With increased globalization, as companies expand into new markets and on-board new employees in multiple countries, HR teams are encountering new complexities and challenges. Legislative changes, escalating costs, slashed HR budgets and an uneven economy are just some of the factors organizations are dealing with today, along with the increasing complexity in administrating and communicating benefits to multinational employees. Thomsons Online Benefits 2014 Global Employee Benefits Watch analyzes the current concerns and challenges that face multinational organizations as it relates to benefit administration and engagement.
The survey comprised more than 150 HR professionals working globally across EMEA, APAC and the USA, from 48 different industries and covering more than 3 million employees worldwide. The respondents were generally senior executives and managers (25% HR directors, 17% HR managers), compensation and benefits/reward managers (25%) and directors (13%).
Some key findings from the Global Employee Benefits Watch 2014 include:
- Less than half of those surveyed (49%) had a written global benefits strategy in place at their organization;
- More than 60% faced issues regarding global benefits administration efficiency, and 53% cited burden on internal resources as their biggest benefits administration issue;
- 69% of companies believe they’ll face a shortage of qualified workers within the next five years;
- More than a third ( 35%) of companies will change their recruitment focus, as more marginalized workers become increasingly important (24% will hire younger employees; 10% will hire older workers and 23% will rehire retired employees);
- But 38% of companies cite difficulty in providing a flexible strategy for these different demographics and the needs of its workforce (only 4% offer on-site child care; 41% offer nothing for employees caring for an elderly parent)
- Nearly half (49%) of companies reported that their approach to administering and communicating global benefits varies from country to country, and 83% lack a branded rewards program.