A new report from MAXIS Global Benefits Network entitled, “In the changing world of employee benefits, does one size fit all?”, reveals that multinational businesses failing to offer more flexible employee benefits packages will struggle to attract and retain staff in an increasingly competitive market for talent.
According to the report, the rise of flexible, tailored and personalized E.B. is due in part to the highly sophisticated options now commonplace at US technology firms, particularly those based in Silicon Valley. More broadly, cultural shifts in the workplace and wider society, such as part-time and flexible working patterns, multi-generational workforces, gender and cultural diversity, and changing employee expectations, all result in the need for more flexibility in employee benefits strategies.
Previous research among global E.B. professionals found a significant contradiction in the E.B. industry:
- Almost three quarters (72%) said their current employee benefits arrangements are based around a one-size-fits-all strategy.
- More than four in ten (44%) said this model is inappropriate for the changing needs of their staff.
- More than two fifths (43%) said multinationals will see an increase in demand for flexible benefits provision over the next two years.
- Almost half of those surveyed said high-quality recruits value schemes designed around individual needs.
- 49% said their firms were looking to invest in data and digital tools to make the process of providing employee benefits simpler and more efficient.
Data Has The Answers
The report reveals that data and new technologies will underpin the delivery of a successful global benefits program, while the sheer power of modern technology such as cloud processing and artificial intelligence is driving trends and progress. Near limitless number crunching capabilities are now available, meaning that employers can successfully price risk, work through benefits variables, and report on ‘what-if’ scenarios as.
The power of data analytics also means organizations will increasingly be able to better manage costs and understand where their employee benefits budgets are being spent, identifying where they can make reductions without jeopardizing the value that the benefits bring to their employees.
Published in May 2019, the report can be accessed here. [1]
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