When conducting global workforce planning in an uncertain world, some things are certain - the workforce of the future is changing, and disruption is inevitable. A company’s benefit strategy has often been a core component of the employee value proposition and fundamental for efforts to attract and retain talent. In today’s diverse and multigenerational workforce, companies need the agility to change quickly and communicate effectively with different personas.
A recent Mercer study states 99% of companies are taking action to prepare for the future of work, but HR silos such as talent acquisition, compensation and benefits, mobility and learning can create a fractured employee experience.
A successfully deployed strategy includes a governance process that addresses multiple concepts including plan design, cost optimization, delivery excellence and employee engagement. Determining the correct plan design for each country that is both locally relevant and aligned to the global strategy takes careful evaluation. Optimizing cost is a necessity to ensure sustainability. Without delivery excellence the model is prone to errors and inefficiencies. When these components are well managed and integrated you create an enhanced employee experience and improved employee engagement.
What Can Employers Do?
- Review or establish your company’s global benefits strategy to ensure it aligns to company priorities, is locally relevant, and contemplates future cost sustainability
- Identify all key stakeholders outside of the benefits function and how they will be involved on an ongoing basis
- Identify what resources will you use to manage multiple benefits across countries – external and internal
- Consider communication strategies and virtual technologies to promote engagement