June 2024
Normandin Beaudry Provides Canadian Insights Following International Benefits Survey
Toronto, Ontario and Montréal, Québec – Normandin Beaudry, a leader in actuarial and total rewards consulting services, today issued Canadian insights following MBWL International’s release of its 2024 Global Benefits Forecast survey. Normandin Beaudry is a joint venture partner in MBWL International and is responsible for actively supporting this initiative in Canada to determine top priorities related to benefits across the country. The global survey included participation from 147 multinationals with employees in over 100 countries, representing 17 industries worldwide.
This year’s survey shows that flexibility continues to be an important benefit strategy consideration. Three-quarters of Canadian organizations either offer or are keen to offer benefits choice or flexible benefits. This is a notable difference to the global results indicating that only two-thirds of respondents expressed the same objective.
- Communication is the number one challenge to successful employee benefits engagement although several other issues are equally important to overcome.
- Global benefits management and governance has become less effective and more challenging.
- Age/generational considerations and equity across job grades remain top DEI areas of focus.
- Flexible/hybrid working and healthcare/medical remain top benefits for both employees and employers worldwide.
- Two-thirds of organizations either offer or are keen to offer benefits choice or flexible benefits.
- ESG and DEI continue to be important considerations for benefits strategies.
- Costs are again the most significant barrier to implementation of benefits globally.
- Global minimum standards are widely applied – flexible working and EAP are the most popular.
- AI is coming.
Daniel Drolet, Senior Partner, Group Benefits at Normandin Beaudry stated: “Global benefits leaders are facing an ever-changing set of challenges, and their priorities are evolving accordingly. With the right strategies and governance, they have a tremendous opportunity for these leaders to add tremendous value to their organisations and employees worldwide.”
“We continue to see significant economic and political uncertainty around the world,” says John-Paul Augeri, Managing Director and Global EB Consulting Leader at Milliman. “Employee benefits remain critical to the employee value proposition worldwide, and increasingly challenging to get right. It is incredibly important for multinationals to review their approach to global benefits management and strategy, to optimize return on investment and maximize their limited time and resources.”
The full survey results are available here.
About Normandin Beaudry
Founded in 1992, Normandin Beaudry is a leader in actuarial and total rewards consulting services. From its offices in Montreal, Toronto, and Quebec City, close to 350 employees serve clients across Canada in eight areas of expertise: Pension and Savings, Pension Plan Administration, Investment Consulting, Group Benefits, Compensation, Health, Performance, and Communication. In 2023, Normandin Beaudry expanded its consulting reach with a new global joint venture, joining MBWL International as an equal and independent partner.
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Zenergy Communications