2013 Asia Pacic Benet Trends

Optimising Benets for Competitive Advantage

2013 Asia Pacic Benet Trends

Optimising Benets for Competitive Advantage

Table of Contents
Executive Summary About the Survey Section One: Benets Overview Section Two: Benet Programmes Section Three: Value Perception Section Four: Communication and Administration 4 5 6 11 13 16

Conclusion 19

2013 Asia Pacific Benefit Trends 3

 Executive Summary

As employers across Asia Pacific continue to compete for key talent, they are using all the tools at their disposal to differentiate themselves from the competition. This includes benefits strategy, which employers across the region are using to improve attraction, engagement and retention. Benefits are a significant investment for employers: Four in 10 respondents to the survey said that they spend upwards of 20% of payroll on benefits. So its no surprise that employers are keen to ensure that their workforce has a sufficient level of awareness and understanding of the benefits on offer. Almost 50% of employers said that improving employee perception of the value of benefits is a key objective. At a time when benefit costs are continuing to increase, the dilemma that employers face is clear: How can they optimise their benefit strategy by offering attractive benefits that will mark them as an employer of choice, whilst also managing costs? Our survey found that many employers are accomplishing this balancing act by thinking innovatively about the way they design, communicate and administer benefits. One of the ways they are doing this is to add flexibility to their benefit packages. This allows them to cater to the diversity of their workforce by offering employees a wider selection of choice in their benefits, enhancing value perception in a cost-effective and streamlined way.

Key Findings
The top objectives for companies benefit strategies are: improving attraction and retention; improving employees perceived value of benefits; and controlling employment costs (Figure 4, page 7). Forty percent of organisations spend upwards of 20% of payroll on benefits (Figure 6, page 8). Only 53% of employers thought that their employees valued their benefits sufficiently or highly (Figure 11, page 13). When it comes to health benefits, employers are looking to a total health management approach, with the prevalence of various wellbeing benefits set to increase two-fold or more in the coming years (Figure 10, page 12). Companies that communicate effectively tend to see higher employee value attached to benefits (Figure 18, page 17).

The number of employers that have a corporate benefit strategy has jumped from 66% in 2009 to 81% this year.

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About the Survey

The 2013 Asia Pacific Benefit Trends survey was fielded between February and March 2013, and includes responses from 1,066 employers around Asia Pacific making this survey one of the most comprehensive in the region. This report includes regional data, as well as select countryspecific data for China, Hong Kong, Indonesia, Malaysia, Philippines, Singapore, Taiwan and Thailand, and is the third in our Asia Pacific Benefit Trends survey series.

Participants by Employee Size

15%

9% 7% 7% 13% 49%

49% 13% 7% 7% 9% 15%

Fewer than 1,000 employees 1,000 to 2,499 employees 2,500 to 4,999 employees 5,000 to 9,999 employees 10,000 to 19,999 employees 20,000 or more employees

Participant Locations
1% 4% 2% 1%

14%

19%

8% 2% 3% 6% 26% 7% 3%

1% 14% 8% 3% 4% 3% 6%

Australia China Hong Kong India Indonesia Korea Malaysia

7% 26% 20% 5% 1% 2%

Philippines Singapore Taiwan Thailand Vietnam Other

2013 Asia Pacific Benefit Trends 5

 Section One:
Benets overview

Figure 1. Does your organisation have a documented benet strategy?

4% 15%

81% Yes 15% No 4% Dont know

Across Asia Pacific, benefits are continuing to grow in importance as a reward lever. The vast majority of employers have a documented benefit strategy to guide their ongoing benefit decisions (Figure 1). The fact that almost two-thirds (62%) have reviewed their strategy in the last 12 months (Figure 3) confirms that benefits are high on employers agendas. Looking at individual countries (Figure 2), around a quarter of employers in both Malaysia and Singapore do not have a documented benefit strategy. China and Taiwan are ahead of the regional norm, with close to 90% of employers in China and an overwhelming majority (98%) in Taiwan having a documented benefit strategy. The focus on benefit strategies highlights the role that benefits play in an organisations talent management strategy as a tool to differentiate from the competition for the majority, its no longer a nice-to-have, but a must-have.

