Overview
Services Benefits Direction, Inc. (BDI) provides international employee benefits management consulting to the emerging and medium size multinational organizations. Through its International Benefits Management Services (IBMS), Benefits Direction offers clients an efficient alternative to additional staffing. BDI’s core reason to exist is to help define, pursue and manage international employee benefits, related programs and services in alignment with client interests and company goals. Benefit Direction’s International Benefit Management Services (IBMS) serves as an alternative to short term (often only specific project focused) and customarily more costly international benefit consulting organizations. Conversely, Benefits Direction maintains a low overhead expense structure and sees itself as an extension of the management staff. It helps clients to focus upon philosophical direction, strategic initiatives, alternative program designs, efficient funding, vendor selection, management and accountability. BDI uses its worldwide network of local brokers and consultants to effectively meet specific client and/or project needs. However, should the client prefer, Benefits Direction can work with existing local brokers and consultants.
Specific deliverable International Benefit Management Services (IBMS) include:
The following are brief descriptions of each of the IBMS focus areas: Expatriate and Third Country National Services A full range of compensation and benefit programs can be designed for expatriate and mobile international employees. These programs range from individual expatriate arrangements for short term assignments to full expatriate and third country national (TCN) or international mobile employee packages. Such packages may include cost-of-living, housing differentials and/or tax equalization support where appropriate. Additionally, umbrella or "make-up" (both for public and private benefit plan losses) group life, medical and various retirement and profit sharing programs can be designed and managed by BDI.
Local National Benefit Plan Design Individual and group benefit programs can be designed and based upon local market conditions. BDI can assist in plan design consistent with client philosophy and local legal requirements. Local private benefit programs may include, but are not limited to, life, accident, disability and medical insurance as well as various defined benefit and defined contribution retirement program designs. Considerable attention is given to local mandated or governmental programs such as local national social security provisions. Appropriate integration of designs (i.e., public and private) minimizes the potential of excessively generous plan designs.
RFI/RFP, Selection and Implementation Process Management Services Benefits Direction assists clients in the selection process of umbrella plan vendors, local insurers and/or worldwide insurance networks. If appropriate, IBMS can conduct request for information (RFI) and request for proposal (RFP) processes. IBMS assists the client through the entire vendor selection and implementation process.
Audit, Analysis and Reporting of Plan Designs and Costs Prior to making any adjustments in local employee benefit programs, clients are encouraged to assess the position of current plan designs and costs within the local competitive market. Further, clients new to international benefits have an ideal opportunity to establish good reporting norms early in the process - minimizing the chances of managerial and financial oversights. IBMS analysis and focused support can assist the client in conducting a worldwide summary of benefit plan designs and costs. This review focuses upon understanding current program offerings, noting areas of design and cost effective improvements that are consistent with desired local competitiveness, and overall client philosophy. This review is useful for management in controlling, planning and meeting various U.S. and local reporting requirements.
International Vendor and Pooling Management Benefits Direction can effectively serve the client as its outsourced international benefits vendor manager. In this regard, BDI will follow up with local, umbrella and international network (i.e., "pooling") insurance companies and local brokers and consultants to assure smooth implementation and efficient ongoing service. With as little as one country that meets local minimum group underwriting requirements, emerging multinational companies are able to participate in the small (multi-employer) pooling arrangement. With such pooling arrangements client companies can realize the benefits of both low, fully insured rates plus the financial advantages of surplus sharing (i.e., dividend potential). Further, associated BDI pooling management expenses for either stand alone pooling arrangements or smaller multi-employer pools can be funded partially or fully through the use of a portion of anticipated future dividends.
Start-up, Merger and Acquisition Support When a client considers the establishment of a new international operation or an international acquisition, BDI can assist as a team member of the client’s HR, Finance Department and/or designated international team. Local representation can be arranged through BDI’s network of international broker and consulting associates for employee meetings to explain new benefit programs, plan changes and impacts upon an existing, acquired or merged workforce. Also, recognizing the special needs of clients in regard to new start-up (emerging) international operations, BDI has developed a unique local national (LN) employee benefits "umbrella" program. This special LN Umbrella program is a comprehensive, employee benefits program designed to cover the needs of key (often first) local hires. This unique program can serve as an effective temporary and transitional benefits program until the local operation stabilizes and is eligible for local, customary, competitive program designs and group underwriting.
International Benefits Philosophy and Operating Guidelines Benefits Direction brings considerable international benefits (corporate, international insurance company and consulting) experience to help clients identify simple worldwide benefits philosophy guidelines. Such general philosophical definition provides local management with a framework and guidelines within which to manage local employee benefits. This effort can be of great assistance in managing expectations as well as assuring certain levels of employee benefit consistency nationally, regionally or worldwide.
Benefits Direction, Inc. can deliver additional client services including compensation, employee communications, actuarial, customized international umbrella administrative services only (ASO) medical and dental programs, emergency and relocation support. BDI has established key and strategic international relationships to provide ancillary international management support while, at the same time, keeping BDI’s overhead cost structure low.
SUMMARY Benefits Direction’s IBMS offers clients a cost effective consulting resource that delivers services based upon many years of international management and consulting experience. It is a responsive, efficient management consulting support service for the highly complex, dynamically changing, challenging and often perplexing world of international employee benefits.
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Benefits Direction, Inc. (BDI) was founded in 1995 to be a provider of international employee
benefits consulting, and related management support to
emerging as well as established and growing multinational
organizations. BDI is structured, and market positioned, to
be an alternative to large and often more costly traditional
employee benefit consulting firms. A lower cost structure is
possible by utilizing various outsourced support resources
and selective international strategic partners on an
"as needed" basis. Additionally, recognizing the
need for speed, BDI offers strategic on-line linkages for
information and quotes when and where possible.