MBWL Global Benefits Forecast: What employee benefits issues are multinational organisations prioritising in 2024?
MBWL International, a leading independent consulting firm for global pensions and employee benefits advice, today released the results of its 2024 Global Benefits Forecast, which explores the top employee benefits issues that multinational organisations are prioritising for their workforce.
This year’s survey focuses on the topics of ESG, talent and growth, and employee experience. According to survey results, healthcare (61%) and flexible/hybrid working (43%) are deemed the most valuable benefits for multinational companies’ employee value propositions.
Other key findings include:
- Global benefits management and governance has become less effective and more challenging
- AI is already influencing global benefits strategy and delivery, and is expected to play a much greater role in future
- Global minimum standards are being applied across more benefit plans – flexible working and EAP are most popular
- ESG and DE&I continue to be important considerations for benefits strategies
- Cost and employee communication continue to be significant challenges
Isabel Coles, Head of International Consulting at MBWL International, says, “Global benefits leaders are facing an ever-changing set of challenges, and we see their priorities are evolving accordingly. With the right strategies and governance, we believe there is great opportunity for these leaders to add tremendous value to their organisations and employees worldwide.”
“We continue to see significant economic and political uncertainty around 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, and increasingly challenging to get right. It is incredibly important for multinationals to review their approach to global benefits management and strategy, to optimize return on investment and maximize their limited time and resources.”
Amit Bhayani, Senior Consultant at MBWL International, comments, “We recommend global benefits leaders stay attuned to today’s global and local benefits trends – including the influence of AI across benefit design, delivery, and utilisation, global minimum standards, and increased focus on providing flexible benefits/choice to employees.”
The survey received responses from 147 multinationals with employees in over 100 countries, representing 17 different industries. The full survey results are available here.
Contacts
John-Paul (JP) Augeri
Managing Director and Global EB Consulting Leader, Milliman
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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.
Amit Bhayani
Senior Consultant, MBWL International
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Email:
amit.bhayani@mbwl-int.com
Tel: +44 20 3949 5712
Amit Bhayani
Senior Consultant, MBWL International
Amit is a senior consultant on the MBWL global employee benefits team, playing a key role in MBWL’s efforts worldwide, and is based in the UK. He has extensive expertise and experience in global benefits management and consulting, strategic projects across wellbeing and DE&I, and leading large global relationships and M&A.
Prior to joining MBWL, Amit worked for a global payroll tech startup as a Head of Global Benefits. He also worked for Willis Towers Watson (WTW) as a Director of Global Services & Solutions in the UK.
His experience includes global benefits management and coordination, global retirement management, leading large multi-county benchmarking projects, leading global Diversity, Equity and Inclusion (DE&I) benefit reviews, coordination of large global cross-function projects, and supporting growing clients with expansion into new markets.
Amit has lived and worked in the UK and US. He received his BA in Business Finance from the University of Westminster, London.