The original recording of this videopodcast is available in French and Dutch.
Every organisation implements global benefits management in its own way. You can use it as a reporting tool so that you know what insurance policies are in place in your foreign branches and what premiums are paid locally. But you can also go a step further and have all employee benefits worldwide managed centrally by your global HR team. We explain the possibilities.
It’s the ideal way for an international company with multiple branches worldwide to engage in central and transparent monitoring of the overall picture and decision-making powers regarding the benefits for which employees are eligible. What benefits are there in each country? Are they being applied correctly? Is a key benefit missing?
By identifying these points and managing them centrally, as an employer you can ensure a harmonious and optimised package of employee benefits. And that relieves your employees of financial concerns.
Companies are increasingly conscious of the fact that social security is not the same in every country. In Belgium it is very extensive, whereas in the United States it is almost non-existent. Neither the same employee benefits package in both countries nor a confused tangle of local cover is desirable, as your employees usually end up being over- or underinsured.
If you want to offer your employees the right types and level of cover, check what is usual practice locally, what the local social security system already provides and adapt your employee benefits package to what is necessary and/or desirable. For example, life insurance may be standard in one country but not at all common in another – or could even have negative tax implications for your employees.
As an employer, you can decide on the points you want to emphasise in your employee benefits package. Widely used types of insurance cover include medical costs insurance, disability insurance, death cover and pensions. Once you have the basics sorted out to your satisfaction, you can also consider the bigger picture and offer extras such as days of holiday, car leasing, cash payments, bicycle allowances and so on.
In order to offer your organisation the same high quality of service and local expertise anywhere in the world, Vanbreda has been part of the international Lockton Global network for many years. The approach behind this long-standing partnership is simple: ‘Think global, act local.’ We have selected specialist partners in each region who provide advice on matters such as local legislation and local insurance cover. This represents a big advantage for your global HR team engaged in global benefits management from head office.
International companies are increasingly running things (where insurance is concerned) from the global HR department. This can have budgetary advantages, but is also good for risk management – in terms of both employee well-being and safety and the company’s liability.
A global approach can bring with it communication challenges. We have observed that companies are increasingly keen to tailor their communication to the individual employee through different channels. As a broker, we offer our clients support with optimising their insurance package, but also with streamlining communication with their employees.
Does your organisation want to get started on global benefits management? We will listen to your vision and strategy on employee benefits, take a look with you at what types of cover are desirable in which countries and bring in our international partners to ensure correct implementation and management – in short, you can expect a tailor-made process and outcome.
