In a recent report about lessons for SMEs around auto enrolment the CIPD urges small and medium sized companies to start planning now in order to avoid unnecessary costs and guarantee access to the best advice and pension scheme for their business.
The report was based on a survey that revealed how many SMEs fear that they may struggle with the costs related to setting up auto enrolment. Over a quarter said that they will need to reduce pay growth, over a fifth expected to have to freeze pay, and almost a quarter predicted a knock-on effect that might include cuts to bonuses or overtime.
We join the CIPD in advising SMEs to start planning now. Some of our top tips for any business who wants to start preparing include:
Of course, an even easier way of preparing for auto enrolment would be to implement the functionality within your HR system and let the tools guide you through the process. With the Cascade module, for example, you get powerful, proactive features that are incredibly easy to use.