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.”