Developing total rewards
A large German multinational insurer with ongoing M&A activities was keen to take a more holistic approach to its global benefits and pensions strategy.
Following a number of acquisitions, the benefits offered to employees around the world had become extremely complex, with a variety of benefit programmes, legacy plans and special arrangements for different groups of employees within the same country. This made benefits difficult to manage, and their team did not have the oversight needed to develop and implement a meaningful global benefits strategy to support their employee value proposition (EVP).
We worked with them to develop and implement a new global benefits strategy and achieve their objectives:
- Become an employer of choice with a clear and unique total rewards strategy
- Reduce the administrative burden and costs associated with their benefit plans
- Establish clear and transparent rules for benefits and pension plans in regions, countries and entities within the group
Balancing global consistency with discretion at the country and HQ level, their new global benefits strategy would have three key elements:
- Strategic framework with dedicated benefits pillars
- Overall design principles
- Global mandatory benefits
The new global benefits strategy also had to be aligned with the company’s purpose, brand and EVP, which was being developed in parallel.
We structured the project in three key stages, as follows:
As part of this, we assessed and supported our client in prioritising their benefit plan impact on the EVP, ongoing costs and implementation effort.
We also reviewed the options for the roll-out of their new Global Benefits and Pensions Strategy — by country clusters, by benefit type, or a combined approach, prioritizing global benefits with the greatest impact on EVP and with country pilots to test overall implementation of benefits package.
We helped our client create a new Global Benefits and Pensions Strategy for a strongly shaped global benefits package, including selected benefits for each employee around the globe, aligning the new Global Benefits and Pensions Strategy with the client’s overall HR principles and EVP. We achieved their goal of becoming an employer of choice with a holistic remuneration strategy and employee welfare principles in every entity in each country. We also reduced their administrative burden and costs by more than 35%. Moreover, the project helped facilitate the development of a policy for IMEs (International Mobile Employees).
Head of International Consulting, MBWL InternationalVIEW PROFILE
Tel: +44 20 3949 5710
Head of International Consulting, MBWL International
A multilingual expert in employee benefits for multinational corporates.
Isabel heads up MBWL International, advising multinational organisations on their employee benefits arrangements around the world, with a focus on corporate sales and purchases, accounting disclosures and the financing, risk management and design of benefit plans.
Her vast experience includes leading global accounting consolidations under international, UK and US accounting standards for multinational companies headquartered in the UK and overseas – with consolidations ranging in size from two to over 50 defined benefit plans.
She has advised both corporate and private equity buyers on the employee benefit considerations (including pension liabilities) associated with corporate sales and purchases in Europe and worldwide, from due diligence through to closing and subsequent integration work. Isabel has also undertaken many benefit audits and benchmarking exercises, including a 25-country audit for a company in the technology sector.
Other areas of Isabel’s expertise include reviewing and establishing international pension plans, advice on individual expatriate employee benefit packages and supporting multinationals in agreeing and implementing global governance approaches and policies for managing their employer benefit plans.
Isabel chairs the International Committee of the Association of Consulting Actuaries and is fluent in German and French.
John-Paul (JP) Augeri
Managing Director and Global EB Consulting Leader, MillimanVIEW PROFILE
Tel: +1 347 541 1146
John-Paul (JP) Augeri
Managing Director and Global EB Consulting Leader, Milliman
A global human capital and risk management leader with wide-ranging technical and management experience.
JP joined Milliman to lead the Global Employee Benefits Consulting Practice, in partnership with MBWL. He has over twenty years’ experience helping multinational clients to design, deliver and manage programs globally across pensions, benefits and M&A. He specialises in solving complex global issues and delivering value and innovation to multinationals and their employees.
His expertise includes: global pensions and benefits; M&A; funding, investment and derisking strategies; change management; total rewards and employee experience; global client management and business development.
He has also served as a board chair and senior advisor, as is a frequent external speaker who has helped lead several client roundtables.
JP is a Fellow of the Institute of Actuaries in the UK, and he has lived and worked in the US, UK, Germany and Austria.
Marc Oliver Heine
Director, MBWL International and Partner, LurseVIEW PROFILE
Tel: +49 69 6783 06036
Marc Oliver Heine
Director, MBWL International and Partner, Lurse
A trusted business partner and consultant to a wide range of German and multinational firms.
Within his role as Director of MBWL International, Marc Oliver advises multinational organizations on their pension and employee benefits arrangements around the world, with a focus on financial risk management, creative benefit plan design and harmonization and business transactions (M&A).
With more than 25 years of experience, Marc Oliver is a well-known figure in the German industry and is perceived as a thought leader on strategic consulting topics.
Marc Oliver is a frequent conference speaker and author of numerous articles and textbooks. He has been assigned as an expert for the German Ministry of Finance and several German Legal Courts.
Marc Oliver is a fellow of the German Corporate Pension Association (ABA), has been a member of the jury of the Portfolio Institutionell Awards for more than ten years, and speaks German, English and French.