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Benefits trends in Central and Eastern Europe |
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Companies operating in Central and Eastern Europe are more likely to offer employees death and disability benefits than medical and retirement benefits, according to John Swabey, Senior International Consultant of Watson Wyatt, Brussels. For medical benefits, Russia and Kazakhstan are the main exceptions with over 70% and 50% of companies, respectively, providing this benefit.
John Swabey, Senior International Consultant of Watson Wyatt in Brussels with special responsibility for Central and Eastern Europe, said that the current position does not tell the whole story. "Whilst companies in Central and Eastern Europe have not yet really embraced the need to offer retirement benefits, that is changing significantly. The increasing focus on retention coupled with reduced state provision makes retirement benefits a significant issue", he said. That retirement provision in Central and Eastern Europe will change is clear to see:
John Swabey commented: "The provision of benefits by companies in Central and Eastern Europe is changing rapidly. There is the need, common throughout Europe, to retain skilled and experienced workers together with the need to attract the right level of staff. Added to this is the pressure on some countries to move benefit provision more in line with Western Europe as part of the preparation for membership of the EU. "For companies operating or seeking to operate in Central and Eastern Europe, access to the most up-to-date information is essential and at Watson Wyatt we seek to ensure that companies can make the right decisions on the bases of current information and advice drawn from substantial experience", Swabey concluded. Notes to Editors The Watson Wyatt Forum on Compensation, Benefits and Employment in Central and Eastern Europe The 1999 series of Forum meetings was held throughout Europe in June and July in Moscow (June 8), Budapest (June 10), Vilnius (June 15), Warsaw (June 17), Bucharest (June 22), Prague (June 24), Vienna (June 29) and Reigate (2 July). Watson Wyatt Data Services (WWDS) Watson Wyatt Data Services is a leading provider of global compensation, benefits and employment practices information. WWDS specialises in the design and development of both U.S. (national, geographic- and industry-specific) and international (non-U.S.) compensation and benefit surveys. WWDS is a subsidiary of Watson Wyatt Worldwide. WWDS Background In the United States alone, over 5,000 organisations participate in one or more of our annual surveys with contributors ranging from emerging growth businesses to hundreds of the Fortune 1000. Our databases contain compensation information for more than one million employees in virtually every industry sector and major metropolitan area. In addition to our annual survey references, we also offer many reference works intended to assist practitioners in creating or maintaining programs in a variety of subject areas such as variable pay, performance management and personnel policies, to name a few. Outside of the United States, we offer over 70 remuneration, benefit and employment practice references covering over 50 countries and six continents including Europe, North and South America, Asia, Africa and Australia. Produced by our "in-country" experts, each reference includes all of the fundamental information necessary to manage a global human resource program in today's rapidly changing international business community. Our custom survey consulting group partners with organisations (many of which are Fortune ranked) and industry groups each year to design surveys to meet their specific needs. WWDS on the Web The WWDS site aims to provide you with all of the latest news and information on our products and services. Learn first-hand how the references we produce can play a major role in your daily life as a human resource professional. From data highlights of our latest survey reports to news you can use regarding your organisation's participation in our many surveys, you will be able to rely on this site for all of the up-to-the-minute details. For
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