HRO Today July/August 2014 - 48

The Benefits Packag
Benefits Strategy
Global companies face far more challenges when
deciding on a unified benefits strategy than businesses
based in one location, as different countries have
different expectations, legislation, and working cultures.
According to 58 percent of participants, the biggest
people challenge facing HR teams is helping their
organization attract and retain talent. An effective
benefits strategy is key when you compete with other
companies not only to attract key potentials, but to
encourage people to stay. However, half of participates
cited a lack of understanding of total reward value
among employees as one of their biggest issues in
relation to their global benefits strategy.
Additional challenges cited in the study include:
* Aligning benefits practices with business goals and
strategy (46 percent);
* Maintaining a competitive employer proposition (44
percent); and
* Employee engagement (35 percent).
This could be a motivational issue closely linked to
communicating the right messages to inspire the
workforce.
The study also found that more than half of the
participants rely on employee engagement surveys (62
percent) and turnover statistics (56 percent) to measure
their benefits strategy's effectiveness. Surprisingly,
however, 55 percent of U.S.-based HR professionals
reported they don't measure the effectiveness of their
global rewards strategy at all, while 36 percent relied on
line manager's feedback. This probably explains why 73
percent of HR professionals in the U.S. alone are having
difficulty demonstrating return on investment to key
stakeholders.
These results raise the question of whether in 2014,
companies will be able to ensure they have the right
global rewards strategy in place to attract key talent.
And, with 40 percent of participants reporting that the
pressures on costs continue to escalate, will they be able
to assess and report on their strategy's effectiveness
around the world?
Benefits Administration
[48]
HRO TODAY MAGAZINE
| JULY/AUGUST 2014
More than 50 percent of respondents
are experiencing a burden on internal
resources with administrating benefits
and 39 percent are having difficult
reporting globally.
Administering benefits programs globally is an enormous
challenge: Every region and every country is different
and requires different benefits processes. This may be
driving the lack of consistency in the way organizations'
benefits are currently being administered around the
world. Less than 30 percent of participants are using
some type of software to administer and communicate
their benefits globally, while almost half have a different
approach and a mix of manual processes and software in
each country.
The study also shows an increasing need for global
companies to implement solutions that will allow them
to demonstrate the value of its total reward investment
on an individual employee level. More than 50 percent
are experiencing a burden on internal resources with
administrating benefits, and 39 percent are having
difficulty reporting globally. Not surprisingly, 66 percent
would much rather use global software such as dedicated
global benefits management (35 percent) or HR software
(31 percent).
A quarter of multinationals already use software
to manage their benefits, so what is stopping more
organizations from implementing global benefits
software? Executive buy-in for introducing a global
solution is the main challenge for participants of the
survey.
Employee Engagement and Communication
Ensuring accurate and consistent communication can
prove difficult for multinationals, as employers have 10
to 15 benefits per country, and employees from four
generations. So it makes sense that 33 percent of study
participants see employee engagement as one of the
main HR pain points.

HRO Today July/August 2014

Table of Contents for the Digital Edition of HRO Today July/August 2014

HRO Today July/August 2014 - 1
HRO Today July/August 2014 - 2
HRO Today July/August 2014 - 3
HRO Today July/August 2014 - 4
HRO Today July/August 2014 - 5
HRO Today July/August 2014 - 6
HRO Today July/August 2014 - 7
HRO Today July/August 2014 - 8
HRO Today July/August 2014 - 9
HRO Today July/August 2014 - 10
HRO Today July/August 2014 - 11
HRO Today July/August 2014 - 12
HRO Today July/August 2014 - 13
HRO Today July/August 2014 - 14
HRO Today July/August 2014 - 15
HRO Today July/August 2014 - 16
HRO Today July/August 2014 - 17
HRO Today July/August 2014 - 18
HRO Today July/August 2014 - 19
HRO Today July/August 2014 - 20
HRO Today July/August 2014 - 21
HRO Today July/August 2014 - 22
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