Unifying international employee benefits: how using a broker makes better sense
A challenge facing many businesses with multiple global operations is managing the benefits of their staff. In an age where salaries alone are no longer sufficient to attract the high calibre talent companies look for to drive their success further, juggling international employee benefits can be a tough task. Still, the lure of emerging markets continues to draw many businesses to set up regional sites around the world. This week, Pacific Prime will discuss why having a broker coordinate and unifying your employee benefits globally can not only save you time and money, but provide your business with unparalleled support to do what you’re in the business of doing.
Common challenges faced by companies with multiple global offices
According to the UK-based industry news site, Employee Benefits, the top five global benefits strategy challenges in 2015 were:
- A lack of understanding of the value of the total reward a plan offers employees (57%)
- High levels of benefits administration (51%)
- Challenges with reporting globally on total reward costs (41%)
- Difficulty demonstrating the return on investment to key stakeholders (35%)
- Low levels of employee engagement and poor communication of benefits (30%)
In our experience, many clients find themselves frustrated with one or many of the above challenges. Most Human Resources departments lack someone who specializes in international employee benefits, leaving businesses to rely heavily on the information and analysis of the benefits provider they’re paying. As such, a significant factor for many global businesses can also be: Are we getting the best advice?
How using an independent broker can support your international employee benefits strategy
Part of what makes Pacific Prime such an effective corporate insurance partner is in our global presence, and complete independence from the insurers we offer solutions from. We’ve built our business this way on purpose; to ensure that any and all insurance-related challenges your global business might face can be serviced and supported by our advisors. Here’s what makes the Pacific Prime advantage the choice of many corporates around the world:
A single, dedicated point-of-contact for global management and regional offices
When your company has a headquarters in your home country, e.g., the United States, and offices throughout Asia and the Middle East, coordinating international employee benefits can be a full-time job and then some. You might find yourself dealing with separate insurers and providers across different countries or regions of your business, whilst some might find themselves backed into a corner by choosing a broker that guides you to providing employee benefits from the same provider worldwide.
The benefits to using Pacific Prime means that we’ll offer you the best plans from the most appropriate insurers in each country or region your offices are located, but establish ourselves as the main point of contact for your entire organization. For example, your Hong Kong HQ can discuss your global benefits strategy with our Hong Kong office, while your office in China is serviced by one of our two Chinese locations. Expanding to the Middle East? Let our teams in Dubai do the groundwork to ensure that your employee benefits for your new office are ready to go.
An industry independent with established working relationships with most global brands
We’ve been building relationships and partnerships in the insurance industry for almost 20 years, and have been recognized for our hard work a number of times over. We’re one of Bupa’s biggest distributors of private international medical insurance plans around the globe, winning the Bupa Innovative Excellence Award in 2016. Despite being one of the highest sellers of Bupa plans, the insurer only makes up 20% of our total business. Pacific Prime boasts a close working relationship with many of the world’s top brands, including Aetna, AXA, Cigna, and William Russell.
How can this benefit your company? We can leverage our reputation and relationships to ensure that your offices, wherever they are, are getting the coverage and benefits that they need – and we’re not beholden to ensuring you stay with any particular insurer. In addition, our good standing means you and your employees can benefit from dedicated staff within the major insurers whose sole role is to support Pacific Prime clients. Let us negotiate a better premium price for your company, without a loss of coverage or outstanding service.
Centralized administrative support, regardless of the number insurers you engage
Key to delivering more than your average broker is our commitment to simplifying insurance – including your administrative requirements across the globe. With our 7 offices worldwide, all located in key expat business locations, our teams of Sales, Claims, and Renewal staff are available wherever you need us. Forget about having to remember multiple different contacts for your offices in Europe, the Americas, and Asia; a dedicated account manager will be supported by administrative staff and ensure that your insurance-related correspondence is streamlined.
Multijurisdictional compliance expertise
Governments are constantly changing the rules and regulations related to healthcare and insurance coverage; Dubai recently introduced mandatory health insurance coverage for anyone entering its borders, whilst company insurance requirements will differ between offices located in Singapore, China, and Hong Kong. To reduce the risk of being liable for non-compliance penalties, or even having your business temporarily suspended, engaging an expert on multijurisdictional compliance, like Pacific Prime, is hugely important.
In fact, Pacific Prime recently became a member of one of the worlds biggest group of brokers and intermediaries, the Worldwide Broker Network (WBN), giving us access to a wealth of international knowledge, a network of expert peers, and the ability to be updated instantly of any and all regulation changes that might affect your business and staff in global offices. We’ll work with you to ensure that any changes in legislation are met by your plan, or work with you to secure the coverage needed to meet compliance.
Unparalleled support for both benefits and your overall business needs
Providing international employee benefits is only part of the job, ensuring understanding and engagement is another. Pacific Prime seeks to support its clients completely, through offering orientation and information sessions related to your benefits plans; and we can draw upon our own global offices to deliver them. We also help develop communication strategies to ensure any new offerings or changes to benefits are communicated adequately, meaning your HR staff can worry less about staff issues related to their employee packages.
Your senior management and decision makers can also take advantage of our expert analysis and advice related to benefits plan performance, global experience with coordinating benefits, and industry knowledge to ensure that your package meets with current industry and talent expectations. We’ll also help out where we can to ensure that any premium costs meet global and regional budgeting requirements, and can take a whole of company approach to finding the financial solutions your business needs.
Structure your international employee benefits better with Pacific Prime
Organizing your benefits across multiple locations can be made simple and smarter by using an expert, independent broker like Pacific Prime. Our services have been honed and developed over the past two decades to ensure that we can offer a fully comprehensive solution that allows you to manage your regional needs effectively, whilst maintaining a broader, global oversight. Arrange a meeting with our consultants who can outline exactly how a relationship with Pacific Prime can benefit your company and staff today.
Call us now to find a better international employee benefits solution!