With many global organisations expecting to grow their global workforce in the coming years, new research from international health insurer Bupa Global
reveals that businesses are adapting their approach to international health and wellbeing employee benefits.
- Over half (52%) of HR Directors report rising demand from employees overseas for IPMI over the past five years
- A third (32%) of employers expect their global workforce to increase over the next five years
- A third (32%) of HR directors with a global workforce have improved employee health and wellbeing benefits over the last decade
Bupa Global carried out two extensive pieces of research with 1501 HR Directors and 1,851 globally mobile employees to understand what businesses are experiencing when it comes to the changing requirements and demand for international health and wellbeing benefits.
The research shows that a third of HR directors (32%) expect their global workforce to increase over the coming five years, with employees most likely to travel to Europe (80%) and North America (53%), followed by Asia (44%), and the Middle East (35%).
Correspondingly, there has been increased demand in the quality and quantity of health and wellbeing benefits by those who work regularly overseas. Half (52%) of HR directors report a rising demand from these employees for international private medical insurance over the past five years. A third (32%) of HR directors have also had to improve the quality of health and wellbeing benefits offered to globally mobile staff over the last decade.
International private medical insurance and flexible working hours are among employees’ most desired benefits, with a quarter (25%) of staff expecting more from their employer in these areas than they did five years ago.
Sheldon Kenton, Managing Director of Bupa Global, commented: “The fact that more and more employees are becoming globally mobile means that international private medical insurance is something of a non-negotiable for businesses. Companies are waking up to the fact that health and wellbeing benefits can be a real differentiator when it comes to recruitment and retention. And they can meet this demand by partnering with an insurer which has a network of world class facilities, giving them access to the right care at the right time and place.”
The research also shows that it is even more crucial that adequate health cover is in place as people progress in their career, with mental health becoming an increasing workplace concern as people climb the career ladder. When asked what health and wellbeing issues employees are likely to face as they become more senior within an organisation, HR directors listed increased stress (39%), depression (36%) and anxiety (33%) as the biggest concerns.
Despite the increasing demands and expectations, the research also highlights that there is still confusion amongst employers on the benefits that IPMI can bring. Of those who don’t provide any IPMI at all to their employees, almost half (44%) say they weren’t familiar enough with the options and requirements.
The main reasons for employers providing health cover to staff is recruitment and retention, followed by actively wanting to look after employee health and wellbeing. 79% of HR directors said providing private medical insurance is an important differentiator versus their competitors.