Multinational companies face constant challenges as they globalize and expand their diverse and international workforce:
- Corporate governance
- Need for operational and cost efficiency/improved margins
- Increased complexity of managing employee benefits and compensation globally in a consistent manner
- Balancing central control of employee benefit programs with ensuring that benefit packages are appropriate for each locale
Aon Hewitt is helping multinational companies meet these challenges through numerous services:
International Group Benefits Brokering, Plan Design and Actuarial Work
Historically many multinationals operated in a decentralised management model. But today’s market forces and converging international accounting standards are forcing organisations to streamline their operations and take a more active role in managing employee benefits because of significant financial, legal and human capital risks.
Many companies are looking at globally purchasing benefits and multinational pooling programs as a means to cut costs, increase profitability and foster growth.
Aon Hewitt’s global network of consultants can help determine if these solutions are right for you. We can review your existing plans and benefit costs, as well as available economies of scale, and develop a global benefit strategy and process in support of your business goals. We can engage local benefits consultants to recommend market-competitive plans and then conduct local bidding and support local execution.
We have one of the largest, wholly-owned networks of worldwide offices and actively manage a benefits network in more than 100 countries to provide support and advice to clients, with the ability to deliver locally appropriate employee benefit services. This lets us provide world-class strategic advice to headquarters and satellite offices alike, while helping you implement benefits policy locally but under global corporate policy guidelines and control.
In addition to the above consulting services, we also conduct benefit audits, plan designs and provide benchmarking, financial benefits accounting and global actuarial and strategic actuarial advice.
Financing Benefit Risk
We help companies explore alternative ways to finance benefit risk. Among them are captives (ideal for large multinational companies that want to manage employee benefits costs and exposure globally), multinational pooling, vendor selection management, and global broking.
Aon brings to the table a unique combination of expertise in the field of global benefits consulting, plus local expertise in almost every market. We have the scale, scope of resources and experience to develop a globally integrated employee benefit captive solution, combining the best of Aon Hewitt, Aon Global Risk Consultants and Aon Benfield.
We have an unsurpassed geographical presence and capability along with a unique combination of expertise in:
- Global benefits consulting, including mergers and acquisitions
- Captive and regulatory consulting
- Captive management and administration
- Actuarial, tax and accounting issues
- Reinsurance and alternative risk transfer
Our proven approach and systems ensure partnering at the strategic and tactical (implementation) level, supported by improved financial management, governance and administrative processes that deliver distinctive value.
Greater Insight: a Web-based Global Benefits and Compensation Management Platform
Aon Hewitt has released its next-generation global benefits management platform, which leapfrogs other commercially available systems and offers greater flexibility and advanced analytic capabilities.
The tool, called Greater Insight, is ideal for helping companies with multiple operations analyse and manage their benefit and compensation programs’ financial and provisional data. Features and capabilities include:
- Discrete and dynamic data entry promotes accuracy of information; functionality includes radio buttons and dropdown menus for ease and control of data input
- Built-in mandatory and statutory compliance checks at the point of data entry, along with reporting on non-compliance items and regular updates on legislative changes, aids in overall compliance
- Powerful real-time analytics, including tables and graphs, help you assess the cost of programs relative to payroll, by geography and by type of program, and identify trends
- Customised side-by-side reporting across multiple geographic locations helps you benchmark programs to common practices and statutory regulations
- Over 70 standard pre-populated templates aid in data capture for all benefit programs, compensation and HR policies, with the ability to add customised templates
Together these features help you make better compensation and benefit decisions and drive:
- Fundamental understanding of the true costs of various programs and return on investment
- Real-time information improves your ability to develop cost-savings strategies, including but not limited to, multinational benefits pooling, preferred providers, other aggregate benefits funding mechanisms and modification of local plan designs in response to data analysis
- Improved consistency across countries
- Assurance that programs are in compliance with local legislation