Getting a holistic overview of your workforce and implementing an effective global benefits strategy is a challenge for every HR professional.
First, there are geographical and logistical challenges, then there are the generational challenges, with each generation having their own needs and wants depending on their life stage.
Deloitte’s 2018 Global Human Capital Trends survey revealed that only 8% of organisations said that their rewards program was “very effective” at creating a personalised, flexible solution. Additionally, only 9% of companies reported that they use data and analysis to a great or very great extent to understand employee preferences.
Benefits Which Reflect Your Brand
A company’s global total reward strategy should reflect the company’s values and reinforce the employer brand.
While maintaining consistency with your benefits offering is important, your global total rewards strategy should also acknowledge the diversity of each country and avoid using a one-size-fits-all approach.
For example, if your company brand promotes sustainability, you could implement sustainable mobility benefits across the board and across borders with local variation. For example, in one country, this might be a bicycle subsidy, while in another country it might be a discounted travel card. With this approach, your offer reflects the company brand on a global level but works on a local level.
Here are four things to think about when building and implementing your global benefits strategy:
1. Access to Data and Insights:
As the saying goes, “Data is everything and everything is data”. Through Benify’s global benefits administration system, HR professionals can gain valuable insights into their global workforce and benefits usage.
With quick and easy access, HR can create reports, which can be shared with executives to help with the facilitation of global decisions.
Last not least, drilling down to country-specific data can assist HR with local law compliance (see point four below).
2. Seek, and You Shall Find:
Eliminate the guesswork around benefits satisfaction by surveying your employees. Set up surveys directly in your Benify employee engagement portal and find out exactly what your employees want. You can also send reminders via text and push notifications to increase participation.
Knowing what benefits your employees want is extremely useful when compiling your benefits offering. It’s better to present employees with what they want than have unused benefits, which ultimately go to waste.
3. One Platform to Rule Them All:
For any global benefits administration system to be effective, it’s crucial HR leaders can get an overview of their entire workforce and manage them from a single source. This is why Benify is the number one global benefits solution.
Benify’s global benefits platform enables the global control of benefits, can manage complex tax calculations on a local and global level and can provide global insights, which can then be drilled down to a local level.
4. Understand Local Rules and Regulations
Continuing from the point above, for any global benefits solution to be useful, it’s mandatory that it not only has knowledge of the local market and access to local suppliers, but knowledge and understanding of local tax laws and regulations. Benify’s benefits administration system offers expertise and experience in such matters.
Again, we emphasise the importance of data; using country-specific data can assist with local law compliance and help avoid any fines or penalties around local legislative requirements and regulations.
So, in conclusion, an effective global benefits strategy should reflect the company brand, be manageable from a single source, provide the framework for all countries but allow for local flexibility and adaptability in accordance to local laws.
Want to find out which benefits are the most popular with each generation? Download our free Employee Happiness Index e-book!