81%

Figure 2. Does your organisation have a documented benet strategy? (by country)
Country Region China Hong Kong Indonesia Malaysia Philippines Singapore Taiwan Thailand Yes 81% 89% 80% 78% 64% 74% 72% 98% 73% No 15% 10% 18% 17% 28% 19% 22% 1% 20% Dont know 4% 1% 2% 5% 8% 7% 6% 1% 7%

Figure 3. When was the last time your organisation reviewed its benet strategy?

Towers Watsons 2009 Asia Pacific Benefit Trends report found that 34% of respondents did not have a corporate benefit strategy in place, and 38% last reviewed their benefits more than 12 months ago. The dramatic shifts in both numbers in 2013 underlines the importance employers are placing on their benefit programmes.

10% 31% 12%

22% of employers last reviewed their benefit strategy more than two years ago, or dont know when the last review occurred. This presents a significant missed opportunity for employers to assess the effectiveness of their benefit spend, particularly in todays rapidly changing environment.
31% Less than six months ago

16%

31% Six to 12 months ago 16% 13 to 24 months ago 12% More than 24 months ago 10% Don't know

31%

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Objectives and challenges

This view is supported further by the objectives employers assign to their benefit strategies (Figure 4). In the current war for key talent, attraction and retention of critical-skill employees is a key business goal for employers, strengthening the view that benefits now fulfil a broad function. They are no longer simply offered to comply with regulations or to follow market practice, but are used strategically to support business goals and influence employee behaviour. Improving attraction and retention was top of the list in all countries surveyed. The other top factors, controlling costs, improving employee perceived value on benets and improving employee engagement, were also largely consistent across the region. When looking at the main objectives and challenges employers attribute to their benefit strategies, a picture emerges of the balancing act employers are facing: employers see the need to offer an attractive benefits programme to differentiate from the competition, but they have to temper this need against consistently rising benefit costs.

Figure 4. What are the top objectives your organisations benet strategy seeks to address in the next 12 months?
0% 20% 40% 60% 80%

Improving attraction and retention

68
Improving employees' perceived value of benefits

46
Controlling employment costs

41
Improving employee engagement

41
Improving employee performance

The top factors of improving attraction and retention, controlling cost, improving perceived value and improving engagement were consistent throughout all countries in Asia Pacific.

30
Alignment with global benefit strategy

14
Benefit harmonisation

14
Implementing organisational change

11
Reducing absence

3
Other

Figure 5. What are the top challenges for your benet strategy over the next 12 months?

72%
Rising benet cost

38%
Poor employee understanding of benets

22%

Organisational change (e.g. M&A, outsourcing)

2013 Asia Pacific Benefit Trends 7

Figure 6. How much did your organisation spend on benets in the last scal year, and how has this changed, net of ination, over the last 12 months?

Costs
The challenge of rising benefit costs needs to be considered in the context of employers benefit spend. As a proportion of payroll, benefits spend is significant for employers across the region as Figure 6 shows, 40% of employers spend 20% of payroll or more on benefits. However, some employers believe that they are managing rising benefit costs successfully, with half of employers around the region saying that their benefits spend is either decreasing or staying the same. At a country level, the biggest spenders measured as the highest percentage spending more than 20% of payroll on benefits are Hong Kong, Indonesia, Malaysia and the Philippines (Figure 7).

21% 39% 3% 10%

39% 27% 10% 3% 21%

Less than 20% of payroll 20% to < 30% of payroll 30% to < 40% of payroll 40% or more Don't know

27%

6% 18%

32%

44%

6% 44% 32% 18%

Decreased Stayed the same Increased Dont know

Figure 7. How much did your organisation spend on benets in the last scal year (by country)
Less than 20% of payroll Region China Hong Kong Indonesia Malaysia Philippines Singapore Taiwan Thailand 39% 38% 39% 29% 34% 34% 42% 40% 35% 20% to < 40% of payroll 37% 33% 46% 43% 45% 44% 33% 34% 33% More than 40% Dont of payroll know 3% 7% 1% 7% 4% 3% 3% 1% 4% 21% 22% 14% 21% 17% 19% 22% 25% 28%

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Actions planned
Across the region, the top actions planned around benefits are: to review and update benet plan designs and strategies; to increase employee communication; and to implement new business systems such as the latest software (Figure 8). A third of respondents (33%) said that they had both reviewed their benefit strategy in the last 12 months, and planned to do so again in the next 12 months, suggesting that this is an annual activity. Almost a third of employers are planning to increase the number of benefit programmes. In China and Taiwan, for instance, it was the third most cited action planned for the next 12 months. The number of employers planning to introduce or increase flexibility in their benefits is set to double over the next year. A third of employers (32%) plan to increase flexibility in the next 12 months, and almost a quarter (23%) plan to introduce it.

