Did you know that 16% of companies are fully remote? Additionally, the industries where remote work is the most common include the financial services (9%), technology (10%), and healthcare (15%) industries.
Suppose you run a global business and you’re looking to adopt remote working. Or maybe you want to expand into new territories without setting up physical offices.
In that case, something you might be wondering about is a global benefits strategy. However, if you don’t know what this type of benefits strategy is or why it would be helpful to your business, you might feel stressed.
Fortunately, in this article, we’ll review what a global benefits strategy is. We’ll also review why your business needs it.
Finally, you can use this benefits strategy to make your business more successful than ever. Read on to learn more.
What a Global Benefits Strategy Is
A global benefits strategy, or GBS, is a plan that aligns your goals as an employer with your employees’ needs. This is so that you can provide them with a cost-effective, sustainable, and relevant benefits program. You’ll be doing this wherever they may be in the world.
Note that, even though a global benefits program is global, this doesn’t make it universal. Sometimes, flexibility will be necessary to accommodate cultural requirements and government mandates that vary from country to country.
The idea is to have fair employee benefits globally. So, if in one country, parental leave is long, the company might give additional leave days to employees in another country to make the amount of leave equitable.
Why Your Business Needs a Global Benefits Strategy
There are many reasons why your business needs to offer a global employee benefits package. First of all, it’s essential for retaining your employees. If you have global talent, your employees working remotely will expect and greatly appreciate that you offer global employee benefits.
As a result, they’ll be more likely to stay with your business instead of switching to another business that offers better global benefits.
Get Better Talent
Another reason why your business needs a global benefits strategy is that you’ll get better talent. When people are looking for jobs in your industry, they’ll be more interested in working in your business because you make their remote lifestyle possible and offer them the benefits they need.
Additionally, when you’re recruiting people globally, you’ll be able to get the best people for the job no matter where they’re based. So make it more likely that they’ll join your business by offering this type of benefits strategy.
You Can Provide Transparency
When you provide a global benefits strategy, another benefit is that you can provide transparency. By being clear to all your employees about what benefits they’ll all be getting, everyone will feel that they’re being treated equally.
As a result, there will be less resentment amongst your employees. This, too, will have a positive impact on retention.
Helpful Blueprint for Growth
If you’ve just started your business and your team isn’t yet very big, a global benefits strategy can serve as a helpful blueprint for when your business eventually grows. You’ll already have many benefits in place that you can expand as more people join your team.
Additionally, if you start to hire people who are in different countries, you’ll already have strategies in place to make it easy to offer benefits to people in those other countries.
Instead of having to completely change your benefits plan when your company grows, you’ll have this blueprint to help you. This means happier employees and less work for you.
Increased Employee Productivity
When you offer a robust benefits strategy to your employees around the world, this increases their productivity. This benefits both them and your business. This is because, as a result of their productivity, your company will make more money and be more successful.
A Better Sense of Teamwork
Another benefit that occurs when you provide your employees with a global benefits strategy is that they’ll have a better sense of teamwork. Because they’re all getting what they need equitably, they’ll feel more loyal to you and like they’re equals (with each other).
Additionally, this will add to the benefit we just covered. With a better sense of teamwork, your employees will be more productive.
Better Work-Life Balance
When you provide your employees with a global benefits strategy, they have a better work-life balance. They’ll have an amount of leave that’s equitable globally, which means that they’ll get more vacation days than they would in the US.
As a result, they’ll be able to take more time off from work. When they come back to work, they’ll be refreshed and ready to work.
Additionally, with additional benefits such as healthcare, mental health days, and paternity and maternity leave, your employees will have the time they need to attend to their responsibilities and be healthy.
A better work-life balance also has a positive impact on employee retention and productivity. This will benefit your business by making it more successful.
Need More Information?
Now that you’ve learned what a global benefits strategy is and what its benefits are, you might need more information. For example, maybe you want to learn about what benefits employees want or you’re looking for a global expansion benefits provider.
Whatever information you need, we can help. At Bradford Jacobs, we’re experts when it comes to global benefits.