Mumbai: More than one-third (34%) of Asia Pacific multinationals are in the later stages of developing their global benefit strategies, an increase from 24% two years ago, according to research by leading global professional services company Willis Towers Watson (NASDAQ: WLTW).
Findings from the company’s latest Current and Emerging Global Benefit Themes research also shows that over three-quarters (79%) of global or regional reward managers of Asia-headquartered multinationals claim they are under pressure to do more with less and half think that cost pressures will be worse in 2016 than in 2015.
This lack of resources is leading to frustration among managers as almost six in 10 (57%) feel that a need to focus on day-to-day activity is hampering the strategic effort they could be making to help drive value from their company’s employee benefit and other reward programmes around the world.
“It’s heartening to see that, despite budgets continuing to be constrained, global and regional reward managers are finding ways to continue the development of their programmes,” said Steven Yu, a senior leader of Willis Towers Watson’s multinational practice in Asia Pacific. “Asian multinationals that make resource management a priority may be better equipped to balance the realities of day-to-day management with the long-term essential business need to foster employees. By doing this, companies can make the journey to more effective global management of employee benefit and other reward programmes quicker and easier.”
Asia Pacific employers are making steady progress to define and expand focus
Despite the difficulties identified, the research suggests there is optimism about how multinationals are developing their global approach to benefits programmes around the world. Seven in 10 Asian multinationals claim that involvement of global or regional headquarters in employee benefits is increasing, while 48% believe there is now a meaningful link between the role of employee benefits and the company’s employee value proposition and values.
