Global Benefits – How well do your rewards and benefits cater to your employees’ needs around the world?
Introduction
It’s not easy for employers and employees in times of economic turbulence where the cost of living is forcing people to make difficult choices. Some might be worrying about how much electricity they are using, some might be thinking about canceling subscriptions or/and memberships, while others will be worried about high mortgage repayments. However, there are ways employers are able to relieve the burdens employees are facing with the right rewards and benefits strategy. A little help can really go a long way. Companies can personalize their rewards and benefits to offer employees, both prospective and permanent, something that they feel reflects their needs.
The Great Resignation during the pandemic has meant that businesses also need to attract new talent and retain them. Bearing in mind the global problems mentioned in my introduction, there hasn’t been a better time to roll out employee benefits that offer, for example, charity donations, environmentally friendly goods and services (e.g., discounts on public transport), and discounts on frequently purchased items (e.g., groceries).
The strongest elements of any employer are, for me, when an employer can build close relationships with employees through communication in a personal, timely, and relevant way. It’s about creating personalized experiences that help drive employee engagement, offering benefits that are tailored to their needs no matter where they find themselves in the world. We know that not every business in every country will have the same rewards and benefits. That’s why we will talk about comparisons between countries that will highlight the differences between them. If a business in one country doesn’t offer something that a business in another country has, then it’s time for that business to ask itself why not?
