It’s not a secret that the global market is increasingly competitive, but your company can still attract top talent by instilling international supplemental benefits into your compensation packages. Supplemental benefits give employees increased coverage for everything from health insurance to retirement savings. These additional benefits typically cover expats who desire more than the minimum benefits in a new country, but it’s also a great way for companies to attract and retain the best talent in their new markets. We explore the various types of international supplemental benefits below.
Quality of Life International Supplemental Benefits
Attracting top talent is certainly a balancing act, especially when working with millennials. We know you’ve heard the rumors, and studied facts, about this generation that is quickly consuming the workforce, and it’s importance to pay attention. Millennials and boomers, alike, want more than a paycheck. They want to not only feel valued at work but also receive supplemental benefits that improve their quality of life. Supplemental benefits are particularly important for expats who travel more frequently and lack the security of a stable home base.
International supplemental benefits that improve an employee’s quality of life include:
- Higher wages
- Relocation benefits
- Employer-paid accommodations
- Foreign language classes
- Benefits for their families like schooling and spousal job placement
Always consider your employee’s best interests when determining which international supplemental benefits your company provides. For example, if it’s tough to find housing in your new country, consider paying for a service to help them find accommodations and offer them a monthly stipend to alleviate the costs of their new home.
Health-Related Supplemental Benefits
Many foreign countries provide employees with health insurance either through a monthly withholding or universal health care. It’s almost a guarantee that in your international market, your employees will receive essential medical benefits.
If you’re working with expats or high-quality talent, chances are these employees desire additional coverage on top of the primary insurance provided by the government. Supplemental health benefits include:
- Long-term nursing care
- Additional health coverage
- Disability insurance
- Accident insurance
For example, in Germany, employers provide supplemental benefits that for extra health care that ensures employees receive a private room during hospital stays, lower deductibles, and lower cost prescription drugs.
International Supplemental Benefits that Cover Lifestyle
There are icing on the cake benefits employers choose to provide that cover lifestyle activities such as travel. These plans ensure that employees receive assistance if they fall ill on a trip or lose their income due to a layoff or change in business performance.
Travel insurance covers a plethora of accidents that may occur during a trip including loss of baggage, cancellations, damages to rental vehicles, sickness, accidents, and death. This coverage is an excellent supplemental benefit for employees that need to travel on a regular basis.
Income protection insurance gives employees peace of mind knowing that their income is protected time allotted by their plan. If your company runs into financial trouble and has to perform layoffs or pay cuts, income protection comes into play. Also, if an employee is injured and cannot perform their responsibilities, this type of coverage helps, too.
As with all insurance plans, every option differs, and the type and amount of coverage differ. This post is simply an introduction to your options. Work with an agent to discover the best plan for your company’s employees.
Retirement Supplemental Insurance for International Employees
A significant part of an employee’s lifestyle is their life during retirement. Many employers provide supplemental benefits for retirement. A retirement-focused plan increases contributions from employers into an International Retirement Plan that helps employees save more money for their future and increases overall financial security.
If you have questions about international supplemental benefits and how to include these into your international expansion plan, consider working with one of our international consultants. Our primary goal is helping companies succeed when expanding overseas. Give us a call today!