Menu
Radar
30 Apr

Auto Enrolment Still Not On The Radar Of Many SMEs

 Radar

An incredible 11% of small businesses in a recent survey were unaware of auto enrolment, while 8% planned to ignore it completely.

 

Recent research from Creative Auto Enrolment has shown that auto enrolment is still not a priority for SMEs even though their staging dates are creeping ever closer.

Incredibly, 8% of these businesses plan to completely ignore auto enrolment compliance, perhaps unaware that the fines can be in the region of hundreds of pounds per day past the deadline. Equally worrying is the fact that 11% of those surveyed weren’t aware of what auto enrolment is.

Of the 81% of employers that were aware of auto enrolment and their staging date, less than half of them (43%) knew the correct deadline.

All of this is surely worrying for the process of auto enrolment, particularly given the massive number of small businesses that there are in the UK – 1.3million to be exact. Auto enrolment has been generally considered a success so far, but that should be taken with a pinch of salt given that the companies which have staged so far have been larger organisations complete with HR departments.

Now that smaller organisations, even those with as few as two people, have to stage it will become trickier and trickier to make employers aware of the steps that must take.

The fact that so many employers either don’t know about the need to comply with auto enrolment, don’t want to or don’t have the correct information to is more than slightly concerning.

That is why there is evidence of these smaller businesses seeking advice from professionals such as DAM which can provide auto enrolment advice, with The Pensions Regulator suggesting that 7 out of 10 employers plan to seek advice from a professional.

It remains to be seen just how many small businesses will miss their deadline for auto enrolment compliance.

 

Did you know? At DAM we are running a survey which could win you a weekend away! 

By taking 5 minutes to complete our survey on the future of employee benefits you'll be entered into a prize draw to win a weekend's stay at one of Malmaison's 13 UK locations.

CLICK HERE TO START.  

Photo credit goes to Official US Navy Imagery 

With Mortgage Applications Soaring, Is Now The Time For Employers To Get Involved? Do you offer your staff volunterring opportunities? If not, here's why you should

Tags

pensionspension schemescorporate pensionflexible benefitsemployee benefitsretirementauto enrolmentcorporate pensionshuman resourcesstaff retentioninterviewemployee engagementhospitalitygroup riskpublic policyworkplace pensionsmortgagesretirement planningpensions schemesretirement advicefinancial educationemployee benefits weekly wrapteam buildingemployee team buildinglife insuranceguidance guaranteeannuitiesolder workersworkplace financial educationpension wisepaymortgage advicehistory of pensionshistoryeconomicsretirement planworld war 2politicspension fundsBritish economyfinancemarketscrisisGreeceSpainEUGDPbailoutGuest Blog postUKtaxInterviewmanagementeconomyBudgetOsborneConservativesEconomyUSRatespension potsregulationconservativespension freedomsinvestmentPensionsscams45 Parke LaneDorechester CollectionLondonCateysAwardPension freedomsreformpension reformsinterest ratesinheritanceAnnuitiesHappinessEmployee Benefitsrecruitmentretentionemployee rewardsflexible workingJanuary2016HRcompany newsDAM teamteam day outauto-enrolmentpensions contributionsindustry insightsstaconferencehospitality and tourismpromotionsHIT dinnerretirement savingpension planningemployee wellbeing weekfinancial wellbeingcultureemployer actionIndustry insightsemployee wellbeingunique benefitseducating your workforcevolunteeringwin back the loveDAM eventsDAM Wealth dinnerwealth dinnersCompany newsinsightssponsorship eventsChristmasteamnew memberbusiness consultantcancer preventionworld cancer dayhospitality industryCOVID 19DAM supportfinancial advicefinancial guidanceCovid-19dam responsehelping your employeescoronavirusupdate for our clientsSocial mediaworld health daystress awarenessimportant informationFCApension scamsMental Healthcovid19employee supportmental health awareness weekbe kind to yourselfsavings tipscreating goalsmanaging debtsummer budgetkey takeawaysemployer supportpractice the pausereturn to workeasing lockdownmanaging your mindlockdownmanaging your moneycovid-19managing your prioritiesfinancial planning weekmental health awarenesssleepovertohelpturnoverindustryinsightstalk money weektransferring ISAslifetime ISAonlinecommunitycompanynewsDAM portalGRiDgroupprotectionemployeebenefits