Multinational Employee Benefits, Wellbeing & Total Reward 2018/2019 research
19th November 2018
The kind of close working relationship between client, intermediary and provider that is required to ensure fit-for-purpose employee wellbeing solutions across UK and Ireland based multinationals is distinctly lacking, according to new research by HR Grapevine magazine and Generali UK.
It’s telling that only just under half (46%) of HR respondents - almost two thirds (64%) of which are from mid to large companies with over 10,000 employees and subsidiaries in at least two countries – said that intermediaries have an influence in helping them identify and establish employee needs. What’s more, regular meetings with their provider were low. Less than a fifth (19%) stated they have meetings with their group income protection (GIP) provider.
This comes against the backdrop of employers trying to tackle absence, ensure employee engagement and productivity, be seen as an employer of choice to help in recruitment and retention while, at the same time, realise cost efficiencies. For multinationals, added complexity comes with the need to design a wellbeing strategy that delivers at a local level without losing global consistency. The research showed that wellbeing strategy is predominantly globally led: 60% of respondents saying their position was “local but reflects global”.
Simon Thomas, Director – UK Employee Benefits, Generali, commented: “It’s simply not possible to achieve all of these goals without total transparency and partnership working between all three parties – client, intermediary and provider. It’s only through trust and transparency that clients will feel comfortable to share essential data. And it’s only through the sharing of data that we, as GIP providers, can give employers and their consultants the risk mitigation support they need.”
This support includes everything from targeted early interventions, personalised care pathways and even assistance in funding for discrete, tailored, wellbeing initiatives such as absence trackers if a need is identified.
Low awareness of multinational pooling
Meanwhile, the research also revealed that essential tools for the mid to large corporate client, such as multinational pooling – the kind of things that would help global companies develop a more strategic approach – are also being overlooked.
Only a quarter (26%) of respondents currently have a pooling arrangement in place. At the same time, only 6% said this was because pooling wasn’t relevant to their size of company. The main reasons given by respondents for not having pooling in place were that they didn’t feel sufficiently familiar with pooling, or it simply wasn’t part of corporate strategy.
“It’s only through partnership working that the need for - and benefits of - such arrangements can be articulated and realised,” adds Simon.
About the research
Generali’s aim is to enable multinationals to navigate and thrive in today’s and tomorrow’s commercial world. We provide absence management and wellbeing solutions, plus global coordination of benefits via multinational pooling, to international middle market players and global conglomerates alike. This places us in an ideal position to support intermediaries and clients in analysing and assessing the best wellbeing strategies and sharing best practice on both a global and local level.
In line with this, we commissioned a wide-ranging independent study of 415 multinational companies, across the UK and Ireland. The Multinational Employee Benefits, Wellbeing & Total Reward 2018/2019 research covers roughly five million employees and provides unique insight into the views and challenges employers face in developing their future wellbeing strategies.
To access the full report, click here
To find out more about Generali UK’s wellbeing and pooling solutions, email eb.enquiries@generali.co.uk