Minimum benefit standards are the new normal: Aon

Life insurance is now a minimum benefit that businesses offer.

Globally, the most common minimum benefit standards that companies offer to their employees prioritise life insurance and employee assistance programmes (73%). This was followed by maternity leave (70%), and paternity leave (69%).

“Organisations are implementing a suite of minimum benefit standards to provide coverage for key areas of need for employees,” Celine Ng Tong, global benefits consultant at Aon, said in a media release. 

“We expect the prevalence of global minimum benefits standards to double over the next couple of years and that future areas of focus will be on programs supporting wellbeing, preventive health and mental health, along with sick leave,” Tong added.

The 2024 Global Benefits Trends Study by Aon also revealed that one in three multinationals pursue reviewing their benefits programme annually to tailor fit trends such as diversity, equity, inclusion and belonging (DEIB), employee wellbeing, environmental, social and governance (ESG), holistic wellbeing, and the future of work – the now minimum standards.

“Strategies are becoming more detailed, with many businesses saying they have articulated detailed design principles (64%). However, we see a gap in the implementation of strategy at the local level, which leads to an inconsistent employee experience,” the Aon report said.

The survey, conducted globally, gathered insights from 288 participants across 31 countries (including some in Asia Pacific), providing a comprehensive view of evolving trends and priorities in global benefits management.