How to Build Global Benefits Strategy
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This document summarizes a webinar on building a global benefits strategy. It discusses establishing global governance over benefits, improving employee engagement, and upgrading benefits infrastructure. Regarding governance, it notes challenges like lack of centralized spend reporting and process visibility. For engagement, it stresses the need to understand employee and business perceptions of benefits. And on infrastructure, it asks whether companies can quantify administrative burdens and integrate benefits into expanding global HR systems. The goal is to move from fragmented local benefits to a coordinated global strategy.
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How to Build Global Benefits Strategy
- 1. Building your Global Benefits Strategy February 17th 2016 Choosing the right HR & Benefits Technology March 9th 2016
- 2. OUR GLOBAL BENEFITS STRATEGY SERIES Webinar 1: Scene Setting & Current Global Benefits Trends Webinar 2: Understanding the Problem & Self-Assessment Webinar 3: The Solution & Choosing the Right Technology
- 3. [WEBINAR 1] LAST TIME OUT… Lack of ability to report benefit spend centrally Lack of employee understanding of benefits High administration overhead and lack of automation
- 4. [WEBINAR 1] LAST TIME OUT… Consistent Comms Global Governance 6% 67% 27% Effectiveness of Your Global Benefits Strategy Very effective Effective Not very effective Building Blocks of an Effective Strategy Companies with a documented GBS were 40% more likely to have the building blocks in place and report a higher effectiveness to their approach
- 5. TODAY
- 6. AGENDA The Global HR Challenge What does this mean for Benefits? Understanding your Current Position Governance Engagement Infrastructure Building your Global Benefits Strategy
- 7. GLOBAL HR CHALLENGE AND ITS APPLICATION TO BENEFITS
- 8. TRADITIONAL BENEFITS STRATEGY Global Philosophy Market Competitiveness Retirement Programmes Company Funding Cost Control & Sustainability Protection Programmes Personal Choice Risk & Compliance Health Programmes Payroll & Taxation Relevance & Diversity Lifestyle Programmes Supplier / Vendor LOCALGLOBAL
- 9. THE CHANGING HR LANDSCAPE Policy (Reward) Process (HR Ops)
- 10. THE DEMAND TO GO GLOBAL
- 11. HOW THIS APPLIES TO BENEFITS State Provision Taxation & Relief Market Maturity Workforce Profile
- 12. FOCUS OF GLOBAL BENEFITS STRATEGY GLOBAL BENEFITS STRATEGY GLOBAL GOVERNANCE CAPABILITY GLOBAL COMMS CONSISTENCY GLOBAL SYSTEMS INTEGRATION
- 14. WHAT ARE WE TRYING TO ACHIEVE I want to provide a framework for local markets to implement I want to report on our global spend with accuracy and to inform decisions I want visibility of how processes are runningI want to quickly understand issues and challenges and be able to respond quickly I want to see the impact of communications on employee engagement
- 15. THE REALITY I’m still being asked to deliver consistent Benefits, which I can’t I don’t have insight to provide the business on our costs and any ROI After the fact, I found out we failed to cover an executive and their familyI’m not close enough to the process to know how resolution to local issues I have no idea whether benefits are understood or valued by employees in our local markets
- 16. TEST YOURSELF… Do you know the current benefits programme in each location, including legacy and exceptions? Do you know whether you are compliant with all local legislation regarding benefits design? Do you know the systems, processes and responsibilities for managing each benefit? Do you know whether cover is confirmed with vendors and premiums paid and when?
- 17. NOW TEST YOUR COLLEAGUES… Analyse Collect Audit What are the gaps? Where are they? How much are they worth? How long does it take to get data you’re missing? What is the quality of that data? What exposure/risk do you have for those gaps? What are the difference in what you thought you offer/ do and what’s happening?
- 18. WHERE TO GO NEXT… If you’re doing well… If you’re struggling… You have full visibility of your spend, or at least few gaps The data was easy to come by in the local markets It was easy for them to evidence the process they follow There are few operational risks that could create cover gaps You can pass go…let’s look at engagement and systems There are gaps in understanding of what is offered and the costs Even for data that was provided, the local market took a long time and provided inconsistent results It is not clear there are robust processes used locally to manage There is the potential for coverage gaps that expose you to big risk There are some fundamentals that need to be addressed – let’s not run before we can walk!
- 20. IS THERE A CLEAR REWARD STRATEGY? Vision Objectives Role Contribution Reward
- 21. WHAT DO EMPLOYEES THINK? Detractor Promoter What is the opinion of employees? Do benefits add to or detract from your EVP?
- 22. WHAT DO BUSINESS LEADERS THINK? Considering your investment and the culture of the business, what role do they think benefits should play? What is it’s relative importance to other initiatives in engaging your workforce?
