More than half (55 per cent) of employees would nominate a different super fund if they had the chance, a recent Aon Consulting survey found.
Aon managing director Stewart Fotheringham describes this finding as higher than expected. “Importantly, when the study asked whether employers were providing enough information about the choices available, many employees said the information available was limited or very limited,” he adds.
“This seems to suggest that employers, the superannuation funds themselves, industry bodies and government will need to spend more time and effort educating employees to provide them with the information they need to make the right choice.”
The survey, Commitment @ Work, also reveals that the Workforce Commitment Index — which measures employees’ confidence in their employers — has dropped significantly over the past 12 months from 45.2 per cent in 2002 to just 38.4 per cent this year.
The research identifies employee share ownership and the ability to choose employees’ own superannuation funds as areas critical to improving employer/employee relations.
Where employee share ownership is concerned, the survey reveals that only 20 per cent of the organisations covered offer a share plan, despite 52 per cent of employees saying they would be likely to participate in such a plan if it was offered.
Fotheringham notes that while the research indicates employers are working hard to understand how to best meet the expectations of their employees when it comes to benefits, including superannuation, there is still plenty of room for improvement.
