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Uncover the findings of the latest Old Mutual SME Monitor.
Small and Medium Enterprises are the lifeblood of the South African economy and provide the lion’s share of employment opportunities to working South Africans. It is essential that these businesses also offer their employees the long-term financial security they need, for themselves and their families. However, given the challenging economic environment, SMEs find it difficult to achieve a balance between profitability and the moral obligation they have to provide more than just a monthly salary for their employees.
The provision of solutions that help employees achieve their desired financial outcomes can be a significant source of competitive advantage, particularly when it comes to attracting, retaining and developing scarce talent.
The findings of the 2017 SME Monitor show that the majority of SMEs in this country are aware of the responsibility they have to provide employee benefits to their staff and the mutual benefits that doing so can unlock. There are still a number of obstacles in the delivery of such employee benefits including perceptions of high costs to the company and administrative burdens, availability of income to fund benefits, staff turnover and a reluctance by employees themselves to accept a portion of the costs involved in securing their own futures.
The 2017 Old Mutual SME Employee Benefits Monitor is the second of its kind and builds on the findings and insights published in the 2015 SME Employee Benefits Monitor.
The independent research for this SME Employee Benefits Monitor was conducted with SME decision-makers, employees and brokers, over February and March 2017.
The survey questions were designed to deliver insights into various aspects of SME employee benefits including: