In a recent blog post, we talked about why organizations should upgrade to a best-of-breed HR benefits provider, and explained how this helps them deliver flexible benefits options, reduce the complexity of global benefits, and allow IT to complete crucial benefits projects.
As organizations continue to expand globally at an unprecedented rate, they’re faced with greater challenges in managing global benefits to meet the needs of each and every employee. Here we’ll dig deeper into how a best-of-breed solution can help.
Make benefits a competitive advantage
In the global war for talent, benefits should be leveraged as a competitive differentiator. Our clients understand this reality, but they’re often challenged with providing the same robust benefits offered in their home country, on a global scale. Today, emerging markets carry a large share of organizations’ total revenue and it’s more important than ever to attract top candidates from around the world, by providing a relevant and compelling benefits offering that is scalable.
Deliver personalized benefits
The shift across industries toward improved customer experience has had a resounding impact in the benefits space as well. There’s a clear global trend towards flex or choice-based benefit programs. This has the power to transform benefits from an annual, paper-based process to an ongoing, mobile-enabled engagement with the employee. But, alongside this trend, HR departments continue to shrink. With reduced resources, and a more disparate global workforce, it’s important that benefits technology is able to scale. Organizations are investing in benefits technology to provide a consumer-grade experience, which allows them to present highly-personalized information to the employee, along with appropriate checks and balances and thoughtful behavioral nudges towards making healthy choices.
Integrate with providers
In most countries, the benefits ecosystem is made up of a mix of providers, each with their own preferred method of transacting with employers, employees, government agencies and one another. Our experience has shown that there is no such thing as a one-size-fits-all method of integrating with these providers, especially since many of them are maintaining fragile legacy systems. What’s worse is that this complexity is often visible to employees, who see a fragmented, disparate experience. Many HCM/ERP vendors are reluctant to invest in the functionality required to meet local insurer integration needs. This can be a costly mistake, ultimately leading to risk of uninsured claims exposure through errors in joiner reporting, or millions of dollars wasted through “premium leakage.”
The pace of globalization shows no sign of slowing, and as organizations expand into new markets they need benefits technology that can keep pace. By partnering with a best-of-breed provider they can stay a step ahead of the challenges associated with managing global benefits. Stay tuned for our next blog post, where we’ll delve into more detail on the technology challenges facing organizations in managing their global benefits schemes.
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