Figure 8. Which actions have you taken/are you planning with regard to your benet programmes?
0% 20% 40% 60% 80%

Review and update benefit plan designs and strategies

61 56
Increase employee communication

58 42
Implement new business systems (e.g., new payroll/HR software)

32 23
Increase number of benefit programmes

31 22
Increase flexibility in benefits

32 15
Improve transparency of costs

23 15
Introduce flexible benefits

23 12
Make consumers more accountable

23 12
Decrease number of benefit programmes

7 6
Other

1 1
In the next 12 months In the last 12 months

Towers Watson View

It seems that employers are aware of the challenges they face, and have a roadmap for how to solve them: they understand the importance of ensuring that their benefits are fresh and relevant (by reviewing and updating their programmes regularly), and that they are communicated in an effective manner both actions will bring them closer to their goal of improving employee understanding of the benefits provided. It is interesting to observe that in several countries employers are thinking of increasing the number of benefit programmes they have. Would these employers achieve a similar or better result by reviewing and adjusting their existing portfolio of benefits and introducing employee choice, rather than adding more programmes for everyone? The employers increasing flexibility in their programmes are likely to be thinking along these lines: by adding flexibility to their programmes, employers can provide a core level of benefits whilst also making a broader selection of options available that employees can tailor to their individual requirements. This is likely to be more cost effective than simply increasing the number of programmes in a one-size-fits-all approach. Increasing flexibility in a benefits programme is also an opportunity for an employer to demonstrate that they understand that different segments of their workforce have different needs and preferences.

2013 Asia Pacific Benefit Trends 9

M&A AND THE ROLE OF BENEFITS

Our findings show that 14% of Asian employers are harmonising benefits as part of their strategy, and more than a fifth (22%) cited organisational change as a major benefit challenge. Towers Watson research* has found that that 70% of multinationals based in the region are expecting to engage in multi-country M&A activity in the future. In this context, its unsurprising that benefits harmonisation is a concern for fast-growing Asian companies. Benefits are an integral part of an employees foundational rewards and, given their often emotive nature, are a very important consideration in a merger or acquisition situation. An effective benefit program helps employees protect themselves and their family and provide security for the future. Employees will naturally be concerned about potential changes in benefit entitlements following integration with another company. When integrating benefits it is important for a company to avoid cherry picking the highest benefit levels across the legacy programmes. Whilst this may seem the easiest and least-risk approach in terms of keeping employees happy, its likely to be very costly for the new company. Moreover, it doesnt necessarily take into account the underlying needs of both employees and the new business.
* Asian Trailblazers: The Accelerating Globalisation of Asian Companies (2012)

If post-M&A integration is not carried out effectively, a deals chances of success can plummet. Key talent can lose focus and look around for other opportunities; employees may become disengaged and productivity may fall at a time when the new firm is the most vulnerable. Using a flexible benefits programme to harmonise two divergent benefit strategies can be an effective approach to both managing the costs of integration whilst at the same time making sure the new benefits programme is relevant to employees and aligned to the needs of the business. When partnered with an effective technology platform and a robust communication strategy, a flexible benefits programme can be the edge an organisation needs to ensure key talent and critical skill employees remain engaged and committed to the post-integration organisation, drive value and contribute to the new bottom line.

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 Section Two:
Benet Programmes

Although traditional benefits such as annual leave, medical and life insurance remain the most prevalent across Asia, new types of benefits are also beginning to emerge. The number and variety of programmes employees are looking for will typically depend on industry and type of organisation. However, as workforce demographics become more diverse, employees will look for benefits above and beyond what has traditionally been offered in the past. Across the region, almost three in 10 (28%) of employers now offer lifestyle related benefits, such as a gym membership. This is the type of benefit that employers can use to differentiate themselves against their competitors it is telling that 18% of employers are looking to introduce such benefits in the near future.

