MBWL International’s 2026 Global Benefits Forecast Survey – Complete report
What principles and priorities are guiding your benefits programs this year?
Building on the success of our global surveys conducted annually for the past five years, MBWL International has once again surveyed benefits leaders at leading organizations worldwide to explore the key topics currently shaping their priorities, organized into three main categories:
- Benefits Strategy & Priorities – including topics such as effective global benefits management, cost management, priority setting, and M&A processes
- Operational Challenges, Compliance & Risk Management – including topics such as benefits administration, staying abreast of legislative changes, and regulatory risk management
- Innovation, Technology & the Evolving Workforce – including topics such as AI and technology adoption, Diversity, Equity and Inclusion, and employee support
Perspectives from around the world
The survey was open from December 2, 2025 to January 23, 2026, with participation as follows:

Key findings overview
See a preview of our key findings below and download the report for our full analysis.

The webinar recording for Europe/Asia can be viewed here:
The webinar recording for America can be viewed here:
Contacts
John-Paul (JP) Augeri
Managing Director and Global EB Consulting Leader, Milliman
VIEW PROFILE
Email:
johnpaul.augeri@milliman.com
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.
Isabel Coles
Head of International Consulting, MBWL International
VIEW PROFILE
Email:
isabel.coles@mbwl-int.com
Tel: +44 20 3949 5710
Isabel Coles
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.
Daniel Drolet
Senior Partner, Normandin Beaudry
VIEW PROFILE
Email:
ddrolet@normandin-beaudry.ca
Tel: +1 416 285 0251
Daniel Drolet
Senior Partner, Normandin Beaudry
Daniel is a seasoned total rewards professional with more than 30 years of experience in group benefits. He is a shareholder of Normandin Beaudry based in Toronto and is a member of the firm’s executive committee.
Daniel is a strong believer that group benefits should be designed to meet the various needs of employees while being straightforward and efficient. Cost stability and affordability for employers and employees is always on the back of Daniel’s mind; as such, he strives for innovation and creativity in the design and communication of group benefits plans. He is also a skilled communicator who enjoys being in the trenches: whether speaking to a board of directors or to a group of employees, that’s when he’s at his very best.
He has been actively involved in the development of different areas of expertise for Normandin Beaudry over the past 26 years, including disability management, health and well-being, and international mobility solutions.
Caroline Kok
Global Benefits Consultant - Asia Regional Leader
VIEW PROFILE
Email:
caroline.kok@milliman.com
Tel: +65 9010 1437
Caroline Kok
Global Benefits Consultant - Asia Regional Leader
Caroline is a Global Benefits Consultant and Asia Regional Leader for MBWL and is based in Singapore. For more than a decade, she worked at WTW advising large multinational companies in Asia on global benefits management (GBM) and other benefits-related projects. She has successfully led significant client relationships and teams, and was the diversity, equity & inclusion (DE&I) representative for Asia at WTW.
She brings extensive client consulting experience and expertise in employee benefits, including global benefits coordination and project management, plan design and benchmarking, strategy and governance, M&A (due diligence and strategy, through post-deal implementation), and special client projects on topics such as wellbeing and DE&I.
Caroline graduated with a bachelor’s degree in Actuarial Science/Finance and has lived and worked in the US and Southeast Asia. She is fluent in English, Mandarin, Cantonese, and Malay.
Contacts
John-Paul (JP) Augeri
Managing Director and Global EB Consulting Leader, Milliman
VIEW PROFILE
Email:
johnpaul.augeri@milliman.com
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.
Isabel Coles
Head of International Consulting, MBWL International
VIEW PROFILE
Email:
isabel.coles@mbwl-int.com
Tel: +44 20 3949 5710
Isabel Coles
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.
Daniel Drolet
Senior Partner, Normandin Beaudry
VIEW PROFILE
Email:
ddrolet@normandin-beaudry.ca
Tel: +1 416 285 0251
Daniel Drolet
Senior Partner, Normandin Beaudry
Daniel is a seasoned total rewards professional with more than 30 years of experience in group benefits. He is a shareholder of Normandin Beaudry based in Toronto and is a member of the firm’s executive committee.
Daniel is a strong believer that group benefits should be designed to meet the various needs of employees while being straightforward and efficient. Cost stability and affordability for employers and employees is always on the back of Daniel’s mind; as such, he strives for innovation and creativity in the design and communication of group benefits plans. He is also a skilled communicator who enjoys being in the trenches: whether speaking to a board of directors or to a group of employees, that’s when he’s at his very best.
He has been actively involved in the development of different areas of expertise for Normandin Beaudry over the past 26 years, including disability management, health and well-being, and international mobility solutions.
Caroline Kok
Global Benefits Consultant - Asia Regional Leader
VIEW PROFILE
Email:
caroline.kok@milliman.com
Tel: +65 9010 1437
Caroline Kok
Global Benefits Consultant - Asia Regional Leader
Caroline is a Global Benefits Consultant and Asia Regional Leader for MBWL and is based in Singapore. For more than a decade, she worked at WTW advising large multinational companies in Asia on global benefits management (GBM) and other benefits-related projects. She has successfully led significant client relationships and teams, and was the diversity, equity & inclusion (DE&I) representative for Asia at WTW.
She brings extensive client consulting experience and expertise in employee benefits, including global benefits coordination and project management, plan design and benchmarking, strategy and governance, M&A (due diligence and strategy, through post-deal implementation), and special client projects on topics such as wellbeing and DE&I.
Caroline graduated with a bachelor’s degree in Actuarial Science/Finance and has lived and worked in the US and Southeast Asia. She is fluent in English, Mandarin, Cantonese, and Malay.