Mercer Marsh Benefits provides clients with a single source for managing the costs, people risks and complexities of employee benefits. The network is a combination of Mercer and Marsh local offices around the world, plus country correspondents who have been selected based on specific criteria. Our benefits experts, located in 135 countries and servicing clients in more than 150 countries, are deeply knowledgeable about their local markets. Through our locally established businesses, we have a unique common platform that allows us to serve clients with global consistency and locally unique solutions.
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This summary report highlights the results of the Mercer Marsh Benefits (MMB) 2015/2016 Benefits Under the Lens Survey, a look inside the current practices of companies across Asia. The full report covers responses from 654 organizations across 12 countries, along with MMB’s recommendations for how you can truly get the most out of your employee benefits programs.
MMB believes that a best-practice employee benefits strategy holistically integrates four key pillars, explained below.
The Four Pillars of a Successful Employee Benefits Strategy
Executive Summary
The survey found forward-thinking employers are looking for ways to differentiate themselves to gain a competitive advantage in the war for talent. MMB works with such organizations to shift the emphasis from affordability (where most employers focus their energy) to managing benefits across these four pillars.
This year, our survey took a close look at employee benefits “under the lens” by asking:
• What roles do benefits play within organizations?
• What are employers focusing on to achieve the desired outcomes?
• What is the result of these efforts? What are the “missing links”?
• What can employers do to bridge the gaps to improve the value of their benefits?
Adaptability, Sustainability
and Affordability
Meet the changing needs of your
workforce in Asia’s fast-
paced economy and dynamic environment
Differentiation and Innovation
Use benefits to attract and
retain talent
Analytics and Metrics
Use available data to design programs
that are right for your workforce
Branding and Communication
Ensure that employees
appreciate the value of their
benefits
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Benefits are important
Aging workforce
61% of employers state benefits are very important and receive full management support as part of total rewards strategy, yet 70% have difficulty defining benefits strategy that resonates with employees
37% of employers note their workforce is aging, yet communication of benefits is not tailored or targeted to changing workforce needs
Ineffective approach
Disconnect in perception
96% of employers collect data, but only 45% are using these data
53% of employers communicate their benefits programs to employees only once a year
89% of HR departments plan their benefits programs without a defined strategy or road map
65% of employers said benefits supported business goals, but only 12% said employees appreciate benefits
No data leveraging
Lack of employee awareness
Lack of strategic road map
85% of HR departments rely on market benchmarking data to design their benefits programs
Key Findings
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As shown above, the survey revealed a few gaps (or missing links) that suggest current benefits programs are not achieving what employers and employees are hoping for.
Most employers today are focused on benchmarking, negotiation and remarketing, but managing a successful employee benefits program requires so much more. Employers must understand the needs and challenges of today, but, more importantly, they must be able to anticipate their organization’s workforce trends, changing business objectives, competitive landscape and evolving regulatory requirements. They also need to be aware that any changes made today will have a significant impact on the future — the challenges that HR faces today are often the unintended consequences of actions taken yesterday.
Three Key Findings From the Survey Data
HR needs to shift its focus from a traditional
and tactical approach to a more goal-oriented
strategy that spans the four pillars
HR owns most of the missing links
Establishing a clear road map by leveraging available data is
a good starting point
Navigating without a road map
Having little to no awareness of benefits
Not leveraging the right data
What Are the Missing Links?
Traditional and Tactical Approach
Our survey holds a microscope over the practices employers are using today, identifies the missing links and their potential impacts and suggests measures that employers should consider to bridge the gaps and create a winning employee benefits strategy.
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For further information, please contact your local Mercer Marsh Benefits office or visit our website at: www.benefits-under-the-lens.com
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IMPORTANT NOTICE: This document does not constitute or form part of any offer or solicitation or invitation to sell by either Marsh or Mercer to provide any regulated services or products in any country in which either Marsh or Mercer has not been authorized or licensed to provide suchregulated services or products. You accept this brochure on the understanding that it does not form the basis of any contract. The availability, nature and provider of any services or products, as described herein, and applicable terms and conditions may therefore vary in certain countries as a result of applicable legal and regulatory restrictions and requirements. Please consult your Marsh or Mercer consultants regarding any restrictions that may be applicable to the ability of Marsh or Mercer to provide regulated services or products to you in your country.
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