After salary, benefits are one of the most important deciding factors when it comes to employees accepting a new role. Things like health insurance, time off, remote work allowances, and wellness perks play an important role in employee recruitment, satisfaction, and retention.
But when you’re hiring globally, this can get complicated. While a great benefits package helps you stay competitive, statutory and extended benefits differ from country to country, and keeping up with global regulations to avoid facing legal risks can be a complex and time-consuming task.
But it doesn’t have to be that way.
In this blog post, we’ve highlighted some of the biggest challenges that come along with providing team members benefits on a global scale—and some free tools that will make your life a whole lot easier.
1. Understanding country-specific benefits requirements
When hiring team members across borders, it can be near impossible to keep track of benefits around the world, especially if it’s your first time hiring in that country. It can be hard to understand what statutory benefits to offer to remain compliant, and what complementary benefits to offer to remain competitive. On top of that, there’s the matter of avoiding legal risk.
It can also be hard to find a trusted, centralized, and updated source of information that covers each countries’ local policies for employees that work from home. Because many of these regulations are new and evolving, it can be even more difficult to know what’s what.
Oyster’s Benefits Advisor equips you with a list of statutory, basic, good, and best-in-class benefits that companies in the top eight hiring locations offer—and that local benefits advisors recommend. The benefits range across health insurance, wellness and fitness perks, paid leaves, and other allowances, and come in handy when you need to act quickly to evaluate what benefits to offer a potential new hire.
2. Deciding between standardized versus localized benefits
Many People leaders may also face the challenge of setting a global benefits strategy and deciding between standardized and localized benefits. Is it better to offer the same perks worldwide, or cater to specific needs in different geographic areas?
Oyster’s Remote Work Regulations Guide is a way for People leaders to stay up-to-date on remote work regulations and standards are around the world. Having global remote work regulations at your fingertips will empower you to build your own remote work policy compliantly and competitively.
3. Keeping team members happy on a global scale
The rise of remote and distributed work has been a welcome change for businesses and team members alike, but one thing that’s proving to be a challenge is keeping employees happy and engaged on a global scale.
Without face-to-face meetings and perks of an HQ, many employers are turning to their benefits offerings to meet their team members’ unique needs.
This is another instance where Oyster’s Benefits Advisor can help. Outside of health and dental, many global employees are looking for wellness and fitness perks that will help them bring their best selves to work. Our Benefits Advisor can help you evaluate what’s best-in-class for your new hires!
Ready to become a global benefits expert?
Understanding employee benefits on a global scale is no easy feat. But with the right tools at your disposal, you’ll be able to provide the best care for your team members around the world and leave no room for your competition!
To learn more about how Oyster can help you hire, pay, and take care of your global team, get started here!
Oyster is a global employment platform designed to enable visionary HR leaders to find, hire, pay, manage, develop and take care of a thriving global workforce. It lets growing companies give valued international team members the experience they deserve, without the usual headaches and expense.
Oyster enables hiring anywhere in the world with reliable, compliant payroll, and great local benefits and perks.