https://www.compandbenefitstoday.com/frs/22956345/the-informed-rewards-leader--driving-adoption-and-evaluating-benefits-structure/email
The benefits industry is evolving. As leaders in compensation and benefits, we must keep up with the trends that would enhance the value proposition to current and potential employees.
Employees are now looking for more flexibility, increased support, and extra perks outside of the traditional benefits structure. However, with the cost of benefits increasing in every market (and some faster than others), generational changes in the workforce, and other forces impacting recruitment and retention, what can organizations do to find the 'sweet spot' between employee preferences, market trends, and company affordability?
Join total rewards expert Sean Raible for an insightful discussion on how to help your organization improve its benefits offering and find the 'sweet spot'. Whether you operate globally or just in one market, after this webinar, you will walk away with insight on the following:
• The top trends in 2023 global benefits programs
• Best practices to balance local market vs. global offerings
• How to connect your global benefits to support your DEI and mental health programs
• How to improve the relationship with your benefits vendors, understand the costs and potential dollars that could be re-purposed, and ultimately improve employees' experiences
The Informed Rewards Leader: Reevaluating Your Global Benefits Strategy for 2023+
1.
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3.
4.
5. Agenda
Vancouver is located on the
Coast Salish Territory and I
would like to thank the
Musqueam, Squamish Nation
and Tsleil-Waututh for allowing
us to live, work and play on their
lands.
We also give thanks to the
ancestors, hereditary leaders,
creatures big and small for
looking after the rich resources
and cultural teachings of this
beautiful land.
NOTE: for those outside of Vancouver, we
invite you to reflect about the land from which
you live, work and play.
https://native-land.ca/resources/territory-acknowledgement/
6. Agenda
1) Top trends in global benefits 2023+
2) Best practices to balance local vs. global offerings
3) How to connect benefits to DEI and Mental Health initiatives
4) Best practices working with benefits vendors
5) Q&A
8. Source: https://sifted.eu/articles/employee-benefits-global-brnd/
A 2022 global report (covering US, the UK,
eastern Europe, Brazil and India):
• 60% employees chose one job over
another because of better benefits
• 78% of companies have seen greater
retention after improving benefits
packages
9. Source: https://www.forbes.com/sites/carolinecastrillon/2022/10/02/top-ten-most-valued-employee-benefits/?sh=639e7bd021ac
What Employees are saying
1) Flexible work hours
2) Company-sponsoredretirement or pension
3) Leave early on Fridays
4) Four-day work week
5) Family health insurance
6) Private health insurance
7) Healthcare cost reimbursements
8) Paid self-care days or time off for mental health
9) Miscarriage leave
10) Private dental insurance
Recently, global HR and payrollcompany,
Remote, interviewed10,000 full-time workers in the U.S.
and Europe to better understandwhich employee
benefits are most valued.
Here’s a look at the top ten:
10. Top Trends in Global Benefits 2023+
Sources:
(1)MercerMarsh Benefits –Global Insurer Survey Report“MMB HealthTrends 2023”
(2) https://www.insurancebusinessmag.com/ca/news/group-benefits/what-group-benefits-trends-should-brokers-look-out-for-in-2023-430197.aspx
1) Must factor in forecasted increases and find the ‘sweet spot’ between market and employee
needs and financial impact.
2) Need to continue to look at how your plans cover and support on-going COVID claims
3) Digital technology is evolving rapidly and review ROI and impact.
4) Need to review where can improve coverage and support and ensure current programs are
known and working as intended.
5) Need to have a documented plan and strategy for working with brokers, insurers and bring
‘out of box’ thinking to plan design.
11. Inflation impact on Benefits
(1) https://www.mercer.com/our-thinking/health/managing-benefit-plans-in-an-era-of-soaring-inflation.html
(2) https://www.benefitscanada.com/benefits/health-benefits/employer-health-benefits-cost-trends-rising-10-in-2023-survey/
1) Impacts Pensions (lowering purchasing power), Group Life &
Disability insurance products, and medical costs
2) However, inflation in medical costs is not as pronounced as the
inflation being seen in energy and food prices and varies globally.
3) Advance planning on renewals will become the norm
4) Medical plans will play a greater role in the employee value
proposition
5) Pay special attention to vulnerable employees as rising food/energy
prices will prove more challenging
Employer-sponsored health benefits cost trends are
expected to increase by a record 10 per cent on average
globally in 2023,amid rising inflation and increasing health-
care utilization, according to a new survey by WTW.
12. US Employers - Benefits Trends
Sources:
(1) WTW US Survey; Feb 14 2023 - https://digitalhealth.modernhealthcare.com/digital-health/changes-coming-employer-solutions-market-wtw-survey
(2) https://blog.healthequity.com/congress-extends-hsa-telemedicine
1. 88% - health & wellness changes in the next 2 years
2. 46% - changes to digital health solutions in past year
3. 42% - changes to clinical solution offerings in 2023/24
4. 37% - change their mental health solutions
5. 44% - vendor lacks employer-specific information on how programs will drive cost savings
13. Asia Pacific Employers - Benefits Trends
• 57% of employees not clear of their benefits provided
• 2/3 employers report their benefits offering does not fully support their diverse workforce
• 50% did not have a benefits strategy
Source: 2022 Asia Pacific Employee Benefit Trends Report
https://hr.asia/media-outreach/aon-study-finds-rising-cost-of-employee-benefits-a-top-concern-for-asia-pacific-businesses/
18. Source: Joana Viana, Remote
https://sifted.eu/articles/employee-benefits-global-brnd/
“A comprehensive, well-designed and geographically aware benefits
package can help create a positive and productive work environment and
enhance the quality of life for your employees.”
