As businesses compete for talent globally against a backdrop of tremendous change, a new report published by Howden Employee Benefits & Wellbeing (HEBW) and Reward & Employee Benefits Association (REBA) outlines how businesses can overcome key challenges when expanding internationally by creating an effective multinational benefits strategy.
The Global Employee Benefits Insights 2023 report is a toolkit for companies who either have a multinational workforce or are looking to expand internationally. It offers guidance and real-life examples of companies who have successfully implemented global benefits strategies and considers how companies can incorporate wider diversity, equity and inclusion policies, as well as environmental, social and governance requirements into their benefits strategies.
The report looks at some of the key challenges facing employers rolling out multinational benefits programmes including:
Getting started – Fast-growth organisations need to consider everything from where and how to expand, to creating the organisational culture to support their expansion plans. The report suggests key questions employers should ask themselves when creating their strategy.
Aspects to consider when building a multinational benefits structure – These include different legislation, regulation and employee expectations which will shape exactly what’s required in each location.
Identifying and selecting benefits and technology – Once a strategy and standards are in place; the next step is to select the benefits and technology to deliver the proposition. A multinational solution, where available, can be advantageous.
Navigating cultural nuances – Expanding into new territories can create challenges around benefit expectations. Cultural differences, whether over politics, religion or legislation, can make it difficult to translate existing benefits to a new population.
In the report, companies including BSI Group, Brown-Forman, FNZ, Galapagos, Haleon, Kantar, Sumitomo Mitsui Banking and Wella Company share their insights and experiences. There are also practical tips for both large global entities with employees across the world through to smaller fast-growing organisations with a handful of employees in a small number of countries.
Leigh Dauncey, Director Global Employee Benefits – Middle East, Africa, Asia and Pacific at Howden Employee Benefits & Wellbeing said: “Various factors including the post-Covid-19 recovery, geopolitical instability, widespread inflation and cost of living implications have brought significant changes to the global business landscape in recent times.’’
“One of the most significant factors affecting employee benefits is the evolving nature and dynamics of talent markets. The pandemic has compelled numerous companies to adopt remote and flexible working arrangements, reducing the importance of physical location in the workforce. As a result, employers are now competing on a global scale to attract the best talent, requiring employee benefits that cater to the changing needs of employees across different locations.”
Mark Ramsook, Director of Global Health & Benefits – Europe and Latin America at Howden Employee Benefits & Wellbeing said: “Our report provides valuable insights to assist employers in navigating the challenges and developing a benefits strategy that aligns with the demands of today’s global business environment. With the aim of reflecting the changing landscape, it offers the latest thinking and recommendations to ensure that employee benefits remain competitive and appealing in the context of a rapidly evolving talent market. By incorporating these insights, employers can enhance their ability to attract, retain, and motivate top talent in a global marketplace.”
“Identifying and selecting tailored solutions that align with overall business objectives and growth strategy has never been more important. Consulting and insurance partners can play a critical role in helping companies navigate these challenges and create benefits programmes that attract and retain top talent, while aligning with their overall objectives.”
The report ends with four key insights and action points from HEBW to help employers start creating an employee benefits strategy that can be applied in any territory. To download the free report click here.
For more information, please visit www.howdengroup.co.uk
