Multinational companies are rethinking their benefits strategies, with employee value surging as a top concern alongside cost control, according to new research from Aon.

The 2025 Global Benefits Trends Study, based on responses from 518 benefits professionals across 45 countries, found that ensuring employees value their benefits is now their third-highest global priority, up from outside the top four last year. Among “leading companies”, it ranks equal first with cost management.

Aon’s research highlights a growing push towards personalised benefits and improved communication. While 65% of employees at multinational firms say they would give up some existing benefits in exchange for greater choice, only 14% of employers have issued global guidelines on personalisation. Many companies still rely on traditional communication methods, but uptake of total rewards statements is increasing – and leading firms are twice as likely to use them, boosting employee understanding.

Cost containment, however, remains the dominant issue. The report shows that 70% of companies cite it as their number one priority, with medical inflation – forecast by Aon at 10% in 2025 – seen as the biggest driver of rising costs. Yet the study warns against focusing too narrowly on healthcare, which can represent a relatively small share of benefit spend compared with pensions or paid leave. Aon noted that more sustainable approaches, such as wellbeing initiatives and flexible benefits, remain underused.

Governance is also back in focus. Nearly half of multinationals now have a global benefits strategy, but adherence is weak. Only 6% of companies say their strategy is fully applied across markets. By contrast, leading firms are three times more likely to have formal governance committees and senior management endorsement, enabling more effective alignment and execution.

Michael Pedel, Head of Global Benefits at Aon, commented: “The challenge for global benefits professionals is to deliver programmes that attract and retain talent while doing so in a predictable, value-driven, and cost-effective way. Our study shows that the most successful multinationals are not just containing costs but also rethinking how they deliver value, equity, and governance.”

Wendy Sherry, CEO of Global Health Benefits, International Health, at Cigna Healthcare, recently discussed the importance of offering inclusive benefits in attracting and retaining global talent.