January 11, 2020
As companies expand worldwide, the benefits they offer can sometimes get out of sync with the organization’s global benefits strategy due to acquisitions and limited resources. This issue tends to come to light when an employee transfers to a different part of the organization, when a benefit is out of compliance or when a C-Suite official makes an inquiry about global benefit offerings or spend. To correct this problem, companies go through benefits harmonization, a process of aligning key benefit components across markets based on business needs and feasibility. Benefits harmonization varies in scope, but it should be part of a multi-year plan, with phases based on feasibility and business priorities, A maintenance structure and strategy also should be included. A sustainable benefits harmonization process done right can lead to substantial cost savings and simplification of plans across the global organization. While time-consuming to put in place, the process provides oversight and promotes equitable arrangements.
Global Benefits Harmonization Process: Steps to Build a Strategy
More TopicsArticles & Guides Governance Global Benefits Management
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