The research found that employers with overseas staff are most likely to benchmark by geographical region (45%) and company size (41%), but are less likely to by sector (28%). While these criteria make sense, experts suggest companies shouldn’t overlook industry-specific benchmarking, as it’s vital for targeting sector specific talent.

"Benchmarking can be an incredibly useful way to ensure a company offers the most appropriate and effective benefits to employees, which can also help with recruitment and retention,” says Sarah Dennis, Head of International at Towergate Health & Protection. “While many employers with overseas staff clearly see the value in benchmarking, more could benefit from it being more comprehensive."

Benchmarking exercises include an evaluation of statutory and mandatory benefits, current industry trends, and potential improvements in benefit offerings, all while avoiding over-compensation.

According to the survey, a majority of companies (57%) with international staff fail to recognise the value of benchmarking in recruitment and retention strategies. Additionally, 37% reported that benchmarking helps guide their benefits spending decisions.

25% employers cited concerns over cost or a lack of knowledge on how to proceed as reasons for not benchmarking their benefits. However, Dennis notes that the advantages of benchmarking can far outweigh these concerns, allowing companies to tailor their benefit packages effectively, ultimately aiding in recruitment and retention. Also available to support the benchmarking process are Health and wellbeing specialists.

Dennis added, “There are good reasons for companies with staff abroad being inclined to benchmark their benefits, particularly as they compete for talent. However, they need to make sure they are benchmarking the right indicators, and not limiting themselves to location and size of company alone. Benchmarking is a very useful way to achieve a really clear picture of where and how to apply benefits spend to create real value for money: always a critical factor for every company.”