#ExpertInsights Series: Explaining the current state of EB managementEmployee Benefits management has become an increasingly complex area of business administration. With globalization increasingly making it easier for companies to expand internationally and recent worldwide events leading to a new focus on flexible working, the definition of “employees” and “benefits” has undergone seismic change.
How have recent events changed the value of Employee Benefits and its management? How can we prepare for the future and ensure our systems are scalable and reliable?
Read on for the key trends in Employee Benefits management and ideas on how to stay relevant.
Employee Benefits have greater impact on employee attraction than ever
The global pandemic has forced many businesses to get creative. The large-scale resignation of millions of people across the globe for better working conditions or retirement - referred to as “the Great Resignation” - has challenged companies to find new perks to attract and retain talent. It’s also highlighted that financial remuneration isn’t enough for many workers who want more flexible options to maintain a work-life balance with their family and non-work interests.
As a result of this monumental change, there are more job roles than ever - and this means employees have the power when it comes to demands for their role and its benefits.
Values, more than financial factors, are increasingly important to employees. This has put Employee Benefits at the top of candidates’ minds when considering job roles, and put pressure on businesses to provide ever-more encompassing benefits to match expectations.
As Balazs.Kaposvari of ASN-WEB, a consultant with years of experience in the business, notes: “A pension and health insurance is in many countries the bare minimum of what employees now expect from their employer. Offering more niche items - such as life and disability insurance or an international pension plan for expats and cross-border staff - will be key for retaining staff.”
Greater focus on employee diversity and new needs
The pool of potential talent has also become more diverse in recent years, with flexible and remote working opening up the floor for new candidates in different locales and stages of life.
More companies are offering Employee Benefits that cover a wider range of choices for staff. For example, corporate health insurance that covers in-vitro fertilization (IVF), egg-freezing and surrogacy is becoming more common. With 41% of employees across the world considering quitting their roles or changing their profession, Employee Benefits need to be more sophisticated and varied than ever before to keep staff on board.
As ASN-WEB consultant Kaposvari says: “Personalization and a tailored approach is vital for offering the right insurable Employee Benefits to your staff. One-size-fits-all won’t attract new talent, or help you to retain employees when more attractive job offers come along.”
More than just an HR function, Employee Benefits management is a specialty
Human resources teams are responsible for many complex moving parts, all with their own administrative needs. From facilitating onboarding, health and safety, salaries and more, HR departments are required to be skilled and knowledgeable across several disciplines. To add to the complexity, insurable Employee Benefits also touch the competencies of Finance and Insurance departments, especially when it comes to Pension benefits.
However, this variety means that a busy HR department can find it difficult to stay on top of the latest regulatory updates across all their policies. Particularly in the insurable Employee Benefits space, there are often changes to best practice that will vary across multiple regions. Ensuring that insurance policies are renewed on time and with the best offers available in every region, while following location-specific legal mandates, can become overwhelming.
Even using multinational pooling, which delivers some information about existing benefits plans across the organization, the analysis and comparison of this data is challenging even for seasoned professionals. Without a centralized system, each business location team can find themselves operating on a different system to other locations, meaning head office staff can have difficulty in keeping track of vital information and data.
“Employee Benefits is now more of a specialty area of human resources and finance/insurance” says Balazs Kaposvari of ASN-WEB. “Using a sophisticated tool to confirm and coordinate information and renew corporate healthcare insurance and other types of insurable corporate benefits can help you to manage your Compensation & Benefits (“Comp & Ben”) team’s workload, and keep all data centralized. “We often find businesses we work with have disparate systems that don’t talk to one another, making extra work for staff and complicating an already complex process.”
How to stay up to date with the current trends of Employee Benefits management
“We created the ASN WEB EB Dashboard to help companies stay on top of their legal requirements and the ever-expanding Employee Benefits that candidates are looking for,” says Kaposvari. “With such complex data and high financial investment at stake, having an uncoordinated system can be costly.”
The ASN WEB EB Dashboard was created to reduce the burden on your HR team. Rather than requiring international teams to stay abreast of all requirements and coordinate globally, our Software as a Service (SaaS) solution provides:
- Global policy set-up and administration
- Insurance brokerage sourcing worldwide
- Renewal support and revision options
- Data acquisition for centralized dashboards
- Data evaluation for easy comprehension of claims and multinational pooling results
- Employee Benefits optimization
- Virtual pooling set up and management
Our software acts as an Employee Benefits consultant and administrator all in one, reducing effort and financial costs at the same time.
We’ve based our user-friendly system on our many years of expertise offering employee benefit consultancy to leading global businesses and individuals. We provide world-class technical and security, with access to the best Employee Benefits schemes that suit your needs.
Our trusted partner network encompasses over 40 countries. With these connections, we’re able to create and manage all (virtual) multinational pools for you.
With our comprehensive dashboard, your team are able to see all the vital details at a glance.
We offer you:
- Increased control over Employee Benefits-related costs
- Simplified Employee Benefits plan management
- Consistent and comparable reporting
- Easy-to-coordinate multinational pooling
- Brilliant connections to reliable insurance providers