For global companies, managing employee benefits across multiple countries can seem overwhelming. Every region has its own regulations, cultural expectations, and employee preferences. But by harnessing a combination of data and technology, organisations can gain valuable global insights and make informed decisions regarding their employee benefits.
What Kinds of Data Do Global Companies Need: The Power of People Insights
According to research by Deloitte, 23% of organisations reported that their main challenge was needing to understand what matters most to their employees. By collecting data, companies can evaluate employees' diverse needs and preferences across different regions, tailoring benefits offerings to match local expectations while maintaining a cohesive global strategy.
An example of the power data has can be seen within IKEA (which uses Benify’s People Insights tool). During a recent webinar hosted Emil Danielsson, Product Owner at IKEA, discussed how they used data to streamline benefits management and support more than 100,000 employees across 25 countries.
Curious how you can harness your global data? Here are four ways you can use employee data to improve your global benefits programmes.
1. Use Localised Data to Tailor Benefits
A report by MetLife discovered that over 60% of employees want the ability to customise their own benefits packages — indicating a clear demand for benefits packages that consider unique cultural preferences. For global companies, localised data collection can be key in helping to tailor benefits requirements to the needs of different regions.
As an example of the kind of success this kind of localisation can have, IKEA utilised People Insights to tailor benefits to different countries. This resulted in Slovenia achieving a 91% login rate shortly after launching.
2. Leverage Data Analytics to Track Trends and Predict Needs
Did you know that approximately 23% of organisations struggle to create impactful, attractive benefits because they don’t understand what employees value? That’s why data is vital in helping HR teams predict employee needs, track trends, and stay ahead of changes among their workforce.
Organisations can analyse benefit enrolment rates, employee feedback, and demographic information to identify patterns and anticipate future requirements. This proactive approach enables companies to adjust their benefits strategies in real time, ensuring they remain relevant and competitive.
3. Enhance Communication and Engagement with Targeted Strategies
Data can also be used to effectively communicate your benefits strategies, so that all employees understand what benefits are available to them and how to access them. By analysing data on communication effectiveness — such as open rates, click-through rates, and enrolment figures — organisations can refine their messaging and improve engagement.
IKEA’s use of Benify’s People Insights module provides a clear example of how data can enhance communication strategies. When faced with lower engagement rates in Japan, they modified their benefit communication strategies in that region to increase benefits satisfaction.
4. Continuously Improve with Feedback and Iterative Changes
A Gallup poll found that teams that actively collect employee feedback see a 12.5% increase in productivity. Once data has been collected and implemented globally, companies need to embrace continuous improvement.
For example, IKEA is continuously using People Insights to refine its benefits offerings and plan future enhancements — as is clear in its plans to launch a mobile app to increase accessibility and engagement worldwide.
By regularly reviewing data and making necessary adjustments, organisations can create a benefits strategy that is both agile and responsive to the changing needs of their global workforce.
Unlock Your Data with a Global Benefits Platform
89% of corporate employees are part of an international team, and this number will likely only continue to grow. But managing employee benefits on a global scale requires more than just a strategic approach—it depends on the power and accessibility of your data.
A global benefits platform allows companies to gather data from multiple regions and store and process it in one place. This makes it easier to understand your worldwide workforce and create tailored benefits programmes that resonate with employees across different regions.
By using employee data, organisations can create personalised and effective benefits programmes that meet the ever-changing needs of a global workforce. Learn more about Benify's People Insights module today.
