Towergate Health & Protection calls for global benefits management focus in 2024

Towergate Health & Protection has warned multinational companies to prioritise global benefits management in 2024, to support employees and the business alike.

Related topics:  Towergate Health & Protection,  Benefits
Tabitha Lambie | Editor, Protection Reporter
12th December 2023
Employee Benefits
"To achieve harmonisation of global employee benefit provisions for all employees requires a deep understanding of insurance, regulatory, cultural, and economic characteristics in each market."
- Sarah Dennis, Head of International at Towergate Health & Protection

According to Sarah Dennis, Head of International at Towergate Health & Protection, providing employee benefits across multiple countries and regions should be a positive experience for all involved, not a “burden on the company.” Multinational employers often face challenges and obstacles when managing risks, meeting local business needs, regulatory & legislative compliance, controlling costs, and retaining talent. When these challenges aren’t handled correctly, employers suffer from increased absence rates, reduced productivity, and failed assignments.

Poorly managed global benefits can result in a company failing to be seen as an employer of choice - recognising diversity, equality, and inclusion as an important part of the modern workplace. Towergate Health & Protection suggest the priorities for a global employee benefits programme should fall into three main categories.

Complexity risks are linked to local restrictions and related knowledge gaps, with each country having its own obligations and mandatory regulations and even restrictions on employee benefits from outside countries. Employers need specialist in-country expertise and advice on how to deliver appropriate and compliant health and wellbeing benefits.

Attitudes to employee benefits vary in different regions which might affect what support employers put in place and how they communicate it. The most common issues that affect overseas employees are relationships, stress, and anxiety, while others are affected by more extreme issues such as kidnappings and security evacuation.

Financial risks mean employers must ensure they offer the right benefits package to help recruit and retain talent. Poorly managed global benefits can affect morale, recruitment, and employee productivity, which in turn, affects profits for the business.

“Taking expert advice is the best way to remove the complexities of the process and employers will find that this can really pay-off,” Dennis concluded.

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