Administering an effective wellbeing strategy in a multinational company can be quite a challenge.
First, there are generational challenges, with each generation having their own needs and preferences, depending on what stage of life they are in.
Second, there are geographical and logistical challenges.
Global Platforms, Local Implementations
For HR professionals working for multinational companies, the key lies in implementing a benefits platform with a global-but-local approach.
A Forbes article called The World Is Not Global, It's Local outlines the importance of this approach, sharing that the key to business localisation is to have global platforms with local implementations. “For HR software, this means implementing global systems for HR, recruiting, and learning which are designed to enable local customization”.
The article also refers to a study on best practices in Human Resources and found that “while companies want order and consistency around the world, the highest-performing companies don't standardize everything: they localize.”
This means offering localized benefits with local suppliers in the relevant country.
Localisation goes hand-in-hand with another key component for an effective wellbeing strategy - personalization.
Every day, every one of us is bombarded with an overwhelming amount of information. The only way we can process all this information is by filtering what information is relevant to us. This is where personalization plays a big part.
With Benify’s market-leading benefits platform, whenever employees view their employment and benefits offering, they see only information and offers that are specific to them, based on their own unique situation. This includes any geographical and generational considerations.
For wellbeing benefits to be of use to employees, they must be useful to every individual.
Putting It All Together
To manage an effective global yet local, personalized wellbeing strategy, think of the following:
Your organization makes a global decision to offer wellness benefits to every employee in each country.
The wellness benefits offered in each country are localized based on the local market and fulfillment is made through local suppliers and vendors.
Finally, employee benefits are personalised when employees are given the flexibility to choose, for example, how they wish to spend their benefits budget or which supplier or doctor they want to visit.
Flexible Budget Models
A flexible benefits budget offers every employee a fixed amount, which they can choose to spend how they wish based on their own life circumstances and needs.
A flexible budget model satisfies the global-but-local strategy by offering localized benefits through local suppliers. Benify’s global benefit solution assists with the administration making benefit enrollment and selection easy.
Flexible Benefits Plans
Another way for multinational companies to ensure their strategy is effective is through a flexible benefits plan.
Flexibility can be introduced in various ways. For example, maybe employees are given the ability to choose their preferred supplier for healthcare or childcare services or given a choice to choose their own pension or insurances. Whatever level of flexibility is given, flexible benefits plans allow employees to personalize their benefits offering to match their needs.
Again, Benify’s global benefits platform offers multinational companies with a smart and convenient management solution enabling companies to address the needs and preferences of each generation and in each country with ease.
At a time where companies are competing to attract and retain talent like never before, being able to effectively manage a wellbeing strategy, which not only meets the needs of each employee, but in each country is imperative.
Want to discover which employee benefits each generation wants? Download our 2018 Employee Happiness Index!