Benefits packages must reflect company diversity and represent brand
Working culture at multinational companies around the world is changing, many of these changes were starting to come into evidence long before the global pandemic hit and caused major disruption.
Further changes are coming very soon in the form of new hybrid working models and there is a strong expectation that this will subsequently result in a shift in hiring policies. This shift in hiring policy may very well be accompanied by further analysis on the available compensation and benefits package is in place at an organization.
Companies are likely to look further afield when hiring new candidates-with location no longer being a key priority for many organizations, this is about talent acquisition and getting the right candidate for a specific role.
Overseas candidates and remote workers may well be used do a different kind of compensation and benefits package. It is also the case that changes might be needed for a generally more culturally diverse workforce.
In this article, we will examine the reason why benefits packages must reflect diversity in the workplace and also represent brand values. Such an approach will likely be an asset in the war for talent, and companies need to stand out from the crowd in terms of what they can offer potential candidates who may be interested in joining.
Brand and values
Achieving workplace diversity is a choice- leadership teams are not obligated to pursue it, but there are strong indications that a globally and culturally diverse organization is also a more proactive and innovative one. The benefits of diversity in the work environment also include employee engagement, feelings of inclusivity, sense of belonging and different perspectives for problem-solving
The more people you have in an organization from diverse ethnic and cultural backgrounds, the more room there is to share new ideas, create new ways of working and innovate. A lot of companies will state openly that people are their greatest asset, so many need to backup this company value and brand conviction, with a hiring policy that aligns to this position.
To do this effectively, there may be a need to tweak and diversify the benefits packages designed to attract different people from different backgrounds. Working parents may value benefits that relate to childcare or additional time off. A younger generation of diverse teams or millennials may value benefits that relate to fitness, gym membership and other well-being related perks. A company needs to develop a plan that aligns with their brand and values in a convincing way and then follows through with a varied, flexible and ideally, customizable benefits packages that appeal to a broad range of demographics and people from different ethnic & cultural backgrounds.
Understand your workforce
Now that hiring policies are much more open to remote workers, it will prove helpful in the employee onboarding experience, to understand a little bit more about the country or continent they come from and what kind of expectations they might have in terms of work environment or benefits packages.
There may be some interesting benefits that might be unique to a specific continent for example South America or Africa. It would be beneficial for HR professionals to reach out to any contacts they have on these continents and get a better understanding of what employees who work there, are used to receiving.
Anything that helps new employees with diverse backgrounds, even if they’re onboarded remotely, feel welcome, included and part of an organization that recognizes their culture and ethnicity will likely translate into measurable productivity and creativity from a satisfied employee.
The information is out there, and it won’t be difficult to get-those HR teams who go the extra mile and make this relatively straightforward effort, will likely be rewarded for it. If a unique benefit can be added with little difficulty to an existing internal benefits program, then the retention value will likely be worth it in the long term.
The research will also enable HR professionals to treat new employees from different backgrounds like they are individuals and avoid falling into assumptions about who they are and what they might like.
Recognize care giving more
Prior to the onset of the pandemic, many employees, regardless of their ethnic background considered caregiving to a person either younger or older than them to be a personal responsibility. This is something that is simply a part of people’s lives, and there is a need for global employers to recognize it more and also provide additional flexibility, which is something that can be very much valued by employees.
HR teams everywhere must recognize that a remote employee is most likely working and living in the same building-and there is always a possibility that this person has caregiving responsibilities to juggle alongside daily work responsibilities. This is not an easy balance to maintain, and some workers do feel like their employer is often not even aware but the difficulties they face.
More awareness and recognition are needed on this sensitive topic as there can be consequences to ignoring it- for example, a fully qualified candidate may choose not to apply for an internal role or promotion because they feel they have too many responsibilities to juggle, and are unable to commit fully to a new role.
In this case, the employee is losing out on an opportunity and the global employer is losing out on the expertise and experience of a qualified candidate. Expanding on or providing flexibility on current paid leave policies may be considered highly valuable to specific employees when considering their personal circumstances.
All of this raises the question around medical benefits also-are companies today fully satisfied that the medical benefits they can offer are fully relevant to all of their employees and reflective of any diversity, equality and inclusion policy in place. It is an important consideration and HR departments should expect a lot more movement and activity in this space in the coming years.
Design with flexibility
The culture of work is changing, hiring policies are changing, benefits and compensation packages are evolving all the time to help global employers become more competitive and new legislation around working practices can be expected from local and government authorities.
This is a lot of moving parts, bringing additional administrative burden and pressure to human resources professionals at multinationals. There is a requirement for a flexible and adaptable global payroll technology stack to ensure that whatever benefits and compensation packages are decided upon for an inclusive environment, can actually be delivered in an efficient manner.
The Payslip Global Payroll control platform is designed to help global employers make the shift from traditional and standard pay and compensation structures over to a more personalized compensation package. It enables global employers to design the compensation and benefits packages they need to attract the best talent globally-whether that be in office or remote workers. It also enables them to reflect any gender diversity and inclusivity values in their benefits packages.
The employee self-service portal on the platform also enables any employee regardless of location to access their personal, pay and compensation data from their preferred device. On Payslip, global employers are in a far stronger position to tailor compensation packages to their specific recruitment needs and empower their geo dispersed multi-country workforce with self-service access to their own data.
For information on the Payslip Platform contact us today.
Subscribe to our Blog
Using Payslip, we can manage all our payrolls across nine in-country vendors on one platform. When the global Covid-19 pandemic arose, it was not an issue from a payroll perspective, and critically getting everyone paid. The Payslip platform enabled continuity for our international payroll service including the fast and seamless implementation of the Payslip Employment Self Service during this time.
Payroll Manager, LogMeIn
Payslip as a technology platform has added a missing piece in our payroll set-up. As an international company with offices in 16 countries, it’s important to us that every employee at GetYourGuide has the same great experience when accessing their pay data.
At the same time, we work well with smaller local payroll providers, supporting us with direct local expertise in their countries. We were able to combine those two elements by placing the Payslip platform in the middle, to simplify reporting and communication with local providers, and to have one simple employee-facing solution across all locations.
Head of HR, GetYourGuide
With business and employee growth rates of above 50%, we rely on our vendors to deliver on time, every time. Payslip’s workflow automation, enables Phorest to manage our payroll provider process – data driven, real time and transparent. Payslip saves us time so we can focus on our business growth.
International Payroll Manager, Phorest
Payslip positions your team for success, and allows you to onboard hundreds of people when you need them very quickly and efficiently, in the same way for each country. The uniformed approach empowered our payroll teams to keep pace with our business.
Payslip also made our payroll process entirely transparent, which is invaluable to our payroll teams as we continue to grow and scale at such a rapid pace.
HR Systems Lead, Wave