International Benefits

Benefits That Don't Get Lost in Translation

Your business is expanding internationally and so are your HR responsibilities. Meeting corporate obligations in every locale is hard. But it gets a lot easier when you have the right partner. Whether you’re a startup or a blue-chip name brand, NFP helps transform cross-border challenges into an employee benefits plan designed to help cut risk and control costs.

We’ll help you put the right systems in place to:

• Protect your employees and your company
• Comply with local rules
• Correctly design and implement company benefits plans
• Acquire and maintain connections with trusted local partners

Getting Started in a New Country

Make sure your program gets off on the right foot. The first step is understanding compliance requirements and best practices, including input from locals on the benefits regime in the new country. Then we’ll work with you to figure out what benefits your company wants to offer on top of what’s required.

We’ll get you set up with our local partners and establish a reasonable remuneration level that represents good value. Finally, we’ll make sure local hires understand the program and get everyone enrolled as quickly and efficiently as possible.

Audit and Analysis

Are your existing benefits competitive? Did you just acquire or open a new international office? To succeed globally, you need a truly global view of the benefits you provide. Our audits, backed by current data and the expertise of local consultants in each country, include:

• A matrix of your existing programs
• Benchmarking against market averages
• A compliance audit
• A report that covers statutory benefits, supplemental insurances, holidays and more
• Recommendations for next steps

Due Diligence

The HR issues you face with a domestic acquisition can seem like a piece of cake compared to those involved with an acquisition abroad. We’ll help take the pressure off by working with you to:

• Identify areas of risk and the liabilities you’re taking on
• Address acquisition complexities
• Provide a due diligence checklist
• Assess insurance costs

Multinational Pooling

A well-run multinational pool can potentially save you 10 – 15 percent by reducing risk costs and ongoing premiums, enhancing underwriting terms and improving global benefit performance. We can help you:

• Evaluate whether pooling is needed to consolidate the insurance coverage of worldwide benefits
• Create feasibility reports to determine if there are any immediate opportunities for natural pools and also whether pooling makes financial sense
• Establish new pools and provide ongoing management for existing pools

Special Insurance Coverage

Nothing is more important than keeping your employees safe. When you send key staff members into high-risk areas, standard domestic plans just won’t work. Partner with us to determine what will. We have expertise insuring individuals on permanent or temporary contracts in difficult locations, unstable regions and risky positions.

Expatriate Programs

Make sure your expats feel as valued and secure when they’re working abroad as when they’re working in the U.S. Finding the right insurance options at the right price can be difficult and time-intensive, but we’ll help you:

• Understand the options available and find the best providers
• Benchmark and evaluate plan designs
• Evaluate home, local and global plans
• Evaluate tax treatment and preparation

International Benefit Management Service

What one thing could you delegate that would make your life easier? How about some of the time-consuming tasks involved with managing international benefits? Our dedicated professionals can:

• Implement new plans or revised recommendations to existing plans
• Conduct multinational pooling feasibility reviews and maintenance
• Oversee negotiations and re-marketing of insurance programs prior to renewals
• Report on design, plan cost and providers to the U.S. corporate HR team each year
• Manage expatriate benefits and policies
• Conduct regular reviews of all current benefit and compensation plans (social, mandatory and private) to assure local compliance with regulatory changes
• Coordinate and liaise with U.S. corporate, designated local HR staff and providers on international benefit activities
• Provide access to on-the-ground country expertise
• Create executive country summaries detailing current benefit programs
• Interpret invoices
• Troubleshoot issues
• Provide independent analysis of ongoing global benefits issues