How multinational HR teams can gain from global benefits management
Do you know what you’re currently spending each year on benefits?
Managing HR in an organization with thousands of employees across multiple countries is extremely complex.
You need to make sure you have the right data and insights to demonstrate your program’s ROI. Getting this right leads to better governance, risk management, cost containment and employee engagement.
Global benefits management offers multinational organizations an effective way to manage insured employee benefits around the world. Global or regional arrangements offer visibility, control, cost savings and ensure consistency in governance, while delivering solutions that are based on local country needs.
Do you have the right benefits to attract and retain key talent?
The right global benefits management program for your organization is one that is built around you. Your industry, your structure, your locations, your people.
As employers expand their operations globally, they need to look at the scope and level of benefits they provide for their increasingly diverse and mobile workforces. This includes understanding the range of health and well-being risks present in each location and their impact on employee productivity and engagement.
Global employee benefits to help you compete locally
The cost pressures on multinational businesses are growing. For many benefits are a major outgoing, comprising around 20% of total payroll costs. This could rise significantly, driven by escalating medical trend rates.
On top of this, substantial resources are spent tracking, renewing, tendering, and benchmarking insured benefits around the world.
Many organizations pay the price for a fragmented, multi-national approach to benefits broking. In fact, 81% of multinational benefits leaders say ‘global consistency’ is their number one priority according to MMB's Benefits Tech Trends report.
Firms urgently need to find efficiencies by harmonizing and managing benefits collectively. This means developing a strong global structure, with the ability to tailor benefits for simple and agile local execution and employee engagement.
A Global Benefits Management (GBM) approach simplifies this process, streamlining administration, boosting value for money, and making sure that programs provide measurable return on investment.
Accessing and using insightful data and analytics to make business decisions
Reducing and managing costs
Streamlining and automating processes
Improving the benefits offered to employees and increasing engagement
Ensuring compliance and improving governance
MMB can help you mine your data to analyze your risks, financing, claims ratios and exclusions. And together we plan out your journey to a relevant, authentic global program.
One that drives the growth and resilience of your people and enriches their employee experience, wherever they are.
Our integrated suite of tools gives you a clear view of your whole program and its costs: every benefit plan; every vendor; every country. Plans, renewals and financials all at your fingertips. With the data and analytics to make true oversight and governance not only possible, but easy.
Our award-winning Darwin technology delivers the compelling benefits experience that will help you attract and keep the best people. Enabling you to promote and track your employees’ engagement with their benefits, whilst also reducing risk and increasing productivity through automation.
With a data-driven, evidence-based global view, you can demonstrate your program’s ROI and the value of benefits to your organization.
How to embark on a successful global benefits management journey
Globally, medical inflation and claims are on the rise, with a medical trend rate of 12.6% projected for 2023. If you don’t have visibility of your costs, you can’t stop them escalating. We help you map and analyze your costs: to find efficiencies, to optimize spend, to use data from your program to negotiate hard. When you can see your spend, you can use your size – and leverage our networks and experience – to strike better deals. On average, we save multinationals 10-15% on global and regional benefits premiums*.
* Source: MMB Global Benefits Management Analytics - An average saving of 10-15% of premiums demonstrated over a three-year term following the introduction of a new global benefits management program in a non-pandemic year.
We can help you design, build, finance, automate and manage your global or regional program to attract and keep top talent.
We meet you where you are on your journey, and bring vertical sector expertise and benchmarking, local insights from 140+ countries, new ideas and new ways of working.
We work with you to build a program that’s right for you now and for who you want to become. As well as building benefits programs, we build relationships. Strategic and long-term. Partnering with you to strengthen connections between your global and local teams.
Global advisory and compliance
Create a governance framework that aligns with your HR model and improves the employee experience in local markets.
Remain confident that benefits are compliant in each market.
Global financingA single benefits broker to optimize your financing strategy for global employee benefits programs at the local, regional or international level, helping improve collaboration with your risk and finance teams.
Local servicingLocal policy placement, claims management and employee support means you can improve the employee experience, address local issues and gain efficiencies.
Specialized technologyFrom our market-leading benefit software for managing global benefits and compensation information. Including a user-friendly app-like experience for employees accessing their benefits.
Digitalized benefits administrationExperience the advantages of centrally managed benefits: easier to govern, administer and communicate to employees across your offices.
Cost managementGet a clear view and control of your whole program and its costs, every benefits plan, every vendor, every country.