The number of employers allowing employees to buy or sell annual leave is also on the rise. Whilst only 10% allow this currently, another 10% are planning to offer it soon. This benefit is an easy first step for employers who are looking to introduce some flexibility into their benefit programmes. The most noticeable trend in the region is on health benefits (Figure 10). The most popular provision currently in this space is biometric/ medical screening, offered by just over half of employers (53%). However, it is the future trend in these benefits that is interesting: approximately one in five employers plans to offer health risk assessments (HRAs) and Employee Assistance Programs (EAPs), and almost a quarter are considering offering stress management programmes.

Figure 9. Which benets does your organisation offer?

Currently offer Annual leave Medical inpatient Medical outpatient Medical screening Life and AD&D insurance Critical illness and/or disability insurance Dental Pension benefits Education allowance Optical Child care benefits Housing allowance Lifestyle (e.g., gym membership) Retiree medical Ability to buy/sell annual leave Financial planning 97% 91% 84% 82% 82% 74% 57% 55% 35% 35% 32% 31% 28% 10% 10% 8% Plan to offer in the next 12 months 1% 1% 1% 5% 2% 2% 2% 3% 4% 5% 4% 1% 7% 2% 4% 6% Plan to offer beyond 12 months 1% 2% 3% 3% 4% 4% 4% 7% 5% 7% 4% 11% 2% 6% 6% No plans to offer 2% 7% 13% 10% 13% 20% 37% 38% 54% 57% 57% 64% 54% 86% 80% 80%

2013 Asia Pacific Benefit Trends 11

Figure 10. Which health programmes does your organisation offer?

Currently offer Biometric screening (e.g., blood pressure, body mass index) Health risk assessment/appraisal (HRA) Employee Assistance Programme (EAP) Absence management Stress management (resilience) Lifestyle behaviour coaching Web-based health information tools Weight management Health decision support (telephonic) Chronic condition management Smoking cessation programme Disability management 53% 38% 30% 22% 19% 16% 14% 14% 12% 10% 10% 8% Plan to offer in the next 12 months 8% 9% 7% 6% 11% 9% 9% 10% 5% 5% 7% 3% Plan to offer beyond 12 months 6% 10% 13% 8% 13% 12% 12% 9% 11% 11% 9% 9% No plans to offer 33% 43% 50% 64% 57% 63% 65% 67% 72% 74% 74% 80%

Towers Watson View

Medical costs are a significant part of organisations benefit spend; our 2012 Global Medical Trends report found that in Asia Pacific, the medical cost trend was 10.2% in 2012. But its clear from the snapshot above that some employers are beginning to think more holistically about their health programmes, particularly in the area of wellbeing. Employers are looking to a total health management approach rather than just providing benefits that treat illnesses. For instance, lifestyle management benefits such as lifestyle coaching and weight management programmes are either currently offered or will be offered by a quarter of employers in the next 12 months. Stress management programs already see 19% prevalence which shows that employers in the region are listening to employee feedback and taking a proactive approach to addressing stress-related issues. Programmes such as biometric screening and HRAs can enable employers to pinpoint the source of their high health risks and costs, and thereby manage them. However, moving beyond these programmes to prevention and lifestyle management programmes will have ripple-effect advantages of decreasing absenteeism, improving employee engagement, and increasing productivity.

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 Section Three:
Value Perception

One of the top challenges employers are facing with regards to their benefit strategy is how to ensure employees sufficiently value their benefits. Our findings show that this is a valid concern: Only 53% of employers thought that their employees valued their benefits sufficiently or highly (Figure 11). Moreover, value perception does not seem to increase noticeably as benefit spend increases (Figure 12).

Figure 11. Overall, do you think employees sufciently value the benets provided to them?
0% 20% 40% 60% 80%

Yes overall benefits are highly valued

15
Yes overall benefits are sufficiently valued

38
Yes overall benefits are somewhat valued

31
No overall benefits are not valued enough

14
No overall benefits are not at all valued

1
Don't know

0 0 0 0
0

Figure 12. Value perception versus spend

0% 20% 40% 60% 80% 100%

Less than 20% of payroll

15
20% to <30% of payroll

67 73 70 29 57
Yes overall benefits are valued 52 somewhat/ sufficiently No overall 62 benefits are not valued sufficiently/ at all

16 13 13 14

14
30% to <40% of payroll

17
40% or more of payroll

Yes overall benefits are highly valued

Don't know 30 19 18

2013 Asia Pacific Benefit Trends 13

Figure 13. Undervalued benets by country

Percentage of respondents who thought that benefits were not valued, sufficiently or at all
0% China 20% 40%

