Global Benefits Strategy – know the basics

Benefits are a critical part of the employment package. But what happens when you’re trying to offer benefits that are global in scope? If you have employees around the world, there’s no one-size-fits-all solution. That’s why it’s important to understand the basics of how global benefits work, as well as some strategies for providing them effectively.

Global benefits are not just a matter of moving your current benefit plans to other countries.

Global benefits are not just about moving your current benefit plans to other countries. Each country has its own set of legal and cultural expectations that most local employers must follow, from how health insurance is provided to the number of weeks of paid leave employees can take each year. These differences can make it challenging for multinational companies with mobile or global employees to provide equitable benefits packages across borders. The needs of mobile and global employees will differ from those of local employees: for example, many workers in Singapore may prefer a lower-cost health plan that offers higher deductibles than what they would have access to at home—but their headquarters may require them to maintain one with lower premiums because it’s more in line with what they offer other staffers globally (or vice versa).

Each country has its own set of legal and cultural expectations that most local employers must follow.

In addition to offering benefits that are consistent across countries, you can use the same language and concepts to help employees understand their compensation. For example, all countries have some form of national health insurance system (or public healthcare) and private health insurance systems (or private healthcare). In some countries, employees pay part of their benefit costs; others will cover all costs for you as an employer. Some countries have mandatory retirement at a certain age; others do not.

The needs of mobile and global employees will differ from those of local employees.

When it comes to the needs of your mobile and global employees, they will differ from those of local employees. This is because mobile and global employees have different needs based on their location. Global workers may not be able to access the same level of benefits as local workers can. For example, a global employee who works in a country where there’s no health insurance coverage might not be able to take advantage of that benefit at all. Therefore, it’s important for you to know what kind of benefits are available in each country so you can plan accordingly when providing your own benefits program for these types of individuals.

Understand the needs of your mobile and global workforce.

Let’s start with the basics: Who are your mobile and global employees?

• How many of them are there?
• What’s their location and demographic breakdown?
• How much time do they spend working remotely, across borders, or on the go?

If you’re not sure how to answer these questions, it may be time to take a closer look at your organization’s data. If you do have some data but aren’t sure how to interpret it, consider asking HR for help in collecting more information.

Be aware of the laws and regulations governing employee benefits in the countries where you have employees.

When it comes to employee benefits, you should be aware of the laws and regulations governing employee benefits in the countries where you have employees. Employee benefit laws vary from country to country and employers must meet legal and cultural expectations that differ from those of other countries. Here are some examples:

• In the United States, it’s illegal for companies or their insurers to discriminate against employees who need certain types of treatment or medication due to a disability (the Americans with Disabilities Act). In addition, employers can’t require employees who need certain types of treatment or medication due to a disability (for example, insulin) as part of their care plan pay more than other people for insurance coverage related to that condition (the Patient Protection and Affordable Care Act).
• In Switzerland and most European Union countries like France, Germany, Ireland and Italy—as well as South Korea—employers must offer health insurance coverage that covers maternity care for all female employees irrespective if they’re married or not pregnant at the time they take up employment with them

Use a benefits broker with a global perspective.

If your company is looking to expand its operations to new countries, a benefits broker can help you understand the local laws and regulations in each country. They can also provide insights into how best to meet the needs of your local, mobile and multinational employees.

• A benefits broker will:
• Help you select a plan that meets the needs of your global workforce
• Provide information about healthcare programs available in other countries
• Assist with tax compliance rules for international workers

A successful global benefits strategy will include the mandates from country to country.

Your local, mobile, and multinational employees differ in their needs for benefits. To have a successful global benefits strategy, you need to be aware of how government mandates vary from country to country, as well as how your local, mobile and multinational employees differ in their needs for benefits. In the US, healthcare reform has shifted the landscape of employee benefits. While there are many aspects that employers must comply with under federal law (known as ERISA), there are also state-specific laws that apply in certain states or territories. For example, Massachusetts requires employers to provide paid sick leave and New Jersey requires paid family leave. Without taking time to understand these differences across jurisdictions—and their impact on your employees—you could find yourself in violation of both internal and external regulations. When it comes down to it though: A good employer benefit plan is one that addresses each employee’s specific needs while protecting both employees and business owners from unforeseen costs down the road

Conclusion

As you can see, there are a lot of considerations when it comes to creating a global benefits strategy. The good news is that with the right resources, you can make sure your plan meets the needs of all the different types of employees in your company.