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Benefits
Assessments |
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For
Peace of Mind |
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Global
Benefits Assessments
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- Do you know what your
total employee benefits costs are? (i.e.,
social security, premium, fees, taxes,
commissions, and losses in each country where you have
operations)
- Do you have the same
degree of control over your global employee
benefits program as you do over your domestic programs?
If you have answered no to either of these questions,
you are not alone. Studies have shown that as
many as 80% of "middle market" multinationals
do not have a solid understanding of their global and
international benefits programs. As a result, they often miss
opportunities to reduce costs and improve benefits
abroad.
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A Benefits Assessment of
your overseas operations can be a very valuable tool in today's market. But
few brokers have the experience and capability to provide a detailed analysis of
your local
benefits program in each country, nor do they conduct a detailed
comparison against local trends, customs, benchmarks and
regulations. Instead, when providing clients with
local program information, these entities typically
offer copies of local policy documents and summaries
of existing policies. This is rarely sufficient
to ensure the most appropriate and cost effective
solutions are being utilized.
Globex has the capability
to conduct a comprehensive Benefits Assessment in virtually any country
around the world.
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| What
is a Benefits Assessment? |
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It is:
- A local site visit by a
qualified employee benefits professional
- An independent assessment of
local needs, trends, customs and regulations
- A review of existing service
providers (broker, market, TPA)
- A discussion with local
management about current operations, likes and dislikes of
the current employee benefits program
- A summary of current
insurance arrangements
- Detailed benefits
observations, benchmark analysis, recommendations and
implications from a local and global standpoint
- A detailed cost analysis of
all recommendations
It is not:
- Simply a review of local
policies and coverages
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Who can
benefit from a Globex
Benefits Assessment |
- Multinationals who do not
currently know or understand their local and global
employee benefits programs or plans, and have concerns about
cost-effectiveness
- Companies who have recently
acquired or opened new operations internationally.
- Multinationals who want a
“second opinion” of their existing employee benefits
package.
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Who has
benefited from a Globex Benefits Assessment |
- Fortune
1000 company authorized Partner Broker/Globex to conduct
Benefits Assessments in two territories.
Total fee for Assessments was $31,000.
Assessment results identified numerous flaws in
program design and recommended several improvements to
bring benefits program in line with local trends, customs
and benchmarks.
Partner Broker/Globex assisted client to implement
the recommended improvements in each country, resulting in
35% reduction in employee turnover.
- Fortune
500 client (previously brokered by Aon) authorized Partner
Broker/Globex to conduct Benefits Assessment for its UK
operation. Assessment identified several areas where
plan design was in noncompliance with recent changes in
pension legislation, and provided detailed recommendations
to overcome those issues. Partner Broker/Globex
obtained permission to make all necessary changes to the
program, which ultimately resulted in cost savings of
approx. $20,000 annually.
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Request
a proposal
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Globex International's Health
& Benefits specialists are available to discuss your need
and formulate a custom proposal for your Global Benefits Assessment. You can contact us by email
or telephone at (1) 973 541 1144.
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©
Copyright 2003-5 Globex
International Group. All rights reserved. Tel.
+1-973-541-1144, Fax +1-973-541-1145 |
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