With over economy more global and the workforce, it is increasingly common to have employees working from several countries. Working for an international company has its advantages - the opportunity to travel, live abroad and experience new cultures. The management of a multinational company, however, has its complexities. Take, for example, benefits.
international companies with a small team based in the United States, or US companies with international teams, should consider how to offer competitive benefits to recruit and retain top talent Of the industry.
, the traditional benefits-focused organization like health insurance, pensions and welfare programs, however, are often not logistically feasible or profitable for multinational companies.
So what about companies with international employees who want to offer competitive benefits? A popular solution is to provide benefits for benefits instead of offering real benefits. A Zane Benefits, we like to call this trend consumerization benefits.
consumerization?
The concept here is simple. Instead of the range of services focused on the organization, allow employees to customize their benefits using technology
By consumerizing benefits, employees have the freedom to evaluate and choose their own benefits - .. using dollars provided by the employer
that this type of model is used for health insurance, retirement savings, the benefits of education, or any employee perk- this strategy empowers the employee to design their own package and choose their own features, tools and levels of coverage.
for specific examples, see the table below
Source -. Zane Benefits
for companies with one or two employees in the United States or for US companies with a small team overseas, this approach benefits provides flexibility, savings, and time minimum administration
Example -. Solution International Health Services for starting
a small technology start-San Francisco has 20 employees in California and three employees in Hong Kong
Challenge -. Give a set of competitive health care to employees, including three members of the Hong Kong team. The company prefers to offer a range of services to all employees, rather than maintain separate regimes for national and international staff
Solution -. Offers all the team members a full-time health care allowance of $ 300 / month via a defined contribution health plan. Each cover procurement employees themselves giving employees the individual choice of specific carriers, physicians, and the level of coverage. Employees then use their defined contribution plan financed by the employer to a refund of premium, up to the amount available in their balance
Related -. Top 5 Health Insurance Options for small groups in 2016
Conclusion
companies with employees in multiple countries face unique challenges in providing benefits. A strategy particularly well suited for international and multinational companies is to provide benefits for employer-funded benefits such as health, retirement, education, and benefits. This approach benefits enables companies to provide competitive advantages and allows employees to customize their benefits to their location and preferences.
What other employee benefits ideas do you have for companies with employees in multiple countries? What questions do you have? Join the discussion with a comment below.
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