{"id":21038,"date":"2020-01-17T16:21:23","date_gmt":"2020-01-17T16:21:23","guid":{"rendered":"https:\/\/benefex-dev.local\/en\/2020\/01\/17\/4-must-read-tips-for-building-an-effective-global-benefits-strategy\/"},"modified":"2020-01-17T16:21:23","modified_gmt":"2020-01-17T16:21:23","slug":"4-must-read-tips-for-building-an-effective-global-benefits-strategy","status":"publish","type":"post","link":"https:\/\/benifex.com\/en\/4-must-read-tips-for-building-an-effective-global-benefits-strategy\/","title":{"rendered":"4 Tips for Building an Effective Global Benefits Strategy"},"content":{"rendered":"
Getting a holistic overview of your worldwide workforce and then implementing an effective global benefits strategy is a challenge for every organization.<\/span><\/div>\n

<\/p>\n

 <\/span><\/div>\n
There are geographical and logistical challenges, as well as generational challenges, with each generation having their own needs and wants depending on their individual situation and life stage.<\/span><\/div>\n
 <\/div>\n
Deloitte\u2019s 2018 Global Human Capital Trends <\/a>survey revealed that only 8% of organizations said that their rewards program was \u201cvery effective\u201d at creating a personalized, flexible solution. Additionally, only 9% of companies reported that they use data and analysis to a great or very great extent to understand employee preferences.<\/span><\/div>\n
 <\/span><\/div>\n

Benefits That Reflect Your Brand<\/span><\/h2>\n

A company\u2019s global total reward strategy should reflect the company\u2019s values and reinforce the employer brand. <\/span><\/p>\n

While maintaining consistency with your benefits offering is important, your global total rewards strategy should also acknowledge the diversity of each country and avoid using a one-size-fits-all approach. <\/span><\/p>\n

For example, if your company brand promotes sustainability, you could implement sustainable mobility benefits across the board and across borders with local variation. For example, in one country, this might be a bicycle subsidy, while in another country it might be a discounted travel card. With this approach, your offer reflects the company brand on a global level but works on a local level.<\/span><\/p>\n

\"provide-a-global-total-reward-offer-that-works-on-a-local-level\"<\/span><\/p>\n

Consider This<\/span><\/h2>\n

Here are four things to think about when building and implementing your global benefits strategy:<\/span><\/p>\n

1. Access to Data and Insights:<\/span><\/h3>\n

As the saying goes, \u201cData is everything and everything is data\u201d. Through Benify\u2019s global benefits and total rewards platform, HR professionals can gain valuable insights into their global workforce and benefits usage.<\/span><\/p>\n

With quick and easy access, HR can create reports, which can be shared with executives to help with the facilitation of global decisions.<\/span><\/p>\n

Last not least, drilling down to country-specific data can assist HR with local law compliance (see point four below).<\/span><\/p>\n

2. Seek, and You Shall Find: <\/span><\/h3>\n

Eliminate the guesswork around benefits satisfaction by surveying your employees. Set up surveys directly in your Benify platform and find out exactly what your employees want. You can also send reminders via text and push notifications to increase participation.<\/span><\/p>\n

Knowing what benefits your employees want is extremely useful when compiling your benefits offering. It\u2019s better to present employees with what they want than have unused benefits, which ultimately go to waste.<\/span><\/p>\n

\"offer-the-benefits-employees-actually-want\"<\/span><\/p>\n

3. One Platform to Rule Them All: <\/span><\/h3>\n

For any global benefits platform to be effective, it\u2019s crucial HR leaders can get an overview of their entire workforce and manage them from a single source. This is why Benify is the market’s leading global benefits and total rewards platform.<\/span><\/p>\n

Benify\u2019s global benefits platform enables the global control of benefits, can manage complex tax calculations on a local and global level and can provide global insights, which can then be drilled down to a local level. <\/span><\/p>\n

4. Understand Local Rules and Regulations <\/span><\/h3>\n

Continuing from the point above, for any global benefits platform to be useful, it\u2019s mandatory that it not only has knowledge of the local market and access to local suppliers, but knowledge and understanding of local tax laws and regulations. Benify\u2019s global benefits platform offers expertise and experience in such matters.<\/span><\/p>\n

Again, we emphasize the importance of data; using country-specific data can assist with local law compliance and help avoid any fines or penalties around local legislative requirements and regulations.<\/span><\/p>\n

So, in conclusion, an effective global benefits strategy should reflect the company brand, be manageable from a single source, provide the framework for all countries but allow for local flexibility and adaptability in accordance to local laws.<\/span><\/p>\n

\n

Want to discover what employee benefits are most popular and most appreciated amongst the different generations? We surveyed over 19,000 employees and HR professionals about their benefits. Find the results in our Employee Benefits Report today!<\/span><\/p>\n

{{cta(‘d94721f1-a4f7-4129-a0b4-89d6cfa63eba’,’justifycenter’)}}<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

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