MBWL International benefits survey reveals 2023 priorities and trends for multinational companies

MBWL International, the leading independent alternative to the big three consulting firms for global pensions and employee benefits advice, today released the results of its 2023 Global Benefits Forecast which included participation from 141 multinational organisations representing 100 countries worldwide.

This year’s survey shows that ESG and DE&I continue to be important benefit strategy considerations. Organisations also continue to focus on sustainability, with 54% of respondents confirming that their longer-term sustainability goals remain unaffected in the face of short-term economic demands.

Other key findings include:

• Employee resilience is a key new theme. Respondents emphasized employee resilience this year, with 57% citing career development, 56% citing working in an inclusive way, and 52% indicating that open recognition from peers and managers is critical to maintaining a sense of belonging.
• Cost is a major barrier to the implementation of benefits globally. The cost of benefit programs slows down organisations’ initiatives and employee-focused considerations, like choice/flexibility and employee fit, become lower priority.
• Organisations have mixed views on providing additional support during financially challenging times. Now may be a good time to take stock and assess how well employees are coping in the current environment.
• People risk is a high priority, and most companies are impacted by shortages in the labour market. Investing in the most appropriate benefit strategy to enhance employee value propositions should help manage challenges with attraction and retention.

Isabel Coles, Head of International Consulting at MBWL International says, “During the pandemic, we saw many organisations with a renewed focus on employee benefits and wellbeing. Maintaining and refining initiatives that reflect the needs and values of their workforce remains critical to productivity, recruitment, and retention in a competitive job market.”

“We are seeing labour market and economic uncertainty in many parts of the world,” says John-Paul Augeri, Managing Director and Global EB Consulting Leader at Milliman. “Employee benefits remain critical to the employee value proposition worldwide. It is incredibly important for multinationals to stay attuned to today’s global and local benefits trends as they juggle talent and business priorities around the world.”

MBWL is hosting a series of webinars to present the results, key takeaways at a global level, and regional trends. Each webinar will focus on Canada, Asia, the US, France, and the UK, respectively. For details on the webinar series, click here.

The full survey results are available here.