Dive Brief:

• About 7 in 10 multinational employers have established a “global minimum standard” for employee benefits, per WTW’s recently released Priorities for Employee Benefits report. For the survey, WTW tapped into 254 global employers across industries, polling respondents between September and October 2023.
• On top of that, about half of employers have an established global benefits strategy — with nearly 4 in 10 employers considering following suit.
• WTW emphasized in a statement that taking on a global benefits strategy can ensure that an employer’s goals align with current and prospective employee’s “wants and needs.”

Dive Insight:

As head count has fluctuated from 2021 to 2023 — and employers recalibrate business needs — benefits are set to change in 2024. WTW has reported that managing the cost of benefits is a “high priority,” with 68% saying it is the “top” or “high” priority over the next two years.

Still, over the next three years, 63% of employers are looking to leverage benefits for employer or company branding, per WTW. And as workers are only marginally more satisfied with their compensation, it tracks that benefits continue to hold a bigger stake in the total rewards conversation.

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