Over 50% of businesses wish they had begun preparing for auto enrolment sooner
As 32,000 businesses face their staging dates for auto enrolment in the next 12 months, a recent study has again highlighted the importance of proper planning in achieving compliance.
A recent survey of 260 employers by law firm Irwin Mitchell found that more than a thirds (35%) of businesses which had already begun complying with auto enrolment would have taken different steps to prepare, if they were to go through the process again.
52% of businesses surveyed said that they wished they had begun preparing for auto enrolment earlier.
A spokesperson for Irwin Mitchell commented on the findings, saying: “Two things are clear from this report. Larger businesses that have already staged found and continue to find the process a lot more challenging than they expected, whilst smaller firms are underestimating what the true impact of auto enrolment will be.
Many larger organisations say that they regret their approach to auto-enrolment and say they wished they had given themselves more time. I have major concerns that the impact will soon be felt by SMEs and because they do not have the back office teams and systems that their larger counterparts have, the impact could be considerable.”
Over half of the small and medium sized businesses which participated in the survey said that they would welcome an online solution to deal with the entire auto enrolment process.
IRIS has developed a complete solution to help make the transition to auto enrolment as simple and stress free as possible, including the IRIS Automatic Enrolment Module to assess your employees and IRIS OpenEnrol to take care of the required communications. Find out more about how the range IRIS Auto Enrolment Solutions could help your business.