Howden Employee Benefits and Wellbeing has launched a toolkit to support employers with creating a multinational benefits strategy, enabling them to compete for key talent.
The Global Employee Benefits Insights 2023 report, aimed at organisations with a multinational workforce or those that want to grow internationally, outlines how they can overcome related challenges and ensure their plan is effective.
Published with Reward & Employee Benefits Association (REBA), the toolkit provides guidance and real-life case studies of employers that have successfully introduced benefits strategies globally, as well as tips on how they can include diversity, equity and inclusion and environmental, social and governance policies into their initiatives.
The document covers various stages of the process, including getting started to aspects to consider when building a multinational benefits structure, identifying and selecting benefits and technology and navigating cultural nuances. It also covers practical advice for both small and large global teams.
Businesses such as FNZ, BSI Group, Galapagos, Brown-Forman, Haleon, Sumitomo Mitsui Banking, Kantar, and Wella Company are among those that have shared their experiences and insights in the report.
Leigh Dauncey, director global employee benefits – Middle East, Africa, Asia and Pacific at Howden Employee Benefits and 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.”
The toolkit ends with four main action points and insights to help businesses start developing an employee benefits strategy that could be used in any territory.
Mark Ramsook, director of global health and benefits – Europe and Latin America at Howden Employee Benefits and Wellbeing, added: “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.”