how to build global benefits strategy
TRANSCRIPT
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Building your GlobalBenefits Strategy
February 17th 2016
Choosing the right HR & Benefits Technology
March 9th 2016
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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
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[WEBINAR 1] LAST TIME OUT…
Lack of abilityto report benefitspend centrally
Lack of employee understanding
of benefits
High administration overhead and lack
of automation
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[WEBINAR 1] LAST TIME OUT…
ConsistentComms
GlobalGovernance
6%
67%
27%
Effectiveness of Your Global Benefits Strategy
Very effective Effective Not very effective
Building Blocks of anEffective 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
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TODAY
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AGENDA
The Global HR Challenge
What does this mean for Benefits?
Understanding your Current Position
Governance
Engagement
Infrastructure
Building your Global Benefits Strategy
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GLOBAL HR CHALLENGE AND ITS APPLICATION TO BENEFITS
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TRADITIONAL BENEFITS STRATEGY
Global Philosophy
Market Competitiveness
Retirement Programmes
Company Funding
Cost Control & Sustainability
Protection Programmes
PersonalChoice
Risk & Compliance
Health Programmes
Payroll & Taxation
Relevance & Diversity
Lifestyle Programmes
Supplier / Vendor L
OC
AL
G
LOB
AL
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THE CHANGING HR LANDSCAPE
Policy(Reward)
Process(HR Ops)
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THE DEMAND TO GO GLOBAL
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HOW THIS APPLIES TO BENEFITS
StateProvision
Taxation & Relief
MarketMaturity
Workforce Profile
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FOCUS OF GLOBAL BENEFITS STRATEGY
GLOBAL BENEFITS STRATEGY
GLOBALGOVERNANCE
CAPABILITY
GLOBALCOMMS
CONSISTENCY
GLOBALSYSTEMS
INTEGRATION
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GLOBAL GOVERNANCE
STEP 1
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WHAT ARE WE TRYING TO ACHIEVE
I want to provide aframework for local
markets to implementI want to report on our global spend
with accuracy andto inform decisions
I want visibilityof how processes
are running I want to quicklyunderstand issues
and challengesand be able to
respond quicklyI want to see the impact of communications onemployee engagement
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THE REALITY
I’m still being asked todeliver consistent
Benefits, which I can’tI don’t have insight
to provide thebusiness on our
costs and any ROIAfter the fact, I found out we failed to cover
an executive andtheir familyI’m not close
enough to the pro-cess to
know how resolution to local issues
I have no idea whether benefits are understood or valued by employees
in our local markets
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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?
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NOW TEST YOUR COLLEAGUES…
Analyse
Collect
What are the gaps?
Where are they?
How much are they worth?
How long does ittake to get datayou’re missing?
What is the quality of that data?
What exposure/risk doyou have for those gaps?
What are the difference in what you thought you
offer/do and what’s happen-ing?
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WHERE TO GO NEXT…
If you’re doing well… If you’re struggling…
You have full visibility of yourspend, or at least few gaps
The data was easy to come byin 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 atengagement 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 robustprocesses used locally to manage
There is the potential for coverage gaps that expose you to big risk
There are some fundamentalsthat need to be addressed – let’s not run before we can walk!
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EMPLOYEE ENGAGEMENT
STEP 2
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IS THERE A CLEAR REWARD STRATEGY?
Vision
Objectives
RoleContribution
Reward
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WHAT DO EMPLOYEES THINK?
Detractor
Promoter
What is the opinion of employees?
Do benefits add to or detract from your
EVP?
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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?
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WHAT ABOUT TOMORROW'S EMPLOYEE?
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DON’T FORGET THE NUTS AND BOLTS…Are you… Or are you…
Being consistent with messagesregarding approach andalignment to global philosophy?
Able to cascade messages to local markets and see it implemented?
Managing change effectively, at aglobal, local, individual level?
Able to measure employeeengagement with your comms?
Regularly asking employees forfeedback and measuring results?
If you are, great…ready to move on!
Not using a framework to ensureemployees all hear the same thing
Letting local markets communicatechanges in their own way (if at all)
Not ensuring that employees aremade aware of when and howchanges will impact them
Not able to identify whether yourcomms channels are effective
Not having an effective measure of employee perception of benefits
If so, you need a urgent review…!
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INFRASTRUCTURE
STEP 3
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CAN YOU QUANTIFY THE CURRENT BURDEN?
HR
Broker Insurances
Medical
Pension
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EXPANDING THE GLOBAL HR SS MODEL
Benefits?
HR SS
Global Payroll
Global HR/HCM
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FINAL THOUGHT
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OUR NIRVANA