Personalization. Community. Purpose. These are just a few areas of focus identified by Business Group on Health members that illustrate how benefit leaders’ responsibilities are expanding. For global employers with many competing priorities, it begs the question: What are the most pressing issues that will influence an employer’s program design, and how will these issues impact ongoing initiatives?
The following list provides some insight into these questions.
Recommendations for Multinationals to Incorporate into Their Benefits Agenda
Design benefits with global consistency in mind: Many Business Group on Health members aim to achieve a globally consistent benefits approach. While not all benefit programs lend themselves to global approaches, advancing this vision reinforces a commitment to global standards while creating efficiencies to better manage programs and vendors.
Expand the definition of well-being: Holistic well-being goes beyond a physical step challenge. Deploying mental and emotional health strategies, providing robust financial services and embracing social connectedness will position employers to meet employees’ expectations.
Lay out a plan for market uncertainty: As employers grapple with a multitude of factors in the market, including labor shortages and global inflation, some barriers to program sustainability include limited budgets, scarcity of benefit staff time and an allocation of total rewards dollars toward compensation. To address these issues, along with affordability concerns, employers should consider exploring financial mechanisms such as captives, multinational pooling and more.
Be deliberate with target areas: The multigenerational workforce and post-pandemic health care demands are affecting the global landscape. Due to this reality, combined with employers’ intention to increase headcount in specific markets and their need to meet regulatory challenges, employers in some locations are making India, Mexico and China their next areas of focus.
Advancing a global strategy is complex, but by being purposeful in their efforts, benefit leaders can meet the needs of the business while also supporting the workforce of today and of tomorrow.
