SAN FRANCISCO, CA -- (Marketwired) - A new study from Thomsons Online Benefits, a leading provider of cloud-based global benefits management software, suggests that the majority of multinational businesses are facing significant challenges with administering, communicating and engaging employees when it comes to benefits packages.
The study, which was included in Thomsons Online Benefits' "Global Employee Benefits Watch 2014" report, was completed by more than 150 HR professionals working globally in eight countries across 48 different industries and covering 3 million employees worldwide. It found that the most commonly cited challenge regarding global benefits strategy for multinationals was their employees' lack of understanding on the value of the organization's total reward program (50%). Additionally, improving employee engagement and communications were among the top HR challenges globally.
The respondents for the study were generally senior executives and managers (25% HR directors; 17% HR manager) and compensation & benefits/reward managers (25%) and directors (13%). View the full report here.
Other key findings from the Global Employee Benefits Watch 2014 include:
- Less than half of those surveyed (49%) had a written global benefits strategy in place at their organization;
- More than 60% faced issues regarding global benefits administration efficiency, and 53% cited burden on internal resources as their biggest benefits administration issue;
- 69% of companies believe they'll face a shortage of qualified workers within the next five years;
- More than a third ( 35%) of companies will change their recruitment focus, as more marginalized workers become increasingly important (24% will hire younger employees; 10% will hire older workers and 23% will rehire retired employees);
- But 38% of companies cite difficulty in providing a flexible strategy for these different demographics and the needs of its workforce (only 4% offer on-site child care; 41% offer nothing for employees caring for an elderly parent);
- Nearly half (49%) of companies reported that their approach to administering and communicating global benefits varies from country to country, and 83% lack a branded rewards program.
"With global mobility comes the increasing complexity in administering and communicating benefits to employees, but benefit provision still remains one of the largest business costs," said Chris Wakely, senior vice president of Thomsons Online Benefits North America. "Our recent survey pinpointed an increasing need for global companies to implement solutions that will allow them to demonstrate the value of its benefits investment on an individual employee level. By proactively communicating this information, organizations can dramatically increase employee engagement and overall appreciation for total reward packages."
About Thomsons Online Benefits:
Thomsons Online Benefits helps businesses gain maximum benefit from their employee reward and benefit programs. The company has more than 350 employees serving more than 280 clients across 64 countries and 16 languages. Thomsons Online Benefits has won more than 70 awards for its clients' use of technology, engagement and communication and has attracted a prestigious portfolio of clients that includes six of the world's top 10 software companies, four of the world's top pharmaceutical companies and five of the world's leading banks.
For more information, please visit: http://global.thomsons.com.