Looking at the future of asset management jobs

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It's still early in the new year, yet employee benefits arealready taking center stage. Cities and states around the U.S. arebringing forward new legislation around parental leave, includingCalifornia Governor Gavin Newsom, who recently proposed a plan to offer new parents sixmonths paid leave. The government shutdown has also drawn focus tofederal workers, and the benefits and protections they have inplace.

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In this competitive talent market, it is vital for benefitsprofessionals to stay up to date with the latest trends and becognizant of what lies ahead. Outlined below are the key benefitstrends that benefits professionals must look out for in 2019 andbeyond:

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1. Globalization is accelerating: Thetechnology industry has seen an enormous amount of change over thelast two decades, from the Internet of Things (IoT) to mobiledevices and artificial intelligence (AI). Companies are continuallylooking to adopt global technology to meet the demand of theirglobal operations.

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For multinational organizations, it is no longer a question ofif they will implement global technology to run theirbenefits programs, but when. Our Global Employee Benefits Watch report founda sharp increase in the number of organizations using benefits techglobally, rising from 61 percent to 70 percent in just a year. Oursurvey also found that organizations are four times more likely tobe effective or very effective in their benefits strategy by simplyestablishing a global approach. This can make all the difference inthe ongoing struggle to attract and retain top talent.

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As companies begin to implement a global benefits strategy, theymust also make sure they are taking the needs of their employeesacross geographies into account. Our report found that there is ahigher expectation from employees based in APAC than in otherregions for support around life events such as starting a family(42 percent), whereas employees in LATAM want more support fromtheir benefits in achieving a work-life balance (89 percent).

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2. Mental health benefits are on the rise:Emotional and mental health is now at the forefront of manybenefits strategies, as employers recognize the need for moresupport for their employees both inside and outside of theworkplace. In the U.S. alone, approximately 1 in 5 adults willexperience mental illness annually, amounting to 43.8 millionpeople. Despite this, our survey findings reveal that 57 percent ofemployees want support to improve their mental wellbeing, whileonly 23 percent of employers offer benefits for this.Market-leading employers are tackling this by offering a range ofbenefits, including health insurance plans with mental healthcoverage and employee assistance programs (EAP).

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3. Artificial intelligence and data analytics:AI is already integrated into countless tools to help employeesmake decisions about their health care benefits. AI promises torevolutionize HR departments, specifically by leading to improvedbenefits design. By using data from benefits platforms andunderstanding employees' behavior, AI has the capability ofanticipating and delivering customized benefits based onindividual's past behaviors. HR and reward teams should also beharnessing the power of data, to assess the effectiveness of theirbenefits program, identify areas for improvement and with the help of AI, predict future benefitstrends in their workforce.

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Employee engagement continues to be a core focus fororganizations, with this becoming increasingly critical as globalworkforces expand. With 2019 comes the opportunity for benefits andHR professionals to revolutionize their approach to benefits. Withthe help of technology, benefits programs are becomingprogressively targeted and relevant for individuals no matter wherethey work, helping organizations hold on to happier, healthier,more productive and ultimately more engaged employees.

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Chris Bruce is the co-founder and managing director ofThomsonsOnline Benefits.

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