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The most successful international packages are supported by well-thought-out global benefits strategies which not only seek to improve delivery and take up of your company perks but also set out to monitor and evaluate the plan’s performance over time.
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Are you a CEO or HR professional wondering how to make the most of your global benefits? This Pacific Prime article from our insurance experts will help guide you as you seek out the best strategies for your business and employees.
Having a successful employee benefits package can take a lot of work. They’re not simply set-and-forget measures that magically reduce absenteeism and improve engagement. This article will feature helpful thinking points for you to consider if your company’s renewal date is yet to come this year.
Employee Benefits Challenges Faced by Businesses
Fortune 500 companies and small enterprises alike face hurdles like consumer uncertainty, competitiveness, and sustainability when organizing their employee benefits plans. We discussed these in the last section of our latest State of Health Insurance Report, summarized here:
- Consumer uncertainty around premium pricing
- Ensuring a sustainable benefits plan
- Staying competitive within the market
- Engaging and educating employees on benefits
- Keeping benefits relevant to staff (both full time and part time)
There are a few key elements that all successful global benefits strategies share. Knowing these elements can make it easier for you to assess and manage your company perks throughout the year.
The Best Strategies For Successful Global Benefits
Businesses that implement comprehensive consultations, that think outside the box while still fulfilling compliance requirements, that manage costs and expectations, and that effectively communicate available benefits to employees most successfully implement global employee benefits.
Traditionally, insurers and benefits providers would only negotiate marginal changes or cost reductions based on claims data and census information when updating benefits packages. This would often leave businesses and their HR teams at a knowledge disadvantage.
Taking a strategic approach to your employee benefits means putting yourself in a better position to understand and control your offering in the future. Check out our video on 5 Tips for Designing The Best Plan below.
Comprehensive Consultations
HR teams and benefits administrators should be able to offer a comprehensive analysis and review of the claims data that helps key decision makers understand the general performance of the plan.
This can include:
- an assessment of a provider’s service levels
- an analysis of the claims loss ratio
- an explanation of what position your current benefits plan performance has put your company in when it comes to future premium increases.
While most of this information will be held in your claims data, comparing your plan’s performance to the market will mean knowing about the insurance industry and its players.
The effective strategies require ongoing monitoring throughout the year, with a proactive approach to dealing with any significant circumstances if and when they arise.
Understanding Compliance Requirements
Knowing what your business’ legal obligations are is also important to your benefits strategy. If you’re operating in a country or location with mandatory health insurance, such as Dubai, then you’ll need to know what sort of benefits are required.
HR and benefits offices will need to be on top of these regulations for each international location you operate in, otherwise your company may find themselves paying for breaches of the law.
Managing Costs and Expectations
Cost control is one of the biggest focus areas for all players in the health insurance industry. With medical inflation constantly on the rise, it’s important to both insurers and clients that any increases in premiums be acceptable and sustainable in the long term.
Clients, however, have a range of different related costs to be concerned with. Taking stock of all benefits-related costs, both current and future, will better prepare your company when it comes to renewal negotiations.
Effective Communication and Usage Plans
Whether you’re making some major changes to your global benefits strategy or simply tinkering around the edges, a key element to success is ensuring your company can effectively communicate these changes to your staff.
An underutilized plan is a waste of money, and an overutilized one means potentially huge premium increases in the future. Controlling how people use their benefits means educating and engaging them about what’s on offer.
This can mean ensuring HR is well supported to answer benefit queries, providing staff with adequate benefit information packs, and planning and delivering staff orientation sessions to ensure effective engagement.
Thinking Outside the Box
A lot of traditional employee benefits negotiations rely on a to-and-fro between deductibles, networks, benefits on offer, or simply changing insurers year-on-year to secure marginal savings. Alternative solutions may prove more effective than traditional solutions depending on your organization.
With the growth of more holistic health and wellbeing benefits, looking at alternatives to traditional health benefits might be one way of helping your company save on costs while still offering engaging and relevant options to staff.
How To Help Your Company Improve Their Employee Benefits Strategies
Start the process of implementing sustainable, top-tier benefits by discussing with your HR team, benefits administrator, or senior management what benefits you currently have and what benefits you want in the future.
Here are a few questions you might ask to help you get the ball rolling:
- Take stock: Are there benefits that aren’t being used that you’re still paying for? Does the insurer make it easy for your staff to make a claim? Are the premium increases you’ve seen with your current provider going to be sustainable in the future?
- Think ahead: What are your company goals and values? Where does your company want to be in the future, and how do you want your benefits to support the people who will take your business there? Are your benefit options diverse and inclusive of your future colleagues?
- Plan effectively: What’s your renewal timeline? What elements do you need to ensure your benefits packages’ success? Can you manage this alone?
Larger companies often know how to manage their global benefits strategies while smaller- and medium-sized enterprises can find themselves swamped with what’s involved. Both benefit from using an expert employee benefits broker.
Better Benefits Strategies with an Effective Insurance Partner
Pacific Prime is a global insurance broker with over 25 years of experience in the insurance industry. Our expert advisors can help you design a tailored employee benefits package that suits your organization’s needs, requirements, and business goals.
Our unique broking framework is designed to ensure that our clients are always in the best position possible when it comes to assessing, administering, or changing your employee benefits. Our reputation for simplifying insurance is one we’re absolutely committed to.
Contact our team to find out more today or visit our corporate website to learn more.
Frequently Asked Questions
What are the three R’s of employee benefits?
Businesses looking to get the most of their employee benefits should keep in mind recruiting, retention, and rewards to attract and keep top talent to their company.
Should HR manage employee benefits?
Human resources departments generally organize and manage employee benefits, though small companies may utilize other departments and larger companies may have employees devoted just to administering benefits. Companies are always benefited by working with a trusted insurance broker.
What are the most popular types of employee benefits?
While holistic benefits become more and more popular, it is often expected that companies will provide at least health insurance, paid time off, and life insurance benefits.
Born and raised in the cultural melting pot that is Hong Kong, and having studied at an international school, Vista has developed a multicultural perspective that he uses in his writing and strives to connect to people of different backgrounds.
In his free time, Vista enjoys immersing himself in different worlds, from video games to light novels and movies. His hobbies help him expand his writing style by putting himself in the point-of-view of different people and characters.
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