The firm highlights the importance of managing risks, complying with regulations, controlling costs, and maintaining talent attraction and retention for multinational employers. Missteps in these areas can lead to significant consequences, such as employee dissatisfaction, communication issues, and reduced productivity for the company.

Managing global benefits can be complex and time-consuming, potentially leading to legal issues and a diminished reputation as an employer. A comprehensive approach, aligning local and global strategies, is critical. This includes ensuring compliance with each country's regulations.

Global employee benefits programmes should address three main categories of risks: complexity risks related to local regulations, people risks considering regional attitudes towards employee benefits, and financial risks associated with providing appropriate benefit packages.

Sarah Dennis, head of international at Towergate Health & Protection, states: “There isn’t always a one size fits all approach. To achieve harmonisation of global employee benefit provisions for all employees requires a deep understanding of insurance, regulatory, cultural, and economic characteristics in each market.”

Global Benefits Management (GBM) offers integrated consulting services and support, easing administration burdens and addressing language barriers, governance, benchmarking, and cost controls. Effective GBM can lead to better talent attraction and retention.

GBM supports businesses and employees in navigating global risk benefits, ensuring compliance with various legislative requirements, and maintaining effective communication channels.

Sarah Dennis remarks: “Providing employee benefits across multiple countries and regions should not be a burden on the company. It should be a positive experience for all involved. Taking expert advice is the best way to remove the complexities of the process and employers will find that this can really pay-off.”