Only 35% of companies with overseas employees benchmark their benefits
Sarah Dennis, head of international at Towergate Employee Benefits, said benchmarking helped ensure that benefits packages for employees working overseas aligned with legal and regulatory requirements in each country.
Only 35% of companies with overseas employees benchmark their benefits to ensure they comply with local legislation, according to research from Towergate Employee Benefits.
Legislation regarding mandatory benefits differs in virtually every country and can change regularly, making it difficult for employers to stay compliant.
In some cases, working visas are only granted if the correct healthcare cover is in place, highlighting the need for regular benchmarking.
Sarah Dennis, head of international at Towergate Employee Benefits, said benchmarking helped ensure that benefits packages for employees working overseas aligned with legal and regulatory requirements in each country.
It can identify gaps between current practices and industry standards or regulatory requirements, helping employers mitigate the risks of non-compliance.
While 79% of employers benchmarked to ensure their benefits are competitive, Dennis said it is important that this benchmarking is thorough.
It must not only assess what benefits are needed to attract and retain talent but also ensure that mandatory benefits are included.
At the same time, some benefits do not need to be provided.
Related
Most employees unaware of added-value benefits, research reveals
Research reveals gaps in health and wellbeing support for overseas employees
59% of firms use health benefits to prevent staff absence – Towergate Employee Benefits
Only 39% of employers believe staff understand their benefits, Towergate finds
Towergate Employee Benefits to rebrand as Everywhen
24% of employers tailor benefits to workforce needs – Towergate Employee Benefits
Most employers with overseas staff unaware of benefits costs, study finds
Employers face rising demand for staff wellbeing support, report finds
Only half of employers support four pillars of employee health and wellbeing, report finds
Towergate Employee Benefits rebrands as Everywhen
Towergate Employee Benefits appoints client director