees expect.

MetLife have found that SMEs are constantly looking for support from Employee Benefit Consultants. 46% of firms have stated that they are looking for strategies that will help them to attract new talent over the next 12 months. 41% want to get some aid with the retention strategies that they have. MetLife have asked the same question last year and the results were very different. 36% of people were looking for help with recruitment, and only 34% were looking for help with retention.

Employees are increasingly trying to recognise the value of benefits and SMEs are also looking to respond by trying to enhance what they are able to offer their staff right now. One in four employees have stated that they can’t afford to pay their prospective team and the salary that they expect but they shouldn’t be deterred. Salary can be a blunt yet expensive instrument and 55% of employees actually happen to favour benefits. 34% of employees would be persuaded to stay in their current job if the benefits on offer were enhanced too, so this is a very positive step forward.