AfricaEmployee Benefits in Saudi Arabia
Around the globe, sweeping changes are transforming the design and shape of employee benefits plans. Total annual benefits costs per employee continue to outpace both workers’ earnings and inflation, also new legislation and regulations add layers of complexity and additional expense. Saudi Arabia is not an exception. While the prices of healthcare services has been inflating by 2-3% every year during the past 5 years, the trend in health insurance premiums took a more drastic trend with increases reaching up to 25% in 2015. Utilization increase may be the main reasons behind the increase in health premiums, however a big portion of it is unwarranted or not contributing to the members’ health and well being. Not to mention the emergence of fraud utilization incidents, many of which have been caught and publicized.
Groups and employers are starting to feel the impact of the growing utilization of healthcare on their renewals and ultimately on their bottom-line. On top of all of that, a shortage of critical talent is adding pressure to offer competitive benefits that will attract key employees. In this environment, groups and employers need to make a sound decision regarding their benefit schemes by finding new and better alternatives to their existing ones, and at the same time keeping an eye on cost, or better yet finding ways to reduce their cost.
Mercer can help you
- Adopt best practice in benefit management through incorporating Mercer’s global experience.
- Stop the double digit annual percentage increase in your health premium.
- Stay informed about your benefits utilization and trends.
- Find new ways to enhance your benefit scheme while controlling costs.
- Open the door for multiple and flexible employee benefit options with the capability to manage it all easily and efficiently.
Mercer’s range and depth of experience means we can offer you a more holistic approach to employee benefits design.
We provide strategic advice and brokerage services that help you minimize risk, optimize benefit structure, and maximize employee engagement. With our team by your side, you can streamline administration, better evaluate compliance needs, and boost employee engagement — often resulting in meaningful cost savings.
Mercer services include
Benefit Benchmarking, Planning and Advisory
We collect the benefit details, stratify it, analyze it, benchmark it, provide advise about the company’s position and its options in making improvement to the benefit scheme, allowing HR department to make sound decision regarding its benefits.
Mercer Benefit Monitor
We enroll you in a nation-wide survey for employee benefits and allow you to position yourself within your industry and among companies within the same criteria, giving you a greater insight about your benefit scheme and its benchmark.
Health Benefit Evaluation and Analytics
We examine the health policy performance based on insurer’s data reports, extract noticeable findings, point out anomalies, track its history, and provide recommendations on ways to maintain the costs of premiums.
Employee Engagement and Wellness Program
From our findings and investigation, we can identify material risks and perils pertaining to employees health and well being, plan awareness campaigns and wellness programs, and assist HR in the execution of these programs.
Mercer FlexBenefit
Mercer FlexBenefit is a state of the art benefits management online solution that enables HR to configure and manage a highly sophistcated benefit scheme easily and efficiently. Mercer FlexBenefit allows HR to design a variable benefit scheme, set monitory procedural and logical boundaries, and enable employees to customize there benefits according there to preferences and needs. The HR team will be able to monitor the benefit utilization through real-time dashboards, and detailed reports. Mercer FlexBenefit has pre-developed API’s that are well known in HR and finance systems in the market.
MercerGold+
For multinational firms with a wide geographical foot print, MercerGold+ give HO integration and visibility on the benefit schemes of it operating entities.