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Employers set global benefits standards

by Benefits Expert
30/01/2024
Employers, employees, intermediary, benefits, retention
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A minimum requirement for employee benefits has been set by nearly 70 per cent of businesses worldwide, a notable increase from the 36 per cent stated in 2019., according to WTW.

According to WTW’s survey on employee benefit priorities, multinational corporations are embracing technology, adopting global standards, and matching benefits to employee preferences as benefit priorities change.

WTW says that the pandemic brought to light the importance of benefits for worker wellbeing, and over the following three years, 63 per cent of businesses used benefits to communicate their mission and core values to the outside world. Meanwhile, 68 per cent of organisations still rank controlling benefit costs as their top priority.

WTW managing director of integrated & global solutions Nigel Bateman says “More employers are incorporating global minimum standards for employee benefits, as part of designing benefits that better support employee wellbeing, attraction and retention. Global minimum standards are one way to signal an ambition for employee benefits to be inclusive. Employers are also focusing on how their benefits align with their purpose, convey their values and enhance how they are perceived as an employer. 

“But, for these ambitions to become a reality, there will need to be a fundamental shift in how many companies operate their benefits programs. Employers will need to take a more employee-centric focus on which employee benefits are provided and how they are delivered.  Wellbeing will need to be viewed as an outcome to be achieved, rather than a set of programmes to be added.”

 

 

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Benefits Unboxed

The podcast from Benefits Expert, the title for HR, reward and benefits professionals.

Seasoned professionals examine the challenges and innovations in today’s employee benefits, reward and HR sector. Every episode, they will unbox a key issue and unpack what it really means for employers and how they can tackle it.

The regulars are Claire Churchard, editor of Benefits Expert; Carole Goldsmith, HR director at the Royal Horticultural Society, and Steve Herbert, consultant and rewards & benefits veteran.

The US DEI Rollback: What It Means for UK Employers
byBenefits Expert from Definite Article Media

The US retreat from diversity, equality and inclusion (DEI) is making waves far beyond the country's borders. In the wake of President Trump’s executive order abolishing DEI across federal government departments, global firms like Goldman Sachs and Accenture have rapidly dialled down their own efforts. 

The influence is being felt in the UK too. However, the UK operates under a different legal framework. It has stronger workplace protections and a government actively looking to enhance employee rights through its Make Work Pay agenda. But as US firms reposition their approach to DEI, UK subsidiaries could find themselves caught between conflicting priorities.

In the latest Benefits Unboxed podcast, co-hosts Claire Churchard, editor of Benefits Expert, Carole Goldsmith, HR director at the Royal Horticultural Society, and Steve Herbert, industry veteran and reward and benefits consultant, discuss how the US DEI rollback might impact UK businesses.

The US DEI Rollback: What It Means for UK Employers
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