More employers ramping up employee benefits globally: WTW survey
LONDON, UNITED KINGDOM — A major shift is underway in how multinational companies approach employee benefits.
70% of employers now have global minimum standards in place for benefits like parental leave, life insurance, retirement plans, and health coverage. This marks a stark rise from just 36% in 2019.
Traditionally, HR departments have taken a reactive approach, surveying the benefits landscape across various markets and striving to meet minimum standards. This approach ensures employees have access to certain perks, even if they are not widely prevalent in the country where they are based.
According to a recent report by consultancy firm WTW, Several employers, including Thomson Reuters, London Stock Exchange Group, Nokia, and Sanofi, have set goals for globally consistent benefits for their employees.
The survey of 254 global companies found that 63% are actively aligning their benefits with organizational purpose and values, aiming for more ’employee-centric’ programs. However, only 28% prioritize offering flexible benefit choices tailored to employee preferences.
“Global minimum standards are one way to signal an ambition for employee benefits to be inclusive,” said Nigel Bateman, Managing Director at WTW.
“More employers are incorporating global minimum standards for employee benefits, as part of designing benefits that better support employee wellbeing, attraction and retention.”
This trend signals a broader shift towards valuing employee wellbeing (61%) and equitable, inclusive benefits (56%) over just market competitiveness.
“Employers will need to take a more employee-centric focus on which employee benefits are provided and how they are delivered.”
“Wellbeing will need to be viewed as an outcome to be achieved, rather than a set of programs to be added,” Bateman advised.
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