June 30, 2023
A globally consistent strategy requires effort, knowledge and resources on the employer’s part to ensure that regardless of where in the world employees sit, they have access to the benefits they need. An employer’s development and implementation of an overarching global benefits philosophy can help provide direction toward a comprehensive strategy, which has become more important than ever. Over the past few years, the energy to learn about and solve for benefit gaps generated a collective will to prioritize consistency efforts. As a result, almost half of Global Institute members have global consistency as their top priority. Furthermore, many Business Group on Health members are in various phases of reevaluating, developing or enhancing their global philosophy into thoughtful and strategic approaches.
Before embarking on a global consistency strategy, be aware of the following key takeaways:
- Global consistency strategies vary based on company values and workforce needs.
- The process can be overwhelming and requires prioritizing what benefits, locations and financing mechanisms make sense for a company’s needs. (e.g., captives, multinational pooling, global underwriting, regional plans)
- Build a process that is sustainable–remember, it’s a marathon, not a sprint, and may take several years to accomplish specific goals.
- Leverage existing opportunities and vendor partnerships to make global consistency a reality.
This guide informs employers on key elements to consider when creating their strategy. It also explores the business case and core tenets (e.g., governance, core benefit standards, scalability, harmonization) to focus on in establishing a comprehensive approach. Finally, the guide provides guidance on how to ensure that the global consistency strategy considers ways to build a more equitable ecosystem.
More TopicsArticles & Guides Global Benefits Management Governance
IntroCreating a Globally Consistent Benefits Strategy
Part 1What Is Global Consistency, and Why Is It Important?
Part 2Harnessing Long-Term Global Consistency Opportunities
Part 3Benefits to Include in a Global Consistency Strategy
Part 4Utilizing Financing Mechanisms to Implement a Global Consistency Strategy
Part 5Prioritizing and Advancing a Globally Consistent Vision