20. 1) Set your global benefits strategy:
• Intention
• Aspirational – where want to be
• Market definition
• Local vs global stance- e.g. minimums
• Governance
2) Review and plan for common market benefits just to
‘play’, vs where do you want to “win”
3) Understand benefits providers- options vary by
country/region
4) Review/confirmyour country set up – employees, remote
contractors, or use an Employer of Record
Key Tips
21. 5) Document all your benefits and providers and have a full view
of costs to your organizationand employees
6) Understand not only costs but also access to these
benefits/resources available
7) Collectemployee feedback-satisfied, preference, etc.
8) Keep inclusion top of mind
9) Improve benefits communication
• Enlist employees to help create campaigns-bring
language, culture , etc.
Key Tips
22. How to connect Benefits to
DEI and Mental Health initiatives
25. Agenda
Gender
Differences
& Mental
health
X
https://www.who.int/teams/mental-health-and-substance-use/gender-and-women-s-mental-health
• Depression is the most common women’s mental health problem
• Lifetime prevalence rate of violence against women ranges from 16 % to 50%
• Doctors are more likely to diagnose depression in women compared to men
• Women are more likely to seek help from and disclose mental health problems to their
primary health care physician
• The high prevalence of sexual violence, and related high rate of PTSD following such violence
= women as the largest single group affected by this disorder
https://www.suicideprevention.ca/page-18154
26. U.S. Surgeon General’s Framework for Mental Health
Source:
(1) https://www.hhs.gov/surgeongeneral/priorities/workplace-well-being/index.html
Source: shutterstock.com
28. Globally, find synergies between various country standards and build one over-arching plan.
“Do I FIT, Do I BELONG, and Can I THRIVE?”
Source: shutterstock.com
29. 1) Review Sick and Personal Day/Leavepolicies
2) Review EAP set-up – expand, enhance, etc.
3) Explore/expandvirtual support
4) Proactive support – CBT, Mindfulness,etc.
5) Review paramedical,access counselling,
mental health professionals
6) Review flexible working arrangements policy
7) Review policies and processes related STD/LTD
includingreturn to work and accommodations
8) Link to broader mental health/well-being
strategy includingeducation/reducingstigma
Key Tips
Sources:
(1) https://www.independent.co.uk/news/uk/home-news/four-day-working-week-trial-b2286184.html
(2) https://www.benefitnews.com/news/employer-support-for-mental-health
(3) https://www.cnbc.com/2022/05/05/employers-boost-mental-wellness-benefits-amid-the-great-resignation.html
(4) https://www.benefitscanada.com/archives_/benefits-canada-archive/how-5-employers-are-ensuring-mental-health-remains-a-priority/
32. 1) Review definitionof ‘family’to be as inclusiveas possible, e.g. for Sick/Personal Days
2) Review leave types and review how to be inclusive of all workers and familytypes (gender neutral, adoption-inclusive,
etc.), while alwaysbeing mindful of local laws and regulations
3) For global markets, ensure to understandcountry norms and bring local perspective to how these can be applied,etc.
Key Tips
Sources:
(1) https://www.omnipresent.com/articles/5-tips-for-building-an-inclusive-family-leave-policy
(2) https://www.linkedin.com/business/talent/blog/talent-engagement/inclusive-employee-benefits-to-create-more-supportive-workplace
34. 1) Document all your benefits, costs, and providers
• have a full view of costs to your organization andemployees
• review trends on cost year over year
• understand/ impact how benefits budgeting is set-up
• review yourtimelines for renewals
2) Review the market/benchmarkingapproach
• align / link to broader TotalRewards/Compensationphilosophy
• review this annuallywith vendor
• may vary by business unit, geography
3) Set up a benefits dashboard
• understandcosts, utilization,etc.
• have your vendorssupport this with regularreporting
4) Bring in multiple vendors together to discuss your business, talent and total rewards/benefit strategy
• enhance efficiencies, improve employee experience, etc.
Key Tips
35. 5) Set up annual SLA review, and consider:
• scripts used for short/long-term disabilityprocesses
• rebates/fees if do not follow process
• rebates/penaltiesif turnaroundtimes not in line with SLA
6) Review for any benefits wastage or opportunitiesto reinvest
• Paying for premiums where employees are not using?
• Should yourorganizationconsider other models, ASO?
• Paying for services not using/not effective (plan document
reviews, supporting open enrollment,etc.)?
7) Understandyour provider(s)businessmodel, plans and
investmentsin future
• Can you be a pilot for new features, programs?
• What is their technology roadmap?
Key Tips
Source:https://onpointbenefits.ca/
36. Ever been
disappointed with
this coffee
machine in a
hotel?
Do you think it’s
intentional or did
it get missed in
checking the full
experience?
37. Key Tips
8) Bring in the employee experience – are they ‘raving fans’?
• Testing the access and experience of all programs yourselves
• Regularcommunicationand TRUSTED feedback loops– employee surveys, focus groups, etc.
• Review data by groups to identify where ‘true’ issues are
• Bring this data to your vendorto help improve overallrelationshipand employee experience
• Ensure you are inclusive in your approachto communicationsand engage the family where possible
