Contractors — 20 min
The growth of international hiring has been one of the most notable trends in the future of work. Since the normalization of remote work in 2020, many businesses have realized the benefits of hiring from anywhere.
In a new study of more than 2,500 company decision makers and employees, Remote has found that over half of decision makers expect their teams to become more geographically distributed over the next five years. However, one thing has not kept up with this rate of change — employee benefits. And employers are losing out on top talent as a result.
Remote’s new report on global benefits offers industry-leading insights on what employees want and need in key markets.
Remote work is here to stay, and flexibility is key.
Benefits and perks are major drivers for top talent when deciding between job offers.
International workers expect benefits that are relevant to their country or city.
Employee benefits are even more important during challenging economic times.
Today, Remote has released its Global Benefits Report for 2022, sharing a wide-ranging look at employee benefits in the future of work. We surveyed 2,500+ employees and decision makers in five markets covering a range of geographies and labor markets: Brazil, Eastern Europe (including Czechia, Poland, Romania, Slovakia), India, the United Kingdom, and the United States, placing quotas on company size, gender, and work setup for on-site, hybrid, and fully remote companies and employees. Our market selection includes a diverse cross-section of global hiring and working environments. Each market represents a unique archetype in the global and remote work landscapes.
In this report, Remote looks at benefits as an underestimated superpower for employers and an area where many may not realize they are lagging behind. While almost all (90%) of company decision makers believe that their employees are satisfied with their benefits, less than three-fourths of employees indicate they are actually satisfied. In addition, 77% of employees state that they have experienced challenges with the benefits and perks offered by their companies.
This is more than just a misalignment in perception. As the Global Benefits Report shows, the impact of not offering the right benefits can be debilitating for companies looking to scale. A massive 60% of employees say they have chosen one job over another because it offered a better benefits package. Additionally, over one-third (35%) of global employees state that they have turned down or left a job due to issues or concerns with the benefits offered, indicating that company leaders need to take a closer look at their benefits offerings and reevaluate the needs of their workforce in order to attract and retain the best talent.
But what do employees want? For remote and hybrid workers in particular, flexibility is the key. In fact, the majority of these employees (57%) rank flexibility as even more important than their compensation. While employees should never have to sacrifice fair compensation for flexibility, these findings drive home just how important the benefit of flexibility is for workers who could do their jobs from anywhere. Decision makers at many companies are responding to this global desire for flexible work by using it to improve retention, to gain access to new markets, and to respond to their employee’s requests and needs.
Other essential benefits vary by market. Sick leave, paid holidays, and health insurance are among the core essential benefits around the world. When looking at secondary essential benefits, over half of Eastern European (56%) and Indian (65%) workers look for awards and incentives, while in Brazil, parental leave is the most important secondary essential benefit (desired by 72% of employees). These nuances cannot be ignored, particularly with a majority of employees (67%) stating they expect their benefits to be comparable to those of other professionals in their country or city.
By providing employees with benefits that give them the security and confidence they need to thrive, employers set the foundation for better companies and teams. By offering benefits packages that fit the needs of employees in different markets globally, businesses can create a major competitive advantage in the future of work.
-Marcelo Lebre, Co-Founder of Remote
Remote’s report also demonstrates that when economic challenges arise, benefits become more important than ever. An overwhelming 88% of employees say having good benefits that cover their fundamental needs becomes even more important when money is tight. Additionally, 79% agree that if a company needs to freeze salaries due to a difficult economic climate, offering a good benefits package can still set it apart as an appealing place to work. This shows that benefits can help maintain positive relationships between team members and their employers and allow businesses to continue to scale even in the face of financial uncertainty.
An understanding of emerging benefits trends globally.
A view of essential benefits globally and by region.
Insights into the benefits seen as “emerging” or “innovative” globally and regionally.
Knowledge of what benefits to consider for progressing toward DEI goals (for women and workers across generations).
Remote empowers companies of all sizes to pay and manage full-time and contract workers around the world. We take care of international payroll, benefits, taxes, stock options, and compliance in dozens of countries. Our people are on the ground on every continent, building culturally aware employment packages that help you build trust with your global team. Our ironclad intellectual property protections and industry-leading security guarantee give you peace of mind across the globe. Best of all, Remote never charges percentages or fees: one low flat rate helps you control your budget so you can focus on growing your business.
As a leading employer of record (EOR), benefits are a core part of Remote’s business. Understanding what benefits employees need and expect in countries around the world is vital to any company considering international employment. To learn more about Remote’s global benefits offerings and philosophies, visit remote.com/benefits.
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