- 23. WHAT ABOUT TOMORROW'S EMPLOYEE?
- 24. DON’T FORGET THE NUTS AND BOLTS… Are you… Or are you… Being consistent with messages regarding approach and alignment to global philosophy? Able to cascade messages to local markets and see it implemented? Managing change effectively, at a global, local, individual level? Able to measure employee engagement with your comms? Regularly asking employees for feedback and measuring results? If you are, great…ready to move on! Not using a framework to ensure employees all hear the same thing Letting local markets communicate changes in their own way (if at all) Not ensuring that employees are made aware of when and how changes will impact them Not able to identify whether your comms channels are effective Not having an effective measure of employee perception of benefits If so, you need a urgent review…!
- 26. CAN YOU QUANTIFY THE CURRENT BURDEN? Medical Pension
- 27. EXPANDING THE GLOBAL HR SS MODEL Benefits? HR SS Global Payroll Global HR/HCM
- 28. FINAL THOUGHT
- 29. OUR NIRVANA
Notes de l'éditeur
- Re-visit your approach to global engagement and understand the role benefits are playing today in contributing to or detracting from, employee engagement with the business Assess your workforce profile, as it is today, but also 5 years from now, to understand the type of person you need to engage – go deeper into understanding their needs and mindset Look at your corporate culture and your compensation structure - challenge yourself on whether employees focus on company goals, are clear on how they contribute towards them and whether they are truly rewarded for when they do Finally, audit your approach to internal (and specifically reward and benefit) communications to see whether you are delivering in a way that appeals to your people & reflects the company you are. Think of them as consumers and ask whether you’re effectively marketing to them!
- Re-visit your approach to global engagement and understand the role benefits are playing today in contributing to or detracting from, employee engagement with the business Assess your workforce profile, as it is today, but also 5 years from now, to understand the type of person you need to engage – go deeper into understanding their needs and mindset Look at your corporate culture and your compensation structure - challenge yourself on whether employees focus on company goals, are clear on how they contribute towards them and whether they are truly rewarded for when they do Finally, audit your approach to internal (and specifically reward and benefit) communications to see whether you are delivering in a way that appeals to your people & reflects the company you are. Think of them as consumers and ask whether you’re effectively marketing to them!
- Re-visit your approach to global engagement and understand the role benefits are playing today in contributing to or detracting from, employee engagement with the business Assess your workforce profile, as it is today, but also 5 years from now, to understand the type of person you need to engage – go deeper into understanding their needs and mindset Look at your corporate culture and your compensation structure - challenge yourself on whether employees focus on company goals, are clear on how they contribute towards them and whether they are truly rewarded for when they do Finally, audit your approach to internal (and specifically reward and benefit) communications to see whether you are delivering in a way that appeals to your people & reflects the company you are. Think of them as consumers and ask whether you’re effectively marketing to them!
- Re-visit your approach to global engagement and understand the role benefits are playing today in contributing to or detracting from, employee engagement with the business Assess your workforce profile, as it is today, but also 5 years from now, to understand the type of person you need to engage – go deeper into understanding their needs and mindset Look at your corporate culture and your compensation structure - challenge yourself on whether employees focus on company goals, are clear on how they contribute towards them and whether they are truly rewarded for when they do Finally, audit your approach to internal (and specifically reward and benefit) communications to see whether you are delivering in a way that appeals to your people & reflects the company you are. Think of them as consumers and ask whether you’re effectively marketing to them!
- Re-visit your approach to global engagement and understand the role benefits are playing today in contributing to or detracting from, employee engagement with the business Assess your workforce profile, as it is today, but also 5 years from now, to understand the type of person you need to engage – go deeper into understanding their needs and mindset Look at your corporate culture and your compensation structure - challenge yourself on whether employees focus on company goals, are clear on how they contribute towards them and whether they are truly rewarded for when they do Finally, audit your approach to internal (and specifically reward and benefit) communications to see whether you are delivering in a way that appeals to your people & reflects the company you are. Think of them as consumers and ask whether you’re effectively marketing to them!
- Look at your current set-up, country-by-country, for how HR and benefits are run today Look at the number of processes, transactions and payments you’re making on a monthly basis and see where the inefficiencies and ineffectiveness is in the current processes Start to map out what you think great looks like, especially in the context of your global HCM, payroll and HRSS models you either have today or in the future – compare the two
- Look at your current set-up, country-by-country, for how HR and benefits are run today Look at the number of processes, transactions and payments you’re making on a monthly basis and see where the inefficiencies and ineffectiveness is in the current processes Start to map out what you think great looks like, especially in the context of your global HCM, payroll and HRSS models you either have today or in the future – compare the two