18
Hong Kong

When looking at employers who said their benefits were not valued by country (Figure 13), employers in Indonesia appear to have the largest gap in value perception, followed by Malaysia and China. As noted earlier, respondents in these countries said that they were spending relatively more on benefits a double whammy for employers in those markets. These findings can be compared with results from the Towers Watson 2012 Global Workforce Study, which surveys employee sentiment around the world. According to this survey, only 56% of Asia Pacific employees said that the benefits programme offered by their employer met their needs. Whilst this is three percentage points above the global average (Figure 14), it provides a telling contrast to the 84% of employers who thought their benefits were valued in this survey.

10
Indonesia

27
Malaysia

19
Philippines

11
Singapore

16
Taiwan

13
Thailand

13
Benefits are not valued - sufficiently, or at all

0
Figure 14. Our benet programmes meet my needs
0% Global (n=32,012) 20% 40% 60% 80%

53
Asia Pacific (n=12,232)

56
China (n=2,219)

69
Philippines (n=1,001)

53
Malaysia (n=1,002)

47
Hong Kong (n=999)

46
Singapore (n=1,002)

45
*Source: 2012 Global Workforce Study

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One solution to the gap between employer and employee perception of benefits could be flexible benefits, which, say employers, promote employee understanding and appreciation of benefits, and help to recognise the diverse needs and values of the workforce (Figure 15) both of which are likely to have a positive effect on employee value perception. More than half (53%) also said that it is successful in improving attraction and retention.

Figure 15. What do you believe your exible benets plan has been successful in achieving?
0% 20% 40% 60% 80%

Recognises the diverse needs and values of the workforce

67
Promotes employee understanding/appreciation of benefits

56
Improves attraction and retention

53
Improves employee engagement

43
Helps the organisation remain competitive

41
Reinforces the concept of total rewards

39
Makes the organisation an employer of choice

31
Promotes employee understanding of the cash value of their benefits

30
Reduces/contains the cost of total rewards

22
Reinforces company culture/objectives

23
Other

Towers Watson View

Improving employees perception of benefits is a key objective for employers in the region, as there is clearly a perception gap in many Asian markets. However, as employees value different benefits according to their personal circumstances and preferences, this may be easier said than done for a traditional benefits programme. Employers can accommodate some of this variability through a flexible benefits programme, which allows employees to choose benefits that suit their current situation. With 23% of employers looking to introduce flexible benefit programmes in the next 12 months, it is proving a popular strategy. As with all strategies, communication will be key; reinforcing a flexible benefits plan with tailored and relevant communications will ensure employees are aware of and understand their benefits.

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 Section Four:
Communication and Administration

Figure 16. Do you actively report to employees about their benets?

0% 20% 40% 60% 80%

Communication
Given the number of employers who cited improving communication as a priority in the coming year, its a surprise that almost a third of employers, according to our survey, still do not communicate to employees regarding their benefits. A fifth of employers still communicate using paper-based tools (Figure 16). A gap also exists between employer and employee perception of communication (Figure 17): The employee view of the effectiveness of pay and reward communications is much lower than that of employers. While 74% of employers said that they feel they communicate effectively around pay, and approximately 70% said that they communicate effectively around other aspects of total rewards, including benefits, bonus and promotion, only around half of employees said the same. This represents a significant gap for employers: An effective communication strategy, delivered in a simple, tailored manner, is the only way of influencing employee value perception.

Yes email communication

43
Yes online benefit portal

24
Yes paper-based

22
Yes online total rewards statement

10
No, but we plan to

16
No, and we have no plans to

15

Figure 17. How effective are communications around different aspects of total rewards? Employer View
0 Pay 20 40 60 80

74
Benefits

69
Bonus

73
Promotion

70

Employee View*
0 Pay 20 40 60 80

55
Total Rewards

48 0 0
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* Source: 2012 Global Workforce Study

Cross-referencing the survey data shows that those employers who believe that employees value their benefits are more likely to think they are doing a good job of communicating benefits. Those who think they do not communicate well are more likely to anticipate poor employee value perception (Figure 18).

Figure 18. Effective communication versus value perception

0% 20% 40% 60% 80%

Yes overall benefits are highly valued

8 18
Yes overall benefits are sufficiently or somewhat valued

Administration
When it comes to administration, almost a half (48%) still administer benefits through a paperbased system. However, with continued investment and the advancement of online benefit platforms, it is likely that more employers will take advantage 0 of the potential to automate and streamline 0 through online technology. Currently, online benefit administration tools are utilised by approximately a 0 third of respondents (Figure 19). 0 The results at a country level are broadly similar 0 around the region (Figure 20). 0
0 0 0 0 0 0

59 73
No overall benefits are not enough/at all valued

31 9
Don't know

2 1
No, my organisation does not communicate on benefits effectively Yes, my organisation does communicate on benefits effectively

Figure 19. How do you administer your benets?

7% 13% 48%

In 2009, this survey found that 70% of respondents administered benefits in-house, and their process was mostly paper-based. With the emergence of benefit technologies that are able to cope with complex benefit programmes, we expect to see the paperbased administration approach continue to decline in the coming years.

48% 32% 13% 7%

In-house, paper-based In-house, online Outsourced to a third party Other

32%

Figure 20. How do you administer your benets? (by country)

In-house, paper-based Region China Hong Kong Indonesia Malaysia Philippines Singapore Taiwan Thailand 48% 57% 47% 33% 38% 44% 43% 55% 44% In-house, online 32% 31% 25% 21% 36% 29% 34% 38% 24% Outsourced to a third party 13% 10% 23% 29% 15% 22% 15% 4% 15% Other 7% 2% 5% 17% 11% 5% 8% 3% 17%

2013 Asia Pacific Benefit Trends 17

 Towers Watson View

There are two parts to increasing employee value perception of benefits: first, benefits offered should be relevant and meet employees needs and preferences; and second, they should be communicated and administered in a simple and relevant manner. Without the latter, the value of the actual benefits themselves may not shine through. Its concerning that one in three employers in Asia still does not communicate on benefits, and one in five uses paper-based methods when they do communicate. Similarly, almost one in two administers benefits using a paper-based platform. Nowadays, people live much of their lives digitally buying tickets, making vacation plans and getting news online. Communicating benefits only through traditional means such flyers and mailers are unlikely to make a mark on this audience. On its own, email is also unlikely to be an effective mode of communication of benefits information. For a diverse workforce, a combination of different communication approaches is likely to be needed to ensure that the benefits message reaches as many employees as possible. With value perception in mind, the use of total reward statements is growing in the region, as employers look for an effective way of communicating both what employees benefits are, as well as what they are worth. Both paper-based and online statements are being used, the choice usually depending on what is the best fit for employees. When it comes to administration, in our experience, many employers in Asia today are exploring the use of new technologies. Not only does this simplify the user experience, but can also help the employer manage costs and identify trends. Different processes such as reimbursement through finance, recording annual leave through an HR system, dealing with insurance providers and so on, can be brought together on one platform, making this information much more readily accessible.

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 Conclusion

In Asia Pacific, organisations are positioned for growth, and many are looking to expand to markets both within the region and beyond. However, with this growth comes challenges as employers face rising costs and the ongoing war for key talent. Employers who want to get ahead are using benefits as a differentiator rather than simply following the crowd: our survey showed that 68% expect their benefit strategies to help them improve attraction and retention. How successful employers are in achieving this goal will depend on a variety of factors, including how much employees value benefits overall, how effectively they are communicated, and how they are administered. As the survey shows, simply spending more money will not necessarily increase the value employees place on benefits. Employers must ensure they are optimising their benefits in a more refined way: by providing a relevant benefits package, and communicating it using multiple forms of media.

In the coming years, companies will continue to innovate with their benefits strategy, including introducing or increasing flexibility into benefit programmes, providing employees with more control, and offering new types of benefits, including wellbeing. Leveraging technology that is engaging and but also robust enough to administer complexity in design will bring these intelligent scheme designs to life, and be integral to their success. For more information, please contact your Towers Watson consultant or:

Andrew Heard
Managing Director Asia Pacific Benefits andrew.heard@towerswatson.com

Matt Jackson
Director Benefits Optimisation, Asia Pacific matt.jackson@towerswatson.com

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About Towers Watson

Towers Watson is a leading global professional services company that helps organisations improve performance through effective people, risk and financial management. With 14,000 associates around the world, we offer solutions in the areas of employee benefits, talent management, rewards, and risk and capital management.

Copyright 2013 Towers Watson. All rights reserved. TW-AP-13-32288

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