Almost three-quarters of employers (70 per cent) have a global minimum standard for employee benefits, almost double the 36 per cent who said the same in 2019, according to a WTW survey.
These numbers reflect the growing competition within the workforce, partly due to generational and cultural shifts that are seeing more of an emphasis on work-life balance and self-fulfilment, according to Daniel Tsai, business and law professor at Toronto Metropolitan University.
Implementing a global minimum standard that matches the North American Standard helps make multinational companies more competitive, allowing them to retain more talent, he said.
