Investigation of Worldwide Representative Advantages Patterns.


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The Employee Benefits Advantage: Leveraging a Global Perspective ... Controlling wellbeing and welfare advantages expenses; expanding representative profitability ...
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Investigation of International Employee Benefits Trends

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DIVERSE ECONOMIES AND DEMOGRAPHICS GDP POPULATION MEDIAN AGE (YEARS) LIFE EXPECTANCY AT BIRTH (YEARS) INDIA 1.1 billion 23.8 $ 4.2 trillion 63.5 MEXICO 25.6 $ 1.2 trillion 107.0 million 75.4 80.6 $681 billion 36.7 20.2 million AUSTRALIA UNITED KINGDOM 78.9 38.9 59.7 million $ 2.1 trillion UNITED STATES 299.0 million $ 13.2 trillion 36.0 77.7 GDP = Purchasing power equality in worldwide dollars, 2006. Every other figure starting 2005. Source: World Bank (GDP and future), World Health Organization (populace), United Nations (middle age). The Employee Benefits Advantage: Leveraging a Global Perspective Benefits rehearses shift essentially from nation to nation taking into account government social projects, size and intensity of work markets, and national society and convention.

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Aging populace Longevity New family progression Pressure on standardized savings and social insurance frameworks Retirement concerns Work life equalization Work power relocation Spending power Healthier ways of life Improved medicinal services Decline in birthrates Business extension Employee open doors New rivalry Rapid development The Employee Benefits Advantage: Leveraging a Global Perspective Using history as an aide, we realize that monetary advancement in individual nations has a tendency to take after a well known example. MORE DEVELOPED LESS DEVELOPED Overview

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The Employee Benefits Advantage: Leveraging a Global Perspective In both creating and created markets, boundless populaces are underinsured and caught off guard for retirement. India 55% of workers reviewed have not evaluated wage needs in the event of incapacity 20% have made any retirement arranging strides Mexico 62% of representatives overviewed have not found a way to decide their family\'s disaster protection needs 19% have made retirement arranging strides Australia 58% have not made strides decide their family\'s life coverage needs 43% have made retirement arranging strides U.K. 22% of representatives studied have not found a way to decide their family\'s extra security needs 70% have found a way to decide their requirements for retirement wage Overview

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TOP THREE FINANCIAL CONCERNS AND WORK/LIFE GOALS OF EMPLOYEES #1 #2 #3 Enough cash to live on INDIA Job security Health protection Paying bills amid sudden salary misfortune MEXICO Job security Health protection Enough cash to live on Paying bills amid sudden pay misfortune Job security AUSTRALIA UNITED KINGDOM Enough cash to live on More time to go through with family Job security Paying bills amid sudden wage misfortune UNITED STATES Enough cash to live on Health protection The Employee Benefits Advantage: Leveraging a Global Perspective Employees reviewed in these nations refer to having enough cash to live on and paying bills after a sudden pay misfortune among their top money related concerns. For representatives studied in the U.S., India and Mexico, medical coverage is likewise among the main three monetary concerns.

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MOST IMPORTANT BENEFITS OBJECTIVES CITED BY EMPLOYERS OFFERING BENEFITS #1 #2 #3 Controlling wellbeing and welfare benefits costs; expanding representative efficiency Helping representatives settle on better money related choices Addressing a greater amount of workers\' diverse needs INDIA Increasing worker profitability Increasing representative occupation fulfillment Controlling wellbeing and welfare advantage costs MEXICO Increasing representative occupation fulfillment Increasing worker profitability AUSTRALIA Retaining representatives UNITED KINGDOM Attracting employees Increasing representative occupation fulfillment Retaining representatives UNITED STATES Increasing representative profitability Controlling costs Retaining representatives The Employee Benefits Advantage: Leveraging a Global Perspective Employers have a chance to discover better methods for pulling in and holding great specialists in a tight work market. In the profoundly created markets of the U.K. also, Australia, "holding workers" is named most habitually by managers as an advantages objective. Review

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The Employee Benefits Advantage: Leveraging a Global Perspective An arrangement of normal difficulties confronts bosses in the nations studied, including: Recruiting and holding the best representatives Increasing profitability of workers Managing the expenses of advantages Employees\' requirement for monetary arranging Employees\' requirement for money related security The lessening part of the state in wellbeing and social welfare programs Overview

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The Employee Benefits Advantage: Leveraging a Global Perspective Solutions to these difficulties might be found by utilizing a more worldwide point of view and applying it to every nation\'s one of a kind arrangement of circumstances. Address worldwide patterns and best practices Country-particular information and investigation will show the sorts of nearby qualifications Domestic organizations can pick up a more worldwide point of view Overview

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MARKET PROFILE 3 rd biggest worldwide economy 3 GDP over $4.2 trillion 4 Annual national pay for every capita: $820 5 Rapidly developing economy, yet neediness is pervasive 6 Heavily horticultural (18% of GDP), yet quickly industrializing 7 Working age populace (ages 15-64) anticipated that would bounce from 704 million in 2005 to 1.0 billion in 2030 8 Median age: 23.8 years 9 Life hope during childbirth: 63.5 10 India – Profile

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Retirement advantages are ruled by a legislature commanded business advantage called the Gratuity, by which each worker, after leaving his or her manager after over five years of administration, gathers 15 days of compensation for every year of administration. 11 Workers may likewise put something aside for retirement with a duty favored vehicle called a Public Provident Fund, to which a few bosses additionally contribute. The life coverage business sector is overwhelmed by the administration claimed Life Insurance Corporation of India (LIC), yet private back up plans are entering the Indian business sector. Another administrative body, the Pension Fund Regulatory and Development Authority, is required to prepare for more advanced monetary items. BENEFITS AT A GLANCE India – Profile

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TOP THREE FINANCIAL CONCERNS AND WORK/LIFE GOALS OF EMPLOYEES INDIA: MOST IMPORTANT BENEFITS OBJECTIVES CITED BY EMPLOYERS THAT OFFER BENEFITS CONTROLLING HEALTH AND WELFARE BENEFIT COSTS 96% INCREASING EMPLOYEE PRODUCTIVITY 96% HELPING EMPLOYEES MAKE BETTER FINANCIAL DECISIONS 90% ADDRESSING DIFFERENT ENEEDS OF EMPLOYEES 89% INCREASING EMPLOYEE JOB SATISFACTION 88% REDUCING HUMAN RESOURCES ADMINISTRATIVE COSTS 88% ATTRACTING EMPLOYEES 87% RETAINING EMPLOYEES 84% Percentages have been adjusted to the closest entire number India – Employer Perspective Indian businesses studied spot controlling expenses and expanding representative profitability as more critical advantages destinations than pulling in and holding capable specialists which is not really an amazing finding in a nation with a colossal work surplus and a growing populace. Outline

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India – Employee Perspective Employees say that in spite of their requirement for retirement items and protection, such advantages are not a main consideration in their job choices. However any present uncertainty about manager advantages might be more owing to an absence of representative training about the estimation of different advantages items than to an absence of need. Almost half (48%) of Indian representatives studied whose businesses don\'t offer advantages would be occupied with acquiring retirement arranging items through their manager, regardless of the fact that they needed to pay 100% of the expense. 51% of Indian workers at present lacking manager gave benefits say they would be keen on buying term life coverage through their boss, regardless of the possibility that they needed to pay 100% of the expense.

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TOP THREE FINANCIAL CONCERNS AND WORK/LIFE GOALS OF EMPLOYEES INDIA: EMPLOYEES\' TOP CONCERNS ABOUT FINANCIAL SECURITY APPROPRIATE HEALTH INSURANCE 82% 81% JOB SECURITY 80% ENOUGH MONEY TO LIVE ON ENOUGH MONEY FOR CHILDREN\'S EDUCATION 79% ENOUGH MONEY TO PAY BILLS DURING SUDDEN INCOME LOSS 79% RESOURCES AND TIME TO CARE FOR AGING PARENTS OR RELATIVES 79% BEING ABLE TO AFFORD QUALITY CHILD CARE 76% ENOUGH MONEY TO BUY A HOME 73% MORE TIME TO SPEND WITH FAMILY 73% ENOUGH MONEY SO ONE PARENT CAN STAY HOME WITH CHILDREN 71% Percentages have been adjusted to the closest entire number India – Employee Perspective When it comes to stresses over retirement issues, a top monetary worry among Indian specialists studied is having enough cash to deal with elderly parent or in-laws. Review India Australia U.K. Study Methodology

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Indian businesses respect controlling expenses and expanding representative efficiency as more vital advantages destinations than pulling in and holding capable laborers. Regardless of the nation\'s work overflow, advantages are seen by managers in certain administration part ventures – or in zones in which multinational outsourcing business has increased interest for work—as an approach to fulfill very talented without driving up wages: Benefits Strategies for Tomorrow, Today Companies offering wellbeing and disaster protection give two money related arrangements that are sought after. Retirement arranging items can give bosses a long haul key choice for meeting benefits objectives. Businesses can work with suppliers of money related items to instruct representatives on how advantages can enhance their budgetary security and personal satisfaction. Offering willful advantages is an approach to build the estimation of advantages offerings without expanding costs. India - Conclusions

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MARKET PROFILE 12 rd biggest worldwide economy 21 GDP of $1.2 trillion 22 Annual national wage for every capita: $7,870 23 Rapidly developing economy, the "casual" economy has a sizeable nearness Mix of cutting edge and old fashioned ventures; GDP: 70% administrations, 26% industry, 4% agribusiness 24 Working age populace (ages 15-64) anticipated that would hop from 66.1 million in 2005 to 86.4 billion in 2030 25 Median age: 25.6 years 26 Life hope during childbirth: 75.4 years

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