Why world and workplace change necessitates the need for global benefits support
The world of business has undergone tremendous changes in recent times, thanks to a plethora of factors such as the post-Covid-19 recovery, geopolitical instability, widespread inflation and cost of living implications. This new reality has necessitated the need for fast-growing multinational companies to find the right partner to help manage their employee benefits programmes.
Changing talent dynamics
One of the most significant factors affecting employee benefits is the changing nature and dynamics of talent markets. With the pandemic forcing many companies to embrace remote and flexible working arrangements, the location of the workforce has become less of a limiting factor. As such, employers are competing on a global stage for top talent whose needs and requirements differ more than ever from traditional benefits provision.
Evolving employee needs
Moreover, differing expectations of benefits and wellbeing services provision are also changing the game. Employees are increasingly demanding that benefits programmes are tailored to meet their specific needs, including mental health support, flexible work schedules, and parental leave. Companies that fail to provide these benefits risk losing top talent to competitors who offer such services.
Fast moving technology and solutions
At the same time, emerging opportunities driven by technology and AI-led solutions are disrupting markets, creating opportunities for companies that can leverage such tools to create innovative employee benefits programmes. In-house resources may not always have the expertise to exploit these opportunities, making the need for the right consulting and insurance partner even more pressing.
Managing cost and budgets
Cost constraints and rebalancing are also critical factors for fast-growing multinational companies as they look to manage their benefits programmes. While investing in employee benefits is essential for attracting and retaining top talent, companies must balance this with overall financial objectives. Defining their approach to benefits financing, managing their risk appetite and leveraging their scale are all important factors to consider, especially when they lack scale and may face higher costs. Partners that understand this balance and can help companies optimise cost/risk while delivering compelling programmes are invaluable.
Social security differences
Social security is another important factor that companies must consider when designing employee benefits programmes. The level of social security provision varies widely across different countries and regions, making it challenging for companies with a global workforce to provide consistent benefits to all employees. It is therefore vital to ensure that they are supported by partners that understand these complexities and can help companies navigate this terrain effectively.
Alignment with internal challenges
Finally, fast-growing multinational companies have to contend with internal challenges, such as acquisitions, organic growth, headcounts, local politics and truly having the autonomy to make decisions for local markets from HQ. These challenges can make it hard to implement comprehensive benefits programmes that meet the needs of all employees.
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.
In partnership with Howden Employee Benefits
Howden provides insurance broking, risk management and claims consulting services, globally. We work with clients of all sizes to provide dedicated employee benefits & wellbeing